House music maestro DJ Black Coffee has acquired a significant stake in South Africa’s largest and oldest independent music label Gallo Music Investments, Sowetan Live reports!
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According to the publication, both parties announced the deal inked through Black Coffee’s investment holding company FlightMode Digital – with an undisclosed amount – in a joint statement on Wednesday afternoon.
Sowetan Live further reports that this comes after Gallo was in March bought by Lebashe Investment Group from Tiso Blackstar for R75-million – incorporating it into news and entertainment business Arena Holdings.
“This is the first of many moves we are working on to change the landscape of both the South African and African music industry,” Black Coffee said.
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“The music in the Gallo catalogue is some of the most culturally rich that has ever been created in this country.
“The partnership with Lebashe to invest in the catalogue and masters, is more than just a business transaction – it’s about creating an environment in which artists and creatives have a truly equitable stake.
“It is also the beginning of an industry revolution where African artists are part of structures that are fair and encourage new ways to monetize content.”
Gallo has been in the music business for 90 years and it’s synonymous with big artists such as Lucky Dube, Dorothy Masuka, Ladysmith Black Mambazo, Stimela, Sipho Hotstix Mabuse and Mango Groove.
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“We are delighted that South Africa’s most extensive musical archives reside within Arena Holdings, and it is our intention to explore and reintroduce these amazing classical archives to our mainstream market, locally and globally,” said Lebashe Chairman Tshepo Mahloele.
“The collaboration with internationally renowned DJ Black Coffee will usher in a new era for the South African music business on a global scale.”
“Stimela, Splash, Rex Rabanye, Philip Tabane & Malombo, Oliver Mtukudzi, Miriam Makeba, Lucky Dube and Mahlatini and the Mahotela Queens are some of the artists that I grew up listening to and they literally shaped the sound I create today.
“I’m honoured to announce that my investment company @flightmodesa has officially acquired a stake in Gallo Music Group, as a part of a newly signed equity deal, I am now one of the major shareholders of this incredible piece of South African culture and history.
“This deal is important because it’s not about me, it’s about what this means for the collective SA Music community, the music ecosystem, it’s about changing the narrative from what was a highly exploitative system, to one of renewal and fairness. With Gallo as one of the greatest music company’s in the world, we can start to build a new equitable African Music narrative, in an environment where the artist thrives.” – Black Coffee via Instagram.
MGOSI.co.za