UNIVERSAL MUSIC GROUP & YAHOO! CREATE THE WEB'S #1 MUSIC DESTINATION FOR VIDEO-ON-DEMAND
New York, New York, Monday, April 25, 2005...Expanding further on its landmark video-on-demand (VOD) initiative, Universal Music Group, the world's leading music company, has signed an agreement with Yahoo! Inc. (Nasdaq:YHOO), a leading global Internet company, to create the web's #1 music destination for video-on-demand services through Yahoo! Music.
Today's announcement builds on UMG’s existing agreements with America Online (AOL) and Microsoft (MSN) to extend the reach of its video offerings to the most trafficked internet destinations in the world. Universal Music Group is the first in securing video-on-demand agreements which fairly compensate content creators.
“Universal Music Group is committed to being at the forefront of digital music and providing consumers with compelling and dynamic musical products,” stated Doug Morris, the company's Chairman & Chief Executive Officer. “Not only are we the first to complete deals with all three leading internet service providers, but we are the first to create new revenue streams from our video product that will significantly benefit our company and our artists.”
Universal Music Group continues to lead the industry in sales, recently finishing the first quarter of the new year with 31.8% of the market. The company also commanded leadership in such genres as Latin (53.2%), Hip Hop (59.4%) and R&B (43%), among others. Currently, UMG has 6 of the Top 10 albums in the country with Mariah Carey (#1), 50 Cent (#3), Garbage (#4), Beck (#7), Gwen Stefani (#9), and Killers (#10) (Source: Nielsen Soundscan). The market-leader's roster of artists also includes such chart-topping superstars as U2, Eminem, Shania Twain, Jay Z, Gwen Stefani, Keane, Mariah Carey, Black Eyed Peas, Nelly, 3 Doors Down, Snoop Dogg, Toby Keith and Juanes, among many others.
About Universal Music Group
Universal Music Group is the world's leading music company with wholly owned record operations or licensees in 77 countries. Its businesses also include Universal Music Publishing Group, one of the world's largest music publishing operations.
Universal Music Group consists of record labels Decca Record Company, Deutsche Grammophon, DreamWorks Records, 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 catalog of music in the industry, which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes eLabs, a new media and technologies division.
Universal Music Group is a unit of Vivendi Universal, a global media and communications company.
Yahoo! Inc. is the No. 1 Internet brand globally and the most trafficked Internet destination worldwide. Yahoo! provides online products and services essential to consumers’ lives, and offers a full range of tools and marketing solutions for businesses to connect with Internet users around the world. Yahoo! is headquartered in Sunnyvale, Calif.