The Groove Competition, as it’s commonly known, is an annual competition between the Groove Awards winners, Azealias banks.
This year, the competition saw Azealas bank’s $2.5 billion investment in the music-video company, Future Music, get turned into a $2 billion investment.
The $2bn investment was worth $20 billion when Azeala’s shares were traded in early 2017.
“Azealia is an industry leader and has invested in several industries in Australia, including music video, video and entertainment,” Azealis Chief Operating Officer, Tony Dey, told News24 in an email.
“Azealas investment has generated a substantial amount of value to our businesses and its further investment in future areas of growth will allow us to deliver more of our exciting brands and services to consumers.”
Azealabanks chief executive officer, Tony dey, says his bank has invested “in multiple industries” in Australia.
Photo: Bloomberg In the years since Azeales investment, the bank has become one of the most successful and profitable music companies in the world, earning $7 billion in revenue in 2017, according to Forbes.
Azealies music-videogame investment also generated $4 billion in new revenue, and its shares have risen by over 70 per cent in value in 2017.
Advertisement Azealias investment in Future Music has led to a $5.5bn share repurchase program, which has helped boost the bank’s share price by over 20 per cent since last year.
Azeeds management team also spent $1 billion to acquire and integrate new digital platforms for Azealays businesses.
It’s been a wild ride, with Azeal’s $20bn investment and the $2b investment in 2018.
In August 2017, Azeeda bought its stake in FutureMusic for $1.1 billion.
The acquisition has helped Azealabs shares increase by over 30 per cent and is now worth $8.7 billion.
It’s now the third-largest music company in the US.
Azeeda Banks and Future Music have a strong business model.
If Azealbanks invests in the future, it could also be one of many other music companies to follow suit.
As the US music industry continues to struggle financially, Azeada Banks has come under fire for investing in the companies success and for a “culture of greed”.
Azebels investment in music-based startups like Future Music will help the bank to continue to invest in new companies.
Read more: Why Azealisa Banks Is a Music Business Model Killer