UNIVERSAL MUSIC GROUP AND BUZZNET ANNOUNCE ALLIANCE
UMG’s Partnership with Buzznet Powers Social Media Network for Artists & Fans and Further Expands Its Portfolio of Strategic Media Investments
Los Angeles, California, Thursday, April 17, 2008- Universal Music Group (UMG), the world’s leading music company, has made an equity investment in Buzznet (www.buzznet.com), one of the Web’s fastest growing social media networks. The announcement was made today by Doug Morris, Chairman and Chief Executive Officer of UMG, and Tyler Goldman, Chief Executive Officer of Buzznet. The terms and conditions of the transaction were not disclosed.
This partnership marks one of the first times that a music company will be directly involved in developing editorial programming for a social media site, with both companies sharing in the revenue. Music and videos from the world’s most extensive digital catalog of chart-topping artists will be uniquely interwoven into Buzznet’s daily editorial, as well as thousands of blog posts allowing for users to comment, share and draw on the content to create their own personal experience.
In addition, artists will lend their voices as guest bloggers on the site and will deliver exclusive news to their fans that will not be found anywhere else on the web. Buzznet’s unique social media platform currently empowers its more than 10 million active music fans with the stage to create and program communities around the artists they love. Users express themselves, connect with friends and socialize around the topics they are passionate about, sharing millions of blog posts, photos and videos every day.
“We are always striving to push boundaries and expand the scope of our digital activities,” stated Mr. Morris. “And our partnership with Buzznet fits perfectly into that strategy. Tyler and his team have built a dynamic and legitimate social destination that provides fans and sponsors an all-encompassing musical experience.”
“Universal is dedicated to offering music fans the very best in personalization and our new partnership with Buzznet is a perfect way to continue these efforts,” commented Rio Caraeff, Executive Vice President of eLabs, UMG. “Buzznet offers an elegant and excellent platform to showcase the high quality and depth of UMG’s extensive musical catalog.”
“Buzznet’s top priority has always been the fans and making sure we’re creating an unrivaled destination for them,” remarked Mr. Goldman. “With our social media tools we were able to grow an engaged community of music fans to exciting levels. Now working in collaboration with UMG, we will be able to integrate audio, video and original content into Buzznet’s music communities to give them the ultimate music experience.”
About Universal Music Group
Universal Music Group is the world's largest music company with wholly owned record operations or licensees in 77 countries. Its business also includes Universal Music Publishing Group, the world’s leading publishing company. Its record labels include Decca, Deutsche Grammophon, Interscope Geffen A&M Records, Island Def Jam Music Group, Lost Highway Records, Machete Music, MCA Nashville, Mercury Nashville, Mercury Records, Philips, Polydor Records, Universal Music Latino, Universal Motown Republic Group, Universal Records South 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, Bravado, its merchandising company, and Twenty-First Artists, its full service management division. Universal Music Group is a unit of Vivendi, a global media and communications company.
Buzznet’s unique social media platform empowers millions of music fans with the stage to create the most in-depth socially programmed music experiences around the artists they love. Users express themselves, connect with friends and socialize around the topics they are passionate about, sharing millions of photos, videos and blog posts every day. The site is also home for communities created by top bands and social trendsetters, and has established itself as the premier destination for music and pop culture. For more information visit www.buzznet.com.