Vivendi has extended the contract of Universal Music CEO Lucian Grainge through 2020. "This plan will enable the company to maintain its profitable growth and continue to play a leading role in the transformation of the music industry," the company said in a statement The full text of the announcement:
- Five-year development plan for Universal Music Group
- Lucian Grainge committed to UMG and Vivendi at least
Vivendi has agreed on a five-year development plan with the senior management of Universal Music Group (UMG). Present in over 60 countries and owning a portfolio of 50 prestigious labels, UMG is the global leader in music. It has an annual turnover of nearly 5 billion euros and employs over 7,000 people in the world. This plan will enable the company to maintain its profitable growth and continue to play a leading role in the transformation of the music industry.
UMG will accelerate the monetization of music on digital channels, broaden the reach of its audio and visual content through multiple partnerships with platforms and strengthen its strategic relationships with brands and sponsors. It will pursue its industry-leading track record of talent management and development. UMG will also continue investing in high-potential markets for music, such as Africa, India and China.
Key to this strategy is the fact that Lucian Grainge CBE, Chairman and Chief Executive Officer of UMG, has committed to UMG and the Vivendi Group for a further five years, until at least 2020. Appointed to his current position in 2011, Lucian Grainge has held a variety of functions within the music industry spanning over thirty years. After joining UMG in 1986 to launch PolyGram Music Publishing UK, Lucian Grainge held the positions of Chairman of Universal Music UK and Chairman and Chief Executive Officer of Universal Music Group International. He spearheaded the international expansion of UMG and the diversification of the company’s activities.
UMG is at the heart of Vivendi’s strategy to refocus the Group on media and content creation and to be the preferred partner for all creative talent.
Vivendi is an integrated media and content group. The company operates businesses throughout the media value chain, from talent discovery to the creation, production and distribution of content. The main subsidiaries of Vivendi comprise Canal+ Group and Universal Music Group. Canal+ is the leading pay-TV operator in France, and also serves markets in Africa, Poland and Vietnam. Canal+ operations include Studiocanal, a leading European player in production, sales and distribution of film and TV series. Universal Music Group is the world leader in recorded music, music publishing and merchandising, with more than 50 labels covering all genres. A separate division, Vivendi Village, brings together Vivendi Ticketing (ticketing in the UK, France and the U.S.), MyBestPro (experts counseling), Watchever (subscription video-on-demand) and the Paris-based concert venue L’Olympia. With over 2.5 billion videos viewed each month, Dailymotion is one of the biggest aggregation and distribution platforms in the world. www.vivendi.com, www.cultureswithvivendi.com, www.themediashaker.com