universal music group ceo net worth

Mixtape had twelve episodes, with each episode connected to a song. Universal Music Group N.V.[3] (often abbreviated as UMG and referred to as just Universal Music) is a DutchAmerican multinational music corporation under Dutch law. UMG management uses this indicator for reporting, management and planning purposes. In 2019, the company is at a valuation of $50 billion. Universal Music Group CEO Lucian Grainge on Wednesday lamented the increasing use of short, low-quality music clips on streaming music platforms, saying they undermine the experience of. [105], In February 2020, Vivendi announced it was planning to go public in an IPO within three years. In settlement of the claim, the companies collectively agreed to pay a $67.4 million fine and distribute $75.7 million in CDs to public and non-profit groups. Join the Universal Music Group team See Our Latest Jobs 3.0 Former Employee Good experience but too big of a company Feb 23, 2023 - Senior Director, Marketing in Los Angeles, CA Recommend CEO Approval Business Outlook Pros Benefits Opportunity for various experience & connections Cons [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. DMX. [59], On April 2, 2013, the gospel music divisions of Motown Records and EMI merged to form a new label called Motown Gospel. 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. Subscribe. Sir Lucian Grainge, UMGs Chairman and CEO, said, 2021 was yet another historic year for UMG. Required fields are marked *. In this execs words: If Spotify investors expect a standard 7% yield from their investment [as per that market cap], they would also expect the company to be generating $3.6 billion in annual profits. Amazon MusicShow Me What You've Got Amazon. [13][14] UMG was named by Forbes as one of America's Best Midsize Employers in 2019. It's Getting an Upgrade", "Vivendi Enters Talks With Tencent to Sell Stake In Universal Music Group", "Tencent in Talks to Buy 10% of Universal Music Group", "Universal Music Group Planning IPO Within Next Three Years", "THE LEGO GROUP AND UNIVERSAL MUSIC GROUP JOIN TO EXPAND CHILDREN'S CREATIVE PLAY THROUGH THE POWER OF MUSIC", "Virgin EMI rebrands as EMI, Rebecca Allen appointed as label president", "UNIVERSAL MUSIC GROUP EXPANDS IN THE MIDDLE EAST AND NORTH AFRICA", "Spotify, Universal Music Group Reach Multiyear, Global Licensing Deal", Majority of Icelandic Music Catalogue Sold to Universal Music, "Exclusive: Universal Music to develop collectible NFTs in deal with Curio platform", "Universal Music Group assigned Baa1 and BBB long-term credit ratings by Moody's and S&P", "Mercedes-Benz Launches new Audio Collaboration With Apple Music & Universal Music Group", "SHERRY LANSING NAMED CHAIRMAN OF THE BOARD OF UNIVERSAL MUSIC GROUP N.V.", "Universal Music Group and Google Partner for Vevo", "Announcing VEVO, a Partnership with Universal Music Group", "Universal to Create Hulu-like Music Video Site", "Steve Barnett to lead Capitol Music Group", "Cindy Oliver Q&A: Getting to Know the EVP in Charge of Doling Out the Dough to Universal Music Artists", "Universal Music Moving UK Headquarters from Kensington to King's Cross", "Universal Music Canada Relocating to 'Rock Star Building' in Downtown Toronto", "Universal Group suspends all operations in Russia", "USATODAY.com - States settle CD price-fixing case", "5 Music Companies Settle Federal Case On CD Price-Fixing", "A Landmark Legal Battle Over a Toddler Dancing to Prince Song Looks to Be Ending", "The Non-Legacy of the Dancing Baby Case", "Universal Music Group Backs Off Claims to Michelle Malkin Video", "Ok, Now It's Done. 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. In 2021, UMGs revenues of 8,504 million increased by 14.4% compared to 2020, or 17.0% in constant currency. In addition to the promised ownership of her master recordings, UMG agreed to, in case it sells portions of its stake in Spotify, distribute proceeds among its artists and make them non-recoupable. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Furthermore, on December 19, 2017, UMG signed a multi-year licensing agreement with YouTube.[88]. Records, John Coltrane, Muddy Waters, Ahmad Jamal, Nashboro Records, and Chess Records masters survived the fire and were still in Universal's archive. The company went public on September 21, 2021, at a valuation of 46 billion. Get news from your favorite artists before everyone else. Bruce Resnikoff is President/CEO at Universal Music Enterprises. Inside Universal, Sony, and Warner's Arms Race For Your Attention October 8, 2021 5:08 AM ET. 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. 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 shares surge in 110m bonus for Lucian Grainge [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. Universal Music GmbH, the German subsidiary, is headquartered in Berlin. Bruce Resnikoff, Universal Music Enterprises: Profile and Biography Note: % YoY indicates % change year-over-year; % const. 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). A big part of that is, obviously, the omission of live concerts, plus the relative quiet of the major record companies. Analysts suggest that the world's biggest music rights-holder could be worth three times its current public valuation. [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. Your email address will not be published. Subscribe me to the Universal Music newsletter, Revenue of 8,504 million, representing growth of 17.0% year-over-year in constant currency, driven by strong growth across all segments, Recorded Music subscription and streaming revenue grew 19.8% year-over-year in constant currency, Adjusted EBITDA increased 20.9% year-over-year in constant currency driven by the revenue growth and Adjusted EBITDA margin improved 0.9pp year-over-year to 21.0%, Net cash provided by operating activities before income tax paid of 1,395 million compared to 1,133 million in 2020, Free cash flow of 638 million, compared to negative 158 million in 2020, Subject to shareholder approval, final dividend proposal of 363 million, or 0.20 per share, which would bring total dividend for 2021 to 725 million, or 0.40 per share, Revenue of 2,520 million, representing growth of 16.0% year-over-year in constant currency, driven by strong growth across all segments, Recorded Music subscription and streaming revenue growth of 16.1% year-over-year in constant currency, Adjusted EBITDA increased 8% year-over-year in constant currency driven by revenue growth; Growth rate impacted by a 28 million exceptional recovery of an advance provision in the prior year period related to a label acquisition, Successful separation from Vivendi by distribution of 60% of UMGs shares to Vivendi shareholders and listing of UMG shares on the Euronext Amsterdam, Global artist success across platforms, including 8 of the Top 10 IFPI Global Artists of the Year and 2021s Breakthrough Artist Olivia Rodrigo, Selective acquisitions of iconic catalogues including Sting, Neil Diamond and others, Expanding relationships with top platform partners and diversifying revenue sources into areas like social media (Tik Tok, Snap, Twitch), health & fitness (19 partnerships), original film & TV production, Frontline of developments in Web3 and metaverse space with artist-centric approach. Universal Music Group's shares jump in stock market debut - New York Post Lucian Grainge will become CEO, replacing Doug Morris who will remain the company's chairman. But with annual costs of around $2 billion, Spotify is currently operating at close to break-even. "[143], Following the publication of the New York Times story, Questlove of The Roots confirmed that the master tapes for two of the band's albums, including unused material and multi-track recordings, were lost in the fire. [57], On March 20, 2013, UMG announced the worldwide extension of their exclusive distribution deal with the Disney Music Group, excluding Japan. The accounting impact of the following items is excluded from Net profit attributable to equity holders of the parent: UMG considers financial net debt, a non-IFRS measure, to be a relevant indicator of the groups liquidity and capital resources. ", "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! Royalty advance payments, net of recoupments declined 38.1% to 364 million in 2021 from 588 million in 2020, due to the timing of major artist renewals. They claimed that the recording of "God Save the Queen" was copyrighted, and YouTube initially complied with this request, but subsequently offered the video with the original audio track. Erika Begun investorrelations@umusic.com, Upcoming Calendar UMG CEO Lucian Grainge to Earn Over $200 MM in 2021 Following IPO License and other revenue improved 11.6% year-over-year, or 5.1% in constant currency, as a result of improvements in synchronization, non-recorded direct-to-consumer and live revenues. [80][81], In August 2017, UMG and Grace/Beyond agreed to develop three new music-based television series, 27, Melody Island and Mixtape. [83], In November 2017, USC Annenberg announced UMG's partnership in the "Annenberg Inclusion Initiative", becoming the first music company to do so. [73], In May 2016, UMG acquired Famehouse, a digital marketing agency. Top sellers in the prior year included The Weeknd, Billie Eilish, Post Malone, Lil Baby, Pop Smoke and BTS. Although UMG believes that such forward-looking statements are based on reasonable assumptions, they are not guarantees of future performance. What Is Universal Music Group Worth? - AudiobyRay Island Records [145][146], A representative for Eminem confirmed that the rapper's master recordings were digitized months before the fire, but could not confirm whether the physical master reels of his recordings were affected. Millions of dollars. License and other revenue improved 15.5% year-over-year, or 16.5% in constant currency, as a result of improvements in broadcast and neighboring rights collections, audio-visual production income and synchronization, live and brand deals. Spotifys recent expansion into over 80 new territories), nibbling into the overall streaming market share, believed to be close to selling up for around $300 million, Report: Sony Music Knew Of Australia Workplace Abuse Allegations For Decades, Kenny Beats Wants to Teach You About the Music Biz, BMG's CEO Has a Grand Idea for the Music Industry: Don't Screw Over Artists, Another Blockbuster Deal: Tina Turner Sells Entire Catalog to BMG, The National Stay Up Late to Perform 'Tropic Morning News' on Fallon, David Lindley, Multi-Instrumentalist Who Shaped the Sound of Soft Rock, Dead at 78, Suki Waterhouse Won't Take Romance for Granted on New Single 'To Love', Travis Barker Says His Finger Ligament Surgery Was a 'Success' After Postponing Blink-182 Tour. In February 2006, Vivendi (which own UMG since 2000) purchased the remaining 20 percent of UMG from Matsushita Electric. 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. Top sellers for the quarter included releases from ABBA, Taylor Swift, The Beatles, Drake and BTS, while top sellers in the prior-year quarter included Ariana Grande, Pop Smoke, BTS, Taylor Swift, and Masaharu Fukuyama. 2. Last 30 days: $ 365, February 2021: $ 196, January Toggle navigation. Richard Rosenblatt Net Worth. [109], In July 2020, UMG signed a new multi-year licensing agreement with Spotify to provide value for artists and immense experiences for music fans. Investors and analysts interested in asking questions can pre-register for a dial-in line atinvestors.universalmusic.comunder the Financial Reports tab. Dont be shocked to see a major music company swoop. 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? Net profit attributable to equity holders of the parent for 2021 amounted to 886 million compared to 1,366 million in 2020, resulting in EPS of 0.49 in 2021, compared to 0.75 in 2020. ", "Universal Music Is Battling to Nullify the 35-Year Copyright Termination Right", https://en.wikipedia.org/w/index.php?title=Universal_Music_Group&oldid=1139387478, This page was last edited on 14 February 2023, at 21:54. 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. All of that said, Universals sheer heavyweight power in the music industry with a 30%-plus global market share of total recorded music revenues plus its almighty owned catalog will be the primary factor fuelling investor confidence in its spin-out, and its ultimate valuation.