Chocolate City and Loopy Music has announced a merger.
The two record labels have decided to come together, integrating their business models to form a grand business that would encompass all the artistes signed to both labels.
The announcement was made by rap star, M.I Abaga who is the CEO of Loopy Music and Vice President of Chocolate City at the 2015 Nigerian Entertainment Conference on April 22, 2015.
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, M.I 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 M.I, 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.