UMG Rides Streaming Music WaveMarch 1, 2019 – Media Mention
Universal Music Group Inc. was written off in 2013 as the industry leader of a dying industry.
French entertainment conglomerate Vivendi had just rejected Tokyo-based SoftBank Corp.’s $8 billion bid to buy the Vivendi-owned UMG record label, and music industry observers voiced surprise at Vivendi’s decision, saying SoftBank had overvalued UMG.
The streaming wave gathered momentum due to better music piracy law enforcement, the ease of smartphone streaming apps and conversion of mobile devices to a cloud platform that allows vast song storage.
William Hochberg, a music lawyer at Greenberg Glusker Fields Claman & Machtinger told the Los Angeles Business Journal, “It’s a matter of riding the streaming wave. I don’t see any label surfing out in front of the others.”