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In July, The Rolling Stones signed a worldwide agreement with UMG covering the band's recorded music and audio-visual catalogues, archival support, global merchandising and brand management. Def Jam, Island and Republic Records also maintain offices there. Such trends mean more copyrights leaving the grasp of major music companies, and subsequently being acquired by well-funded, catalog-snaffling upstarts like Hipgnosis Songs Fund and Primary Wave. But with annual costs of around $2 billion, Spotify is currently operating at close to break-even. Music Publishing EBITDA margin improved by 0.3pp year-over-year to 23.0%, as a result of operating leverage. [68] Barry Weiss, who previously moved from Sony Music to lead Island Def Jam Music in 2012 when Motown Records was incorporated into Island Def Jam, stepped down from Universal Music. [10] Pershing Square Holdings later acquired ten percent of UMG prior to its IPO on the Euronext Amsterdam stock exchange. The core values that comprise Universal Music Group are Authenticity, Boldness, Creativity, Connection, Drive and Insight. Bruce Resnikoff is President/CEO at Universal Music Enterprises. The 100 Greatest TV Shows of All Time For Universal Records 19881989, see, 2004: Consolidating into a Vivendi subsidiary, 20072012: UMG acquisitions and EMI purchase, 20122017: EMI integration and divisions reorganization, 2018present: Continued growth and public trading, Last edited on 14 February 2023, at 21:54, following the country's invasion of the Ukraine, United States District Court for the Northern District of California, "Universal Music Group N.V. 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[159][160], "Universal Records" redirects here. [114], In October 2022, Mercedes-Benz launched a new in-car audio collaboration with Apple Music and Universal Music Group. This increase was driven by double-digit improvements across all segments, as discussed further below. Cost of revenues as a percentage of revenues increased to 54.2% from 52.7% driven by higher product costs from a greater proportion of merchandising and physical sales, including higher vinyl sales, when compared to 2020. © 2023 RouteNote Blog. And we expanded our partner portfolio into emerging growth areas such as health and fitness, Web3 and social video. UMG-signed artists claimed no less than eight of the top 10. Tencent acquired ten percent of Universal Music Group in March 2020 for 3 billion[7][8][9] and acquired an additional ten percent stake in January 2021. This press release includes certain alternative performance indicators which are not defined in IFRS issued by the International Accounting Standards Board as endorsed by the EU. Although UMG believes that such forward-looking statements are based on reasonable assumptions, they are not guarantees of future performance. See Bruce Resnikoff's compensation, career history, education, & memberships. That same month, UMG signed a global, multi-year agreement with Facebook becoming the first of The "Big Three" to license its recorded music and publishing catalogs for video and other social experiences across Facebook, Instagram and Oculus. The deal collapsed in July 2021 due to regulatory concerns, and it was announced that Ackman's Pershing Square Holdings would complete the purchase instead.[111]. Brandi Carlile Bio, Net Worth, Age, Married, Height. Moreover, in 2012, the CEO of Disney's music division, Alan Horn, became the chairman of Universal Music Group's board of directors. Note: % YoY indicates % change year-over-year; % const. Actual results may differ materially from such forward-looking statements as a result of a number of risks and uncertainties, many of which are related to factors that are outside UMGs control, including, but not limited to, UMGs inability to compete successfully and to identify, attract, sign and retain successful recording artists and songwriters, failure of streaming and subscription adoption or revenue to grow or to grow less rapidly than anticipated, UMGs reliance on digital service providers, UMGs inability to execute its business strategy, the global nature of UMGs operations, UMGs inability to protect its intellectual property and against piracy, UMGs inability to attract and retain key personnel, changes in laws and regulations and the other risks that will be described in the annual report. Vivendi distributed 60% of its UMG shares and retaining 10%. We exist to shape culture through the power of artistry. In the interest of balance, there is a more bearish case to be made on Universals valuation today. In 2021, UMGs revenues of 8,504 million increased by 14.4% compared to 2020, or 17.0% in constant currency. Campaigners would like to see at least some of that windfall to trickle down to the songwriters and artists whose music keeps the industry running. Please only use it for a guidance and Universal Music Group's actual income may vary a lot from the dollar amount shown above. Furthermore, on December 19, 2017, UMG signed a multi-year licensing agreement with YouTube.[88]. This dividend proposal is subject to approval by the Annual General Meeting of Shareholders to be held on Thursday, 12 May 2022. Subscribe. [27], On September 6, 2006, Vivendi announced its 1.63billion ($2.4billion) purchase of BMG Music Publishing; after receiving European Union regulatory approval, the acquisition was completed on June 25, 2007. [We] have suggested a blue sky valuation of 100 billion, wrote Kerven of UMG. [34], Doug Morris stepped down from his position as CEO on January 1, 2011. UMG disclaims any intention or obligation to provide, update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. [93] In August 2018, UMG announced a strategic expansion in Africa, opening an office in Abidjan to oversee French-speaking Africa, and also unveiling a Universal Music Nigera office in Lagos to focus on signing local artists and taking them global. On 1 January 2011 he became CEO of Universal Music Group, and then chairman on 9 March 2011, succeeding Doug Morris. The unimpressed online response is aggravated by the current focus on streaming incomes in the UK, with a study into the competitive market on the way and a government inquiry demanding a complete reset of a sector that hasnt modernised since the age of streaming arrived. Music Publishing revenue amounted to 1,335 million in 2021, up 12.6% year-over-year, or 15.0% in constant currency. EBITDA and Adjusted EBITDA margin were also impacted by revenue mix, as revenues were more heavily weighted towards merchandising revenues and music publishing revenues in the fourth quarter of 2021 compared to the prior-year quarter, which carry a lower EBITDA margin than streaming and subscription revenues. The Beatles catalogue was transferred to UMG's newly formed Calderstone Productions, while Williams' catalogue was transferred to Island Records. 2. Subscription and streaming revenue grew 18.7% year-over-year, or 16.1% in constant currency, with strong growth in both subscription and ad-supported streaming revenues. [48] Two months later, BMG acquired Sanctuary Records for 50 million ($58 million). Metro Boomin. [104] The deal is expected to be of $3.36 billion. 92 Universal Music Group reviews. Recorded Music EBITDA in 2021 was 1,614 million, up 18.7% year-over-year, or 20.4% in constant currency, driven by the growth in revenues. Adele's net worth is a lot more than 19 + 21 + 25 + 30! The biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music and Warner Music Group. Most on Wall Street had pegged the value of. [84][85], In December 2017, Universal Music Group acquired Stiff and ZTT labels, along with Perfect Songs Publishing, from Trevor Horn's SPZ Group;[86] BMG Rights Management, through Union Square Music subsidiary, retained its back catalogues. [87] Sony and Warner signed similar contracts with Facebook the following year. Image Credit: Universal Music Group UMG boss Lucian Grainge is due a $201 million payday - more than the total income of all UK songwriters and composers put together. UMG is also ranked number 1 in the music category. Downloads and other digital revenue were flat, but declined 3.3% in constant currency, as download sales continue their industry-wide decline. All non-IFRS measures should be considered in addition to, and not as a substitute for, other IFRS measures of operating and financial performance as presented in UMGs Condensed Consolidated Financial Statements and the related Notes, or as described in this press release. [129], In January 2022, the company's shareholding is:[3], In 2000, music companies including UMG entered into consent agreements with the Federal Trade Commission,[130] with no admission of liability,[131] whereby they agreed to discontinue the use of Minimum Advertised Price programs under which subsidized cooperative advertising was provided to retailers that agreed to adhere to minimum advertised pricing. [11], In January 2022, UMG acquired the Icelandic record label Alda Music, which owned the rights to nearly 80 percent of all music released in Iceland. For example, in 2010, Universal Music Group CEO Lucian Grainge stepped down from his role and was replaced by Doug Morris, who had previously worked for Disney. Excluding these items, Adjusted EBITDA for the quarter was 503 million, up 9.8% year-over-year, or 6.8% in constant currency, driven by revenue growth. [112], In February 2022, Universal Music Group announced a partnership with Curio, an NFT platform, to create NFT collections for its record labels and artists. Music Publishing EBITDA of 307 million was up 14.1% year-over-year, or 16.3% in constant currency. [152] Megaupload requested an apology from UMG, and filed a lawsuit against the company in the United States District Court for the Northern District of California, on December 12, 2011. Whilst hailing the opportunities that the accessibility of streaming offers, Bevan called for an urgent need for the levelling out of the way revenue from a song is divided up. Cost of revenues, consisting of artist and production costs, increased by 17.6% to 4,608 million in 2021, reflecting higher revenues and revenue mix. Found 92 of over 1K reviews. [156] Lawyers for will.i.am initially claimed that he had never agreed to the project, and on December 12, he denied any involvement in the takedown notice. Dont be shocked to see a major music company swoop. Lets Break Down the Mind-Blowing Money in Universal Musics IPO. [158], On February 5, 2019, John Waite and Joe Ely filed a class-action lawsuit against UMG claiming the company is violating their right to terminate grants of copyright after 35 years in accordance with copyright law of the United States by ignoring Notices of Termination. UMG considers free cash flow, a non-IFRS measure, to be a relevant indicator of the groups cashflow generated to fund dividend payments and repayment of debt. Universal Music Group's Universal Music Polska is located in Warsaw. Daniel Kerven, JP Morgan Cazenove's Head of European Media and Internet Equity Research, hit headlines in February 2019 by suggesting that Universal Music Group was worth over 44 billion. Records, John Coltrane, Muddy Waters, Ahmad Jamal, Nashboro Records, and Chess Records masters survived the fire and were still in Universal's archive. We have sent a confirmation email to {USEREMAIL}. Show Me What Youve Got GIFs. We own and operate a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content in more than 60 countries. The current estimated net worth of Solarwinds Corp's Director, Kenneth Hao, is estimated to be about $1. [59], On April 2, 2013, the gospel music divisions of Motown Records and EMI merged to form a new label called Motown Gospel. Net worth score. EBITDA for the quarter declined 4.2% year-over-year, or 6.8% in constant currency, to 438 million, as a one-time non-cash compensation charge more than offset the benefit of revenue growth. Popular; COVID-19 Related; UMG's first major film production was Amy, which won an Oscar for Best Documentary,[69] while taking part in Kurt Cobain: Montage of Heck and The Beatles: Eight Days a Week documentaries. [73], In May 2016, UMG acquired Famehouse, a digital marketing agency. Send us a tip using our anonymous form. SIGN UP TO THE NEWSLETTER BELOW, USING YOUR SOCIAL ACCOUNT OR EMAIL. Aerosmith Hands Entire Catalog to Universal Music Group, considering a proposal to spin out 60% of the worlds biggest music company. Going forward, we see the industry continuing to grow and with our unique experience, our deep understanding of the business and the vast artist relationships and global creative networks we expect to further strengthen our position as the industry leader as we continue to break new artists and build on our world-class catalogue., We are generating robust Free cash flow even as we continue to opportunistically and selectively invest in artists and catalogues that will be additive to the long-term health of our business, said Boyd Muir, EVP, CFO and President of Operations for UMG. The Company will host a conference call to discuss these results on Thursday, March 3, 2021 at6:15PM CEST. Taylor Swift. Subscribe. The vault held masters for the MCA, ABC, A&M, Geffen and Interscope labels; as well as some smaller subsidiary labels. The descriptions of these alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in the Appendix to this press release. [82], In October 2017, UMG announced the launch of its Accelerator Engagement Network, an initiative aimed to help develop music-based startups around the world. Therefore, Spotifys current valuation implies that the record industrys streaming revenues will near enough triple in the future.. is in an oddly inert place right now. ", "Analysis: BMG Poised to Become a Top Indie Catalog Following Sanctuary Acquisition", "Warner Music Group Buys EMI Assets for $765 Million", "Warner to buy the Parlophone Label Group", "Universal Music Sells Now! The company went public on September 21, 2021, at a valuation of 46 billion. Last 30 days: $ 365, February 2021: $ 196, January Toggle navigation. Note: % YoY indicates % change year-over-year; % const. Two years on, streaming revenues have continued to mushroom, even through a pandemic, and the valuations slapped on Universal have grown in tandem. [16][17] The Decca Record Co. Ltd. of England spun American Decca off in 1939. Subscribe. Operating profit includes certain non-cash items that are adjusted to get to the Net cash provided by operating activities as follows: In this press release, UMG presents certain financial measures when discussing UMGs performance that are not measures of financial performance or liquidity under IFRS (non-IFRS). [18] MCA Inc. merged with American Decca in 1962. Editors picks Ivors Academy and others suggest people in the UK should write to their MP asking for them to support a Private Members Bill from Kevin Brennan MP, which asks for more protections for musicians against unfair payments. As far as I know the multiplayer is just local, but you need only 2 controllers to get this one. Subscribe. [144] Similarly, Nirvana bassist Krist Novoselic said he believed the masters for the band's 1991 album Nevermind were "gone forever" as a result of the fire. The Guardian pointed out that Grainges bonus comes from Universal Musics 2021 IPO as well as Tencent buying a 10% stake in the company. Capitol Music Group is headquartered at the Capitol Records Building in Hollywood. The company has seen a rise in its net worth which was at $22 billion in 2017 since Lucian took over leadership. During 2021, EBITDA and EBITDA margin were impacted by certain one-time expenses, which amounted to 102 million and included professional fees, listing fees and non-cash share-based compensation expenses. [145] Representatives for R.E.M. [115], In January 2023, Sherry Lansing was named the Chairman of Board of Directors of the Universal Music Group in 2023. European Rights to Sony Music", Universal Music UK Announces Launch of Virgin EMI Records, "H Cobalt Music "" Universal Music Greece", "MINOS-EMI Greek Universal Subsidiary | GreekReporter.com", "Edel kauft legendres Jazzlabel von Universal", "Universal Music Group (UMG) & Disney Music Group (DMG) Expand Agreement Globally", "UNIVERSAL MUSIC GROUP (UMG) & DISNEY MUSIC GROUP (DMG) EXPAND AGREEMENT GLOBALLY", Motown Records and EMI Gospel Announce Joint Venture: Motown Gospel | EURweb Part 1, "Vivendi Declined SoftBank's Lucrative Offer for Universal", "Universal Music Group valuation hits $50bn as Vivendi seeks 'half dozen' investment bank partners", "Universal Music Distribution Owns Record Nine of Top 10 Digital Songs", "Universal a perfect 10 on Billboard 100", "SAG-AFTRA Honors 'Secret Life Of The American Teenager', "SAG-AFTRA Announces American Scene Award Recipients", "Universal Music Group Breaks Up Its Island Def Jam Division", "Amy wins best documentary feature Oscar", "Universal Music Group Taps David Blackman, Scott Landis for Film, TV Development and Production", "Universal Music Group Revives Polygram Label for Film and TV Production", "Grammy Awards bring gold to revitalized Capitol Records", "Universal Music Canada donates EMI Music Canada archive to University of Calgary", "Universal Music Group Buys Digital Marketer Fame House From SFX", "Paul McCartney Signs Worldwide Deal with Capitol Records", "The Bee Gees Ink Worldwide Deal With Capitol Records", "Spotify, UMG finally reach long-term streaming deal", "Universal Music Group Inks Major Licensing Deal With Tencent in China", "China's Tencent seals exclusive music licensing deal with UMG", "Luis Fonsi Breaks Seven Guinness World Records Titles Thanks To 'Despacito', "Universal Music Group Partners With 'Beat Bugs' Producers for Three New Music-Based Series", "Universal Music Group's New Program to Benefit Music-Based Startups", "USC Annenberg launches 'Annenberg Inclusion Initiative', "Universal 'accelerates efforts to promote diversity and inclusion' with new initiative", "Universal Music Acquires Iconic British Labels Stiff Records and ZTT", "Universal Music signs multiyear licensing deal with Facebook", "YouTube signs deal with UMG, Sony over streaming policies", "Rolling Stones Expand Partnership With Universal Music Group", "Vivendi to Sell Up to Half of Universal Music Group", "Why a Partial Universal Music Group Sale Could Spark a Wider Music Biz Selloff", "Rumor Mill - IT'S GOOD TO BE KINGBETTER THAN EVER, IN FACT", "Universal Music to boost its investment in Africa", "The world's biggest music company is setting its sights on Africa", "Elton John signs with Universal 'for the rest of his career', "Taylor Swift's New Record Deal Affects Thousands of Other Musicians", "Taylor Swift Stands to Make Music Business History as a Free Agent", "Taylor Swift Signs New Deal With Universal Music Group", "Queen's "Bohemian Rhapsody" is the most streamed classic rock song of all time", "Universal Music to Acquire Distributor Ingrooves in Move to Strengthen Commitment to Indie Labels", "Universal Music Group on the Forbes America's Best Midsize Employers List", "That Glitchy Music Video on YouTube? "[141][142] In a statement issued on June 11, 2019, UMG said The New York Times article contained "numerous inaccuracies, misleading statements, contradictions and fundamental misunderstandings of the scope of the incident and affected assets. Thats more than the estimated combined 2019 streams, sales and downloads of all the songwriters in the UK. UMG has offices in New York City where Island Records, Def Jam Recordings, Republic Records, Verve Label Group, and Spinefarm Records are headquartered. UMG retained The Beatles (formerly of Parlophone) and Robbie Williams (formerly of Chrysalis). [100] In February 2019, UMG fully acquired music distributor INgrooves. No wonder the worlds biggest music rights companies saw bottom-line profits soar in 2020; their spending presumably decreased. Universal Music Group's largest corporate shareholder, Tencent, is headquartered in Shenzhen, China. [135][136][137] In April 2016, UMG had the audio muted of a video clip showing Katherine Jenkins singing the British national anthem. In its IPO, UMG hits 54 billion ($62.6 billion) valuation which is over a third bigger than initial valuation. Unaudited Consolidated Statement of Profit and Loss, Unaudited Consolidated Statement of Cash Flows, Non-IFRS Alternative Performance Indicators and Reconciliations, Reconciliation of Operating Profit to EBITDA, Reconciliation of EBITDA to Adjusted EBITDA, Reconciliation of net profit attributable to equity holders of the parent to Adjusted net profit, Reconciliation of net cash provided by/(used for) operating activities to Free Cash Flow. In 2021, Recorded Music revenues were 6,822 million, up 14.3% compared to 2020, or 16.9% in constant currency. More generally, Kerven pointed to a potential convergence premium, given musics ability to drive traffic, engagement and support much bigger and more valuable ecosystems. In other words, whatever the next iPhone, Facebook or TikTok might be, its going to need music and its going to need to pay Universal in order to use it. Universal Music Group N.V. Reports Financial Results for the Fourth Quarter and Full Year Ended December 31, 2021. . MySpace Music Completes Acquisition Of iMeem", "Recordings by Elton John, Nirvana and Thousands More Lost in Fire", "Universal Music Disputes Severity of 2008 Fire Cited in New York Times Article", "Hole Say They Were Never Told About Lost Recordings in Warehouse Fire", "Musicians Mourn the Fiery Destruction of Their Recordings: 'I Think They Are Gone Forever', "Nirvana's Krist Novoselic believes Nevermind masters lost in Universal fire", "Eminem Master Tapes Were Digitally Backed Up Just Months Before Universal Fire: Report", "Universal Music Group Archivist: Vault Fire Damage 'Surprisingly Overstated,' But Any Loss Is 'Painful for Us', "Artists Sue Universal Music Group Over Losses in 2008 Fire", "A Universal Music Fire Case Could Break New Legal Ground", RIAA Label Artists & A-List Stars Endorse Megaupload In New Song, Universal Censors Megaupload Song, Gets Branded a "Rogue Label", Megaupload threatens to sue Universal over YouTube video, Megaupload to Sue Universal, Joins Fight Against SOPA, UMG claims "right to block or remove" YouTube videos it doesn't own, File-Sharing Company Sues Record Label, for a Change, UMG, MegaUpload Case Gets Even Stranger; Will.i.am Says He Didn't Authorize A Takedown, "Megaupload Drops Lawsuit Against Universal Music Over Viral Video (Exclusive)", "Music Industry Opposes Copyright Termination; What is it?