Media business layoffs are hitting the music industry, with more to come from Universal Music and perhaps other labels.
While some major labels are touting YouTube as an important partner in the evolving world of music and AI, not everyone in the industry has been as enthusiastic about these new efforts.
The Billboard Global Music Index fell 0.4% to 1,559.48 this week despite most stocks posting gains.
The singer-songwriter was previously signed to Sony Music Publishing.
The Universal chairman/CEO also touted the company's many successes over the past year, and plans to "further evolve our organizational structure" moving forward.
The catalog includes 18,000 recordings, songs and video recordings, including works from some of Pakistan and India's top artists.
"UMG will continue to work with TME to bring the very best in music to these passionate music consumers."
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
The year saw K-pop companies making mega moves on a global scale, while the catalog market remained hot.
