The company that I have chosen for my business profile is Universal Music Group (UMG) – a music company that provides expertise in recording music, music publishing, and audiovisual content in the United States and internationally. The company is home to several iconic and influential labels such as Def Jam Recordings, Island Records, and Republic Records. The beginning of UMG began in 1943 when it was previously called Decca Records up until 1996 when the company renamed to Universal Studios and its record company attached was called Universal Music. The reason I chose Universal Music Group was that the company has had the ability to reach out to so many people around the world. Not only music fans but making a musicians' dream come true by allowing them to release their music globally. UMG allows new talent to flourish and gives musicians the platform needed to be heard.
Music is a universal language and Universal Music Group's social responsibility is to nurture music and to foster artistry and self-expression (UMG, 2018). Working with music lovers such as artist and fans makes it easier to partner up with organizations such as – Pencil of Promise, Musicians on Call, and Global Citizen. Pencil of Promise is an organization that allows children to have access to an education. Universal Music Group has partnered up with P.o.P several times to donate money for every concert ticket sold through Ticketmaster. For example, all of Justin Bieber's world tours have given back $1 to P.o.P for every ticket sold worldwide (Pencils of Promise, 2018). Musicians on Call is an organization that brings live music to patients in healthcare facilities. They believe that every patient, family member, and healthcare faculty should benefit from the healing power of music (Musicians on Call, 2018). The last organization out of several is Global Citizen. It's an organization of citizens who are using their voice whether it's on social media or volunteering to end extreme poverty by 2030 (Global Citizen, 2018). Every year they have several benefit concerts/festivals with some of Universal Music's artist such as Beyoncé, Shawn Mendes, Cardi B, Janet Jackson, John Legend and etc. So far UMG and Global Citizen have made 2.1 million actions (volunteering, tweeting, emailing, and calling leaders) which leads to $7.6 billion.
Over the past decade, Universal Music Group's strategy to reach different markets and audiences have grown significantly. This year 2018, UMG has opened a new division – Universal Music Nigeria, in order to help local talent as Nigerian and Ghanaian music, is growing its popularity around the world (Universal Music Group, 2018). Another accomplishment would be the TV deal made by Universal Music Group and Lionsgate. Lionsgate is a global content platform that creates television series and films to reach audiences around the world. Both companies will work together to combine artist and television screen by producing soundtracks for future films. Michele Anthony, Executive Vice President of UMG states “We're excited to partner with Lionsgate, one of the premier entertainment companies in the world, to create an unmatched opportunity for our artists and labels and the stories they inspire, as well as draw from the goldmine of genres, time periods and legendary figures represented by our rich and storied catalog,”.
In today's society, social media plays a big role in any industry but an even bigger role in the music industry. Social media is a way Universal Music Group connects an artist to its fans. One of the largest social media platforms, Facebook has an agreement with Universal Music - the first major music company to license its music for videos posted on social media such as Facebook, Instagram, and Oculus. This allows fans to share the music they love on their platform and it also allows musicians to connect with each post made. The agreement gives social media a new music- based experience for users and it changes the way the industry sells its product (albums). Universal Music also has a long-term licensing deal with Spotify – a streaming service with access to millions of songs including all genres. Universal Music Group decided to do this deal with Spotify since 51% of recorded music comes from subscriptions like Spotify. This deal allows the artist to connect with their fans through another platform and as long as they are signed under Universal Music Group their music will be published on to Spotify.
In conclusion, Universal Music Group targets all music lovers, whether they are musicians or fans. The company has a responsibility to establish and create the latest marketing and financial plan to help record the progress of a performance, single, and/or album. The services they allow, assist musicians succeed in every stage of their careers. While their main objective is to invest in the artist that are signed into UMG's labels their mission statement states “Knowing that music, a powerful force for good in the world, is unique in its ability to inspire people and bring them together, we work with our artists and employees to serve our communities. We are home for music's greatest artists, innovators, and entrepreneurs. Together, we are UMG, Universal Music Group.” As a company, Universal Music Group has taken the importance of social responsibility, growth strategies, and social media into consideration to grow and adapt in today's society. From partnering up with organizations that give back to the community, opening a division in Nigeria, to creating long-term deals with Lionsgate and Spotify.
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