UNIVERSAL MUSIC CANADA ANNOUNCES A FRESH INVESTMENT TO SUPPORT CANADIAN INDEPENDENT MUSIC AND ARTISTS
February 4, 2002 – Toronto, ONT – Universal Music Canada today announced a substantial equity investment in MapleCore Inc. MapleCore is a Canadian company that operates, among other things, an independent record label.. The groundbreaking deal includes access for Maple Music to Universal’s national distribution and promotion systems. MapleCore also becomes a preferred provider to Universal of a wide range of e-business solutions. This investment is a part of Universal’s ongoing commitment to grow the production and distribution of Canadian music and new media organizations.
“Universal Music’s new commitment to Maple Music is a demonstration of our confidence in the potential of Canadian independent music artists,” said Randy Lennox, President and CEO, Universal Music Canada. “Universal’s deal with Maple Music will give us an unprecedented opportunity to discover and promote new Canadian talent. Maple Music is a dynamic young Canadian company that has an incredible reputation with the artists of our country. Maple Music has a definite vision. They see Canada as a hot bed of artistic activity. So do we. We are proud to be able to assist Maple Music in realizing their vision”
The funding from Universal Music Canada will be utilized for a dramatic development of MapleMusic capacity to identify and break new Canadian recording artists. Thanks to the investment Maple Music’s artists will have an opportunity to grow and thrive in an independent environment while at the same time having access to the market power of Canada’s largest record company. As artists develop the opportunity exists for them to “graduate” to Universal’s own select domestic artist roster.
“We are very pleased to have Universal as an investor in our business. Along with Standard Broadcasting they provide us with the key strategic partnerships we need to become a significant force in the Canadian music and entertainment business,” said Mike Alkier Chairman of Maple Core
“MapleCore is extremely excited about working with Universal Music, its obvious commitment to the Canadian music industry and talented artists is a breath of fresh air. We look forward to working together to create a strong Canadian record label that supports up-and-coming artists and builds the careers of Canada’s next big music stars,” said Grant Dexter President
Grant Dexter also added, “Maple Music is delighted to announce that Kim Cooke, formerly one of the top executives at Warner Music Canada, has joined Maple Music to assist the Maple Music and Universal in realizing our joint goal of making Maple Music one of Canada’s top independent labels.” Kim Cooke is a 23-year music industry veteran with experience in Marketing, Promotion and A&R. Said Grant Dexter, “For us, Kim will be a strategic resource to everyone. The fit is perfect, Kim Cooke flat out loves music, so do we and that’s why he is joining us.”
ABOUT MAPLECORE & MAPLEMUSIC
MapleCore emerged in July 2000, under the guise of MapleMusic.com. The small site’s mandate was simple: to promote the best that Canadian music has to offer. Using the Internet, MapleMusic.com presented an impressive catalogue of music and merchandise to an international audience. More importantly, this first step gave MapleCore founders crucial insight into the rapidly changing music industry. It became obvious that access to product wasn’t the only thing hindering the spread of Canadian music.
Recording advances had made producing a CD easier than ever but Canadian artists still needed help within the traditional distribution model. More importantly, the music industry and the artists themselves weren’t embracing pertinent e-solutions fast enough. As a result MapleMusic Recordings, the record label, was created to build a bridge between independent and major record labels while MapleSolutions was built to demystify new technologies and its economic potential for artists and the entertainment industry. Close to half of MapleCore’s workforce now work for MapleSolutions. High-profile clients drawn to the web-solutions group include Microsoft X-Box and Standard Radio Inc. The latter company, Canada’s largest privately owned multi-media group, became a major shareholder in MapleCore in 2001. MapleMusic.com remains part of the MapleCore family, as does UmbrellaMusic.com, a well-respected online magazine, affiliated with the Toronto recording studio of the same name.
ABOUT UNIVERSAL MUSIC CANADA
Universal Music Canada, a unit of Universal Music Group, is Canada’s leading music organization maintaining an overall 32% market share. You may visit our web site at umusic.ca
Universal Music Group, is the world’s leading music company with wholly-owned record operations or licensees in 63 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 Decca Record Company, Deutsche Grammophon, Interscope Geffen A&M Records, Island Def Jam Music Group, 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 also includes eLabs, its division dedicated to strategy, business development, and management of new businesses in the online and advanced technology space. Universal Music Group is a unit of Vivendi Universal, a global media and communications company.