By Mauro Orru
Universal Music Group will acquire a minority stake in Indian movie and digital content studio Excel Entertainment, boosting its presence in a market with high growth potential for recorded music.
The company behind Lady Gaga and Taylor Swift said it had entered into a definitive agreement to buy a 30% stake in Excel for about 77.1 million euros ($90.4 million). The deal values Excel in its entirety at roughly 257 million euros.
Universal said it would gain global distribution rights for all future original soundtracks created for projects owned or controlled by Excel. The companies also said they would launch a dedicated Excel music label to be globally distributed by Universal, which will become Excel's exclusive music publishing partner.
Excel has released a mix of more than 40 movies and original scripted series shows since its founding in 1999, including "Dil Chahta Hai," "Dil Dhadakne Do" and "Gully Boy." Through a minority stake, Universal is hoping to leverage Excel's soundtracks in what it sees as a promising market.
The record label said India ranks as the world's 15th largest recorded music market by revenue, citing data from the International Federation of the Phonographic Industry. The company also said the country had roughly 650 million smartphone users, representing an opportunity for the market to grow in the coming years as soundtracks are widely relistened to compared to other music formats.
"Original soundtracks remain at the heart of India's fast-growing music market, with Indian listeners showing a growing desire to access more music in that genre," Adam Granite, Universal's chief executive for Africa, the Middle East and Asia, said in a statement.
Universal said Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to lead creative direction and content decisions at the studio. Meanwhile, Devraj Sanyal, chairman and CEO of Universal Music India and South Asia and senior vice president of strategy, Africa, the Middle East and Asia, will serve on Excel's board of directors under the agreement.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
January 05, 2026 09:08 ET (14:08 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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