universal music group ceo net worth universal music group ceo net worth

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. The music icon & global superstar drops new single "Kant Nobody" feat. Our core business is well positioned for a strong 2022, which aligns with the plan we have set to achieve our previously announced mid-term targets.. [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. [115], In January 2023, Sherry Lansing was named the Chairman of Board of Directors of the Universal Music Group in 2023. 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. CEO Lucian Grainge Stock Symbol AMS: UMG Copyright 2023 Penske Business Media, LLC. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up to our newsletter and make sure you don't miss a thing! "[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. Daniel Kerven, JP Morgan Cazenoves Head of European Media and Internet Equity Research, hit headlines in February 2019 by suggesting that Universal Music Group was worth over 44 billion ($50 billion). [121] Universal Music Latin Entertainment is also headquartered in Hollywood. UMG considers the use of Adjusted net profit appropriate as UMG uses it as the basis for the Adjusted net profit per share (in EUR) diluted, both of which are non-IFRS measures. Compounding this trend is the expansion of Spotify and others into territories where local independent labels, like YouTube giant T-Series in India, have a bigger local presence than one or more of the majors. [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. He writes a regular column for Rolling Stone. The estimated Net Worth of Kenneth Hao is at least $1. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. [103], In August 2019, Tencent and Vivendi started negotiation to sell 10% Vivendi's stake of Universal Music to Tencent. When it went public on the Euronext Amsterdam exchange, UMG was valued at 45.4 billion euros ($53.2 billion) up dramatically from the $8.5 billion that Softbank had offered for the company in. Such forward-looking statements are made as of the date of this press release. A $65 million bonus will push Universal Music Group CEO Lucian Grange's 2021 income up to $201 million. Tim Ingham is the founder and publisher ofMusic Business Worldwide, which has serviced the global industry with news, analysis, and jobs since 2015. Required fields are marked *. More Importantly, Who Should Do It? 27 would focus on musicians at the age of 27, an age at which several iconic musicians died. Kerven also pointed to the first time monetization of emerging markets by streaming services (as demonstrated by Spotifys recent expansion into over 80 new territories)as well as the potential for UMG to earn more money from the use of its music in social media and fitness applications (as noted in this column in December). In addition, Free Cash Flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. (Paris-based Vivendi is currently sitting at around a 28bn market cap on the stock exchange in Europe.) [70] On February 11, 2017, PolyGram Entertainment was relaunched as a film and television unit of Universal Music Group under David Blackman. [26], In May 2004, Universal Music Group was cast under separate management from Universal Studios, when French media conglomerate Vivendi sold 80% of the latter to General Electric, who subsequently merged it with NBC to form NBC Universal. [89] With the addition of Japan, UMG distributes releases from Disney Music Group globally. 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. In 2019, the company is at a valuation of $50 billion. Most on Wall Street had pegged the value of. Recorded Music EBITDA margin improved by 0.9pp to 23.7% from 22.8% in 2020 due to operating leverage. He formerly served as COO of Columbia Records. This compares to 10 million in non-cash share-based compensation expense in the prior year. [48] Two months later, BMG acquired Sanctuary Records for 50 million ($58 million). The difference between EBITDA and Adjusted EBITDA consists of non-cash share-based compensation expenses and certain one-time items that are deemed by management to be significant and incidental to normal business activity, including but not limited to professional fees and listing fees related to UMGs listing on the Euronext Amsterdam. UMG considers EBITDA and EBITDA margin, non-IFRS measures, to be relevant measures to assess the performance of its operating segments as reported in the segment data. . The company has seen a rise in its net worth which was at $22 billion in 2017 since Lucian took over leadership. 59 Employees at Universal Music Group rate Lucian Grainge a 75 out of 100, which ranks them 2nd below Salem Media Group's CEO, David Santrella. Physical revenue showed another quarter of strong growth, increasing by 11.1% year-over-year, or 10.5% in constant currency, mainly as a result of increased vinyl demand driven by releases from Taylor Swift, ABBA and The Beatles, as well as growth in direct-to-consumer sales. A Are Universal Music Group internships paid? Please only use it for a guidance and Universal Music Publishing Group's actual income may vary a lot from the dollar amount shown above. Erika Begun investorrelations@umusic.com, Upcoming Calendar The Consolidated financial statements have been prepared in accordance with IFRS issued by the International Accounting Standards Board as endorsed by the EU and comply with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code. [151] The music video was also uploaded to YouTube, but was removed following a takedown request by UMG. At Universal Music Group (EURONEXT: UMG), we exist to shape culture through the power of artistry. Brandi Carlile Bio, Net Worth, Age, Married, Height. [105], In February 2020, Vivendi announced it was planning to go public in an IPO within three years. 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 past year's boom in music assets shaped Billboard's biggest list yet of the industry's leaders including a tally of its top 25 executives, led by UMG chairman/CEO Sir Lucian Grainge. Mixtape had twelve episodes, with each episode connected to a song. This, he said, was due to UMGs undermonetized, must-have, global content that is strategic to the tech giants and cant be replicated. Kerven was notably more bullish on UMG than other analysts at the time, including Morgan Stanley, who estimated UMG might be worth somewhere between $29 billion and $42 billion. [126], Universal Music Group's Universal Music Canada is located in Toronto.[127]. 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. 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. [49], On February 8, 2013, Warner Music Group acquired the Parlophone Label Group (consisting of Parlophone Records, Chrysalis Records, EMI Classics, Virgin Classics and EMI Records' Belgian, Czech, Danish, French, Norwegian, Portuguese, Spanish, Slovak and Swedish divisions) for $765million (487million). Sort. In addition to strong performance in streaming, we drove new areas of opportunity for our artists ranging from merchandise to brand management, sponsorship, ecommerce, and film & television. Whilst a large net worth seems reasonable for the CEO of one of the biggest music conglomerates on the planet one that was making a million dollars an hour in the first quarter of this year the giant bonus feels like a further insult. UMGs Recorded Music, Music Publishing and Merchandising and Other segments all had strong, double-digit revenue growth, as discussed further below. Universal Music Group net worth 1.24 Billion Millions of dollars 99% Net worth score Disclamer: Universal Music Group net worth displayed here are calculated based on a combination social factors. Universal Music Group's largest corporate shareholder, Tencent, is headquartered in Shenzhen, China. Lucian Grainge will become CEO, replacing Doug Morris who will remain the company's chairman. Last 30 days: $ 365, February 2021: $ 196, January Toggle navigation. Records, John Coltrane, Muddy Waters, Ahmad Jamal, Nashboro Records, and Chess Records masters survived the fire and were still in Universal's archive. Q1 2022 Results: May 3, 2022 The net leverage ratio, defined as Net debt over EBITDA at year-end 2021 was 1.2x, compared to 1.3x at year-end 2020. "[14] UMG has signed licensing agreements with more than 400 platforms worldwide. Music Publishing revenue amounted to 1,335 million in 2021, up 12.6% year-over-year, or 15.0% in constant currency. Vivendi distributed 60% of its UMG shares and retaining 10%. Universal's revenue jumped from 6bn in 2018 to 7.4bn in 2020. [140], According to Jody Rosen of The New York Times, the fire which swept through Universal Studios Hollywood on June 1, 2008, caused "the biggest disaster in the history of the music business". On May 3, 2019, UMG filed a motion to dismiss the case, stating the Notices of Termination were not valid because the songs were not grants of copyright but works for hire. In the interest of balance, there is a more bearish case to be made on Universals valuation today. Hilversum, The Netherlands, March 3, 2022 Universal Music Group N.V. (UMG or the Company) today announced its financial results for the fourth quarter and full year ended December 31, 2021. Subscribe. Furthermore, on December 19, 2017, UMG signed a multi-year licensing agreement with YouTube.[88]. [60] In May 2013, Japanese company SoftBank offered $8.5billion to Vivendi for the acquisition of UMG, but Vivendi rejected it. UMG has offices in New York City where Island Records, Def Jam Recordings, Republic Records, Verve Label Group, and Spinefarm Records are headquartered. 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. 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. Bruce Resnikoff is President/CEO at Universal Music Enterprises. 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. After the IPO, the ownership of Universal Music Group has dramatically. . Adjusted EBITDA margin expanded 0.9pp year-over-year to 21.0% due to operating leverage, which helped to lower selling, general and administrative expenses as a share of revenue. He has a net worth of $810 million, which . [19], In November 1990, Japanese multinational conglomerate Matsushita Electric agreed to acquire MCA for $6.59billion. Subscribe. Last month, Universal Music Group (UMG) parent company Vivendi confirmed that its management board was considering a proposal to spin out 60% of the worlds biggest music companyonto the Amsterdam Stock Exchange at an undefined point in 2021. 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. Additionally, as part of the changes to the labels, Motown Records transferred to Los Angeles to become part of the Capitol Music Group and previous Vice President Ethiopia Habtemariam was promoted to Label President for Motown Records. Richard Rosenblatt Net Worth. This time, look at the surprising, out-of-the-blue valuation of Universal Music Group at over $40bn - backed up by Vivendi's CEO. Dont be shocked to see a major music company swoop. [46] In November 2012, Steve Barnett was appointed chairman and CEO of Capitol Music Group. Thats more than the estimated combined 2019 streams, sales and downloads of all the songwriters in the UK. First, the record label plans to spinoff from parent company Vivendi and go public at the end of 2021. Grainge. 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. The music business is kind of bored. Subscription and streaming revenue grew 16.9% year-over-year, or 19.8% in constant currency, with strong growth in both subscription and ad-supported streaming revenues. The 200 Greatest Singers of All Time Now thats music to Universals and its prospective investors ears. [16][17] The Decca Record Co. Ltd. of England spun American Decca off in 1939. [35] Morris became the next chairman of Sony Music Entertainment on July 1, 2011. 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. Universal Music Publishing is also headquartered in the city. For more information on how Universal Music Group for Brands can create authentic connections for your brand, please contact us here. 7 Universal Music Group Intern Salaries The company went public on September 21, 2021, at a valuation of 46 billion. These non-IFRS measures (also known as alternative performance measures) are presented because management considers them important supplemental measures of UMGs performance and believes that they are widely used in the industry in which UMG operates as a means of evaluating a companys operating performance and liquidity. Universal Music Group's shares surged by more than a third in its stock market debut on Tuesday, putting its chairman and chief executive, Sir Lucian Grainge, in line for a potential bonus of . A big part of that is, obviously, the omission of live concerts, plus the relative quiet of the major record companies. If we assume for sake of argument that Spotify is able to grow without increasing its costs, it would have to generate $5.6 billion in gross margin to deliver those $3.6 billion in profits. All rights reserved. Capitol Music Group is headquartered at the Capitol Records Building in Hollywood. [114], In October 2022, Mercedes-Benz launched a new in-car audio collaboration with Apple Music and Universal Music Group. Millions of dollars. The company previously said that UMG . [124] Company's legal headquarters are in the Netherlands. UMG is also ranked number 1 in the music category. Music Publishing EBITDA of 307 million was up 14.1% year-over-year, or 16.3% in constant currency. But with annual costs of around $2 billion, Spotify is currently operating at close to break-even. announced they would investigate the effects the fire may have had on the band's archival materials, while Hole, Steely Dan, Rosanne Cash and Geoff Downes made statements on their possible losses from the fire. [22][23] On December 9, 1996, the company was renamed Universal Studios, Inc.,[24] and its music division was renamed Universal Music Group; MCA Records continued as a label within the Universal Music Group. In 2021, Recorded Music revenues were 6,822 million, up 14.3% compared to 2020, or 16.9% in constant currency. [72], In March 2016, Universal Music Canada donated the archives of EMI Music Canada to the University of Calgary. [61] In July 2018, JPMorgan said that UMG could be worth as much as $40 billion[62] and then increased the valuation to $50 billion in 2019. How to upload and sell your music free, What is Shazam and how to upload your music free, What is Deezer and how to upload your music free, What is Amazon Music and how to upload your music free, How to use TikTok: Make money from videos and upload music, Everything you need to know as an artist on Instagram how to upload to Stories and Reels, What is YouTube Music and how to upload your music free. While listeners may use the webcast, a dial-in telephone number is required for investors and analysts to ask questions. [148], Howard King filed a lawsuit in Los Angeles on June 21, 2019, on behalf of Soundgarden, Hole, Steve Earle, the estate of Tupac Shakur and a former wife of Tom Petty that seeks class action status for artists whose master recordings were believed to have been destroyed in the Universal Studios fire.