Chinese media conglomerate Tencent is reportedly acquiring 10% of major label Universal Music Group (UMG). The deal includes an option to own an additional ten percent within a year. The two companies have mutually benefited in the past. Continue Reading
We learn from Billboard that Ty Roberts, Chief Technology Officer of Universal Music Group (UMG) has left the company after a little more than a year. Ty Roberts’ sideways career move from Gracenote to Universal was seen by many as a significant signal that the music industry could, to some extent, reinvent itself as a technology industry — or at least a tech-flriendly, tech-fluent one. Continue Reading
One of UMG’s top execs is stepping down effective immediately. Max Hole will leave his role as the Universal Music Group International’s chairman and CEO following medical troubles. Continue Reading
After a six-month pause, the trial of UMG vs. Escape Media resumes today with a jury in place to set damages after a ruling of copyright infringement last September. Escape Media is the parent company of Grooveshark. the damages verdict could range as high as $736-million for the full statutory penalty. Continue Reading
Universal Music Group has lost two of its top digital executives this week. CEO Lucian Grainge said that UMG would “be making announcements in the coming days” in response to Wells’ exit in particular. Universal has been making some intriguing inroads into the digital space in recent months. Continue Reading
In a leaked internal memo published by Billboard, CEO and Chairman of Universal Music Group, Lucian Grainge, promised a continued commitment to artist development, and pledged to “re-design business models” as necessary. The memo comes at a time when major labels are engaged in publicized contract renewal discussions with Spotify. Continue Reading