UNIVERSAL MUSIC GROUP AND GOTUIT SIGN LICENSE AGREEMENT FOR PERSONALIZED DIGITAL MUSIC SERVICES
New York, New York and Woburn, Massachusetts, Monday, May 5, 2008 - Universal Music Group (UMG), the world’s leading music company, and Gotuit, a leading provider of metadata technologies, announced today that UMG has signed a broad license agreement to its intellectual property, which includes six issued patents and numerous patent applications. Under this license, UMG will foster the development of new personalized means for consumers to enjoy their artists’ music via satellite radio, HD radio and over the Internet. Financial terms of the agreement were not disclosed.
"Universal is committed to driving innovation and providing consumers with the most dynamic musical experiences possible," stated Larry Kenswil, Executive Vice President of Business Strategy for UMG. "And Gotuit’s broad vision for the use of metadata to personalize one’s music experience will enable us and our distribution partners to craft new, innovative digital music services for the benefit of our artists and their fans."
Gotuit’s pioneering work in the field of metadata has given it a widely recognized reputation of innovation and invention for technologies related to media and entertainment. "For more than a decade now, our team has been hard at work developing the highest quality technology for enabling truly innovative personalized media experiences, added Gotuit CEO Mark Pascarella. "Central to these efforts has been the growth of our intellectual property portfolio. We are proud of the breadth, depth, and quality of our portfolio and look forward to our working with UMG and other industry leaders to develop new and exciting products and services through our licensing program."
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.
Gotuit delivers personalized media experiences. Our technologies are used to power some of the leading names in media and entertainment, including: Sports illustrated, Major League Soccer, Lifetime, Fox Reality, XON and more. Founded in 2000, Gotuit is privately held and funded by Highland Capital Partners, Atlas Venture, Motorola and private investors.
Statements contained in this press release that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission.