The deal was dubbed as 'a landmark day in the music industry'.
Morgan Stanley predicts the company will have over 53m paid UAE subscribers by 2023. UAE Subscribership currently stands at 11m.
"This is a historic moment in latin music".
The app has over 36m subscribers and promotes mostly African artists.
The deal gives Downtown the rights to over 700 compositions, including songs by One Direction, Sam Smith and Madonna.
The label is now worth over $300m, with Swift's masters accounting for 35% of the company's market share.
"Vikram’s experience as a global industry leader made him the ideal candidate".
David Cobb, Cece Winans and Ben Vaughn will also serve on Studio Bank advisory board.
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