SONY MUSIC ENTERTAINMENT AND UNIVERSAL MUSIC GROUP TO CREATE JOINT VENTURE TO DEVELOP SUBSCRIPTION-BASED SERVICE
New York, NY - May 2, 2000 - Sony Music Entertainment (SME) and Universal Music Group (UMG) announced today that they have agreed to enter into a joint venture to develop a subscription-based service which will include various music and video offerings for the Internet across multiple platforms such as computers, wireless personal devices, and set-top boxes. Both companies will license content to the new venture.
"We are extremely pleased to be partnered with Sony Music Entertainment to explore the unlimited opportunities presented by the Internet and the emerging digital platforms," said Heather Myers, Executive Vice President/General Manager, Global e, Universal Music Group. "Together, we hope to offer music fans a variety of new entertainment experiences."
"The music industry is constantly evolving to find new ways to reach our customer, the music fan," said Al Smith, Senior Vice President, Sony Music Entertainment. "The number of possibilities for this is very exciting, and we look forward to working with Universal to discover the best opportunities for both consumers and our businesses."
About Sony Music Entertainment
Sony Music Entertainment (SME), a leading global producer, manufacturer, and marketer of recorded music and video, has a presence in 60 countries. In the past few years, Sony Music has aggressively expanded its online presence, making key investments in over 25 digital media companies including Acuity (now Quintus), AudioBase, CustomRevolutions, Digital On-Demand, Dobedo, Exactis (NASDAQ: XACT), Gig.com, i3 Mobile, Intertainer, lastminute.com (NASDAQ: LMIN), Launch Media (NASDAQ: LAUN), Listen.com, MongoMusic, NetGen, OnRadio, Palm, Inc (NASDAQ: PALM), Platform.net, Reciprocal, Spinner.com, TalkCity (NASDAQ: TCTY), Vidnet, and Yupi.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 Records, Decca Record Company, Deutsche Grammophon, Geffen Records, Interscope Records, Island Def Jam Music Group, Jimmy and Doug’s Farm Club, MCA Nashville, MCA Records, Mercury Records, Motown Records, Philips, Polydor, Universal Records, 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 UM3 (outside the U.S.).
Universal Music Group is a unit of The Seagram Company Ltd., a global entertainment and spirits and wine company.