UNIVERSAL MAKES AGGRESSIVE PUSH INTO CHINA, CONSOLIDATES GO EAST AND UNIVERSAL MUSIC (HK)
HONG KONG, 5 DECEMBER, 2003 - Universal Music plans to roll out aggressive plans in Mainland China in the coming year. It will also be consolidating the operations of Universal Music Hong Kong and Universal subsidiary Go East Entertainment, effective immediately, it was announced today by Harry Hui, President of Universal Music Southeast Asia.
"Given the current market condition in HK and China, it is sensible to invest our resources in growth markets to capture the opportunities in China. We will streamline the two companies to generate more efficiencies and we will continue to invest in local repertoire in Greater China. Universal Music remains the market leader in Hong Kong with more than 30% market share. We’re not only the biggest, we’re the most successful as well," said Mr. Hui.
Universal Music plans to set up additional offices in China in the first quarter of 2004. Universal Music Hong Kong, Go East Entertainment and the Chinese Mainland offices will report to Hung Tik, who will be promoted from Managing Director of Go East Entertainment to Managing Director of Universal Music (China & Hong Kong).
"I am confident that our new team and new structure will position Universal for growth in the coming years. Hung Tik is a very experienced music and media executive. Together with the very capable management teams in our two Hong Kong companies, I can’t think of a better team to lead this effort," said Mr. Hui.
Hung Tik said: "There will be increasingly closer collaboration between Hong Kong and China. China’s potential is huge and there will be vast opportunities for us to exploit the market. Our artists will also be able to enjoy greater opportunities for development. I am very happy to be part of this challenge."
Outgoing Universal Music (HK) President Alex Chan Siu-po will be leaving at the end of December to set up an artist management and entertainment company.
Mr. Hui said: "Alex has played a significant role and contributed greatly to the company in his years with us. With his experience and his drive, I am sure he will be successful in his next venture. We wish him the best for his future endeavours."
Alex Chan said: "I’d like to thank Universal Music for their support in the years I have been with the company. I hope that there will be other opportunities for us to collaborate after I leave."
Universal Music International
Universal Music International is a division of Universal Music Group, the world's leading music company with wholly-owned record operations or licensees in 71 countries. Its businesses also include Universal Music Publishing Group, one of the industry's largest global music publishing operations.
Universal Music Group consists of record labels Decca Record Company, Deutsche Grammophon, Interscope Geffen A&M Records, Island Def Jam Music Group, Lost Highway Records, MCA Nashville, Mercury Nashville, Mercury Records, Philips, Polydor, Universal Music Latino, Universal Motown Records Group, and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalogue of music in the industry, which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Strategic Marketing and Commercial Affairs (outside the U.S.). Universal Music Group also includes eLabs, a new media and technology division.
Universal Music Group is a unit of Vivendi Universal, a global media and communications company.