Universal Music Wants To Be A Film Studio Too
One upside of declining revenue from the sale of recorded music has been record execs finally rethinking their assets in search of creative ways to make money. The world's largest music group, Universal, is now hoping that film will be one of its major revenue boosters.
Universal Music is getting into the film business. Two music centered documentaries - “Montage of Heck,” about Nirvana frontman Kurt Cobain and "Amy" about singer Amy Winehouse - mark the company's formal entry into film.
It makes sense. Labels have spent millions building artist's brands and now want/need to profit in every way possible. And for deceased artists like Cobain and Winehouse, a successful film means renewed music sales.
“Increasing our presence in film, television and short-form video is critical to our strategy,” UMG CEO Lucien Grainge told Bloomberg. “These projects can open a whole new world of opportunities for our artists, and underscore their massive appeal beyond recorded music. The success of ‘Amy’ is but one example of this, and there will be many more to come.”
“Amy” has grossed more than $11 million worldwide since its July 3rd release.
Next up is “The Best of N.W.A,” compilation ahead of an 8/14 release of the film “Straight Outta Compton.” Dr. Dre has also produced a soundtrack for the film.