Sony is in its way to enhance its services and products with better and wider variety of content. As the first step of it, the company has decided to acquire EMI Music Publishing. It’s an international music publishing company that is based in London, founded in 1974. In the course of time, EMI has published the works of a lot of artists like Alicia Keys, Beyoncé, Pink, Kanye West and Pharrell Williams. So, the acquisition means that Sony would have unparalleled access to millions of songs, which would boost the content library beyond any competition. The deal amount is expected at around 2 Billion US Dollars.
Prior to the acquisition, EMI Music Publishing was owned by a consortium, in which Sony had an equity share of 40%. For this acquisition, the company has purchased the other 60% of shares from the other members of the consortium, making the Japanese company a sole player. The company wanted access to the bigger library for quite some time and has been in talks with the other members. Now that the deal has been made by both, Sony will be able to include tracks of Beyoncé and others in its services. This will surely give Sony a position of the biggest music publisher.
Kenichiro Yoshida, the current CEO of Sony, has announced a set of plans after he was elected in April. The company is expected to go through major changes in the publishing sector, and the acquisition of EMI Music Publishing plays the pivotal role. The current CEO also aims to establish a regular income source via different services of entertainment and from the PlayStation sector. The stepping up of Sony in the entertainment & subscription sector also means that competitions would arise for the existing players like Spotify and other streaming services.