Jeronimo Folgueira breaks down the streamer's new "artist-centric" payout model and how the company arrived at the definition of a "professional artist."
Lean-back listening has gotten a bad rap, but streamers and rights holders should recognize the value it brings to fans.
The digital distribution, marketing, publishing and label services company joins Virgin Music Group, UMG's independent music division.
Also this week: Reservoir and PopArabia buy the RE Media catalog, Timbaland acquires a stake in lifestyle and vinyl brand 12on12 and more.
In announcing UMG's new partnership with YouTube to study the effects of AI, the label's chairman and CEO sounds both an encouraging, and cautious, note.
The music giant hit $2.94 billion in the second quarter, thanks in part to a 10.6% year-over-year increase in subscription revenue.
The longtime Sony exec was most recently COO of UMG Sub-Saharan Africa.
The Billboard Global Music Index rose 2.5% this week and finished the midpoint of 2023 up 13%.
The music giant says the proceeds will be used to refinance existing debt and pay transaction fees and expenses.
With the "right incentive structures," platforms can eliminate "unauthorized, unwanted, and infringing content entirely," says the CEO.
