With its latest deal, Tencent has secured digital distribution in China for all three major labels. As a result, Universal Music Group’s catalog will be distributed by Tencent Music Entertainment Group in China on the conglomerates QQ Music, KuGou, and Kuwo streaming services. Continue Reading
Universal Music Group has posted its Q1 2017 results. Quarterly revenue reached 1.28 billion euros ($1.36 billion), and digital revenue for the period reached 622 million euros ($659.3 million). Streaming was responsible for 46% of digital revenue. Continue Reading
Just months after securing the rights to a large portion of Prince’s catalog, Universal Music Group is looking to cancel the deal. According to a letter sent to Minnesota’s Carver County District Court, UMG is now calling on the court to rescind the deal and to get back the $31 million it paid for the rights. Continue Reading
Brief news items and worthy reads from around the web: Terrestrial radio and the value gap; snapshots of branded podcasts; Prince’s catalog could go back for sale. Continue Reading
After two years of negotiations, Spotify has broken through with a major label deal. The two companies had been operating on a month-to-month basis while working out a longer-term arrangement. They have been in on-again-off-again negotiations, but now they reportedly just need the sign-off from both CEOs to become official. Continue Reading
Universal Music Group posted its financial results for 2016. The company reported total revenue of nearly €5.27 billion ($5.83 billion) and total recorded music revenue of €4.19 billion ($4.63 billion). Streaming revenue outpaced physical music sales for the first time at UMG. Continue Reading
Brief news items and worthy reads from around the web: Andy Bowers talks podcasting’s future. Alex Da Kid discusses independent music companies. Continue Reading
Prince’s catalog from Warner Bros is confirmed for release to streaming services on Sunday. NPR received word of the date from Napster, and the songs are expected to be available on most other streaming platforms as well. iHeartRadio has some purple plans for celebration. Universal has secured rights to manage the rest of Prince’s catalog. Continue Reading
Music Ally’s NY:LON Connect conference yesterday gathered experts and leaders from the music business to discuss some of the industry’s top topics. One session debated the prices for streaming music access and asked whether a lower monthly rate would help bring in more paying listeners. Another session focused on labels and how they can address the large share of media consumption given to video. This included a presentation by Charles Caldas, CEO of indie label network Merlin. Continue Reading
Universal Music Group leads the labels in volume of audio streams distributed in the U.S. during 2016, according to Music Business Worldwide. The major was responsible for 84.03 billion audio streams, about a third of the total market. Continue Reading
Universal Music Group has made more than $1 billion in streaming revenue so far this year. The label released its financial results for the first nine months of 2016, and revenue from streaming and subscription services hit €1.03 billion ($1.1 billion). Continue Reading
Brief news items and worthy reads from around the web: Interview with Universal’s top lawyer; show cancellation at Gimlet sparks questions. Continue Reading