UNIVERSAL MUSIC GROUP MAKES STRATEGIC INVESTMENT IN LATIN MUSIC WEB SITE ERITMO.COM
UNIVERSAL CITY, CA (November 22, 1999) - Universal Music Group (UMG) announced today that it has made a strategic investment in Miami, Florida-based eritmo.com (www.eritmo.com), one of the most innovative and technologically-advanced Latin music Web sites. Terms of the deal were not disclosed.
"We believe there is great growth opportunity in the Latin American music market. Universal Music Group is investing in eritmo.com to create value by capitalizing on the accelerating opportunities created by the Internet," said Edgar Bronfman, Jr., president & CEO, The Seagram Company Ltd. "Eritmo.com allows us to reach Latin music fans everywhere and leverage our strength as the largest music company in Latin America with one of the largest catalogs of Latin music."
"Joining forces with Universal marks a momentous occasion for eritmo.com," said Francisco de la Torre, president and CEO of eritmo.com. "From the very beginning eritmo.com's goal has been to serve the Latin music aficionado like no other site, and to become the preferred marketing vehicle for the entire Latin music industry. As the largest music company in the world, Universal's support will enable eritmo.com to continue to deliver audiences unmatched quality programming, cutting edge technologies and Latin music related news and information in an unprecedented way. Together we can elevate entertainment and Latin music marketing to a new plateau."
"Eritmo.com is a touchstone of the Latin music community for both artists and fans. We foresee working closely with eritmo.com in our Latin music marketing efforts especially to develop new ways to promote this music and grow the community," said Larry Kenswil, president of Global Electronic Commerce and Advanced Technology (eCAT), Universal Music Group.
Added Manolo Diaz, chairman, Universal Music Latin America, "As Latin music continues to grow in popularity, eritmo.com provides an incredible opportunity for all Latin artists to feature their music to an established and growing fan base around the world."
Eritmo.com plans to enhance its online digital library, expand its e-commerce and international operations, and launch a multi-million dollar multimedia advertising and marketing campaign.
Prior to Universal's investment, eritmo.com signed Universal's Interscope recording artist Enrique Iglesias as its official media spokesperson. As part of the agreement, the crossover Latin pop sensation will be featured in eritmo.com's upcoming multimedia advertising campaign, cooperate with the company on the development and sale of exclusive Enrique Iglesias merchandise, make public appearances on its behalf and participate in frequent live chats on eritmo.com.
About Universal Music Group
Universal Music Group is the world's leading music company with wholly-owned record operations or licensees in 59 countries around the world. 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 A&M, Blue Thumb, Decca Record Company, Def Jam, Deutsche Grammophon, Geffen, GRP, Impulse!, Interscope, Island, Jimmy and Doug's Farm Club, MCA, MCA Nashville, Mercury, Mercury Nashville, Motown, Philips, Polydor, Universal, and Verve as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world.
Universal Music Group (www.umusic.com) is a unit of The Seagram Company Ltd., a global entertainment and spirits and wine company.
Eritmo.com, the world's most innovative and technologically-advanced Latin music Website, brings Latin artists, fans and the music industry together in an unprecedented way. Eritmo.com will build the Internet's most extensive Latin music digital library for online sampling and sales, as well as live chats with favorite artists and live concert Webcasts. Headquartered in Miami, Florida, eritmo.com will open a subsidiary operation in Brazil at the end of 1999. For more information about the company, visit www.eritmo.com, your best connection to Latin music.