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UNIVERSAL MUSIC GROUP LAUNCHES VIRGIN MUSIC GROUP
SANTA MONICA, Calif. , Sept. 13, 2022 /PRNewswire/ -- Universal Music Group (UMG), the world leader in music-based entertainment, today announced the launch of the Virgin Music Group, a new global division that will unify UMG's industry-leading artist services businesses under the leadership of music entrepreneurs and mtheory founders JT Myers and Nat Pastor as Co-CEOs, effective immediately.
In their new role, Myers and Pastor will lead the expansion of UMG's independent music capabilities across all of its business units and regions, reporting to UMG Chairman and CEO Sir Lucian Grainge . The new division will include:
Effective immediately, all Virgin Music Label and Artist Services regional hubs will become part of the Virgin Music Group, operating under a unified strategy while still leveraging the local A&R expertise and creative networks in their respective countries. This includes Virgin Music Label & Artist Services in the U.S., which will evolve from a division of Capitol Music Group to a standalone company serving all UMG's U.S. labels and partners.
In making the announcement, Grainge said, "In order to remain the best home for artists and entrepreneurs we must drive innovation in our own businesses—offering new and high-quality resources for artists from all corners of the world while continuing to lead the industry's transformation. Nat and JT's track record for creating forward-thinking partnerships with artists that are built on a foundation of trust, creativity and business acumen is exactly the kind of leadership we want for the new Virgin Music Group division. Together with our frontline labels and global footprint, Virgin Music Group offers artists unmatched creative and commercial support."
Boyd Muir , UMG's EVP, CFO and President of Operations, said, "Expanding the community of artists, labels and entrepreneurs with whom we work presents a significant opportunity for us, strategically complementing our labels and leveraging UMG's existing world-class infrastructure. Having worked with mtheory, I know that the vision for the growth of the industry that Nat and JT bring will be a great fit for UMG and our artists, today and in the future."
Myers said, "mtheory was founded on the idea that we could transform the music industry by offering better, more aligned partnerships with artists. By bringing these incredible global teams and resources together, we have the opportunity to turbo-charge that vision, and deliver even more value to artists, labels and music entrepreneurs."
Pastor said, "We are so thankful to Sir Lucian and Boyd for entrusting us with the iconic Virgin Music brand, one of the most successful independent labels in the industry's history, as well as Ingrooves, arguably the most sophisticated music technology platform in the world. JT and I have worked together for over 20 years, and we're thrilled to continue our journey to transform the music industry together, along with the Ingrooves, mtheory and Virgin teams."
Building on their experience advising mtheory clients, music industry entrepreneurs, and large enterprises on strategic initiatives and music transactions, Myers and Pastor will also support UMG's corporate business development activities.
mtheory's Manager Services business will remain fully independent, under the leadership of newly appointed CEO Cameo Carlson. In addition, and as part of the transaction, mtheory will spin out its MPRS Global producer royalty administration platform, of which mtheory Co-Founder Jon McMillan will become CEO.
Prior to co-founding mtheory in 2010, both Pastor and Myers held senior strategy and corporate development roles at Warner Music Group.
At Universal Music Group, we exist to shape culture through the power of artistry. 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. 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. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms, and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information, visit www.universalmusic.com .
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