Loopy Music Merges With Choc City, Audu Maikori Steps Down As CEO
Rap superstar, MI Abaga has announced the grand business merger of his Loopy Music record label and Audu Maikori’s Chocolate City. The grand announcement was made at the 2015 Nigerian Entertainment Conference on April 22, 2015 at the Eko Hotel & Suites, Victoria Island, Lagos.
Revealing the rationale behind the move, the rapper said that the trend of top music record labels globally is toward consolidation. In a move reminiscent of Jay-Z and Damon Dash where they sold Rocafella Records to Island Def Jam, MI revealed that the merger is a union to improve their business efficiency and respond more effectively to change in the music business sector.
The new label will have Audu Maikori step down as CEO of Chocolate City Music effective June 2015, followed by the announcement of a new CEO. The move brings together MI, Jesse Jagz, Ruby Gyang, Loose Kaynon, Ice Prince,
Nosa, DJ Caise, Dice Ailes, Victoria Kimani and DJ Lambo under one business umbrella.
MI also took the opportunity at the Nigerian Entertainment Conference to announce a compilation album featuring all the artistes under the newly merged label which will be exclusively available on the STAR Music app soon.