Universal Music Group has reportedly announced that it will undergo a massive restructuring of the label system and will merge multiple labels under its umbrella.
Universal Music Group Restructures Label System
On Thursday (Feb. 1), reports emerged from chart data on X, formerly known as Twitter, that UMG would be merging major labels such as Def Jam Recordings, Republic Records, Island Records and Mercury Records under their oversight. Monte Lipman would be overseeing those five aforementioned labels specifically.
Additionally, Interscope CEO John Janick will now reportedly oversee Interscope as well as Geffen, Motown, Capitol, Priority, Verve and Blue Note.
Read More: 17 of the Best Record Label Compilation Albums
UMG’s monumental announcement comes after the group pulled the plug on its relationship with TikTok on Tuesday (Jan. 31). The company wiped the app of songs from their biggest artists including Drake, Nicki Minaj, Eminem and more. UMG penned an open letter on their website titled “An Open Letter to the Artist and Songwriter Community Why We Must Call Time Out on TikTok,”
“Our core mission is simple: to help our artists and songwriters attain their greatest creative and commercial potential,” the open letter reads. “To achieve these goals, our teams employ their expertise and passion to strike deals with partners all around the world, partners who take seriously their responsibilities to fairly compensate our artists and songwriters and treat the user experience with respect.”
The letter goes on to read, “Ultimately TikTok is trying to build a music-based business, without paying fair value for the music….We will always fight for our artists and songwriters and stand up for the creative and commercial value of music.”
A spokesperson for TikTok released the following statement to XXL in response.
“It is sad and disappointing that Universal Music Group has put their own greed above the interests of their artists and songwriters,” the statement read. “Despite Universal’s false narrative and rhetoric, the fact is they have chosen to walk away from the powerful support of a platform with well over a billion users that serves as a free promotional and discovery vehicle for their talent. TikTok has been able to reach ‘artist-first’ agreements with every other label and publisher. Clearly, Universal’s self-serving actions are not in the best interests of artists, songwriters and fans.”
Read UMG’s full letter here.
Read More: Universal Music Group Takes a Stand Against A.I.-Generated Music
See the news about Universal Music Group’s label merger below.
See Chart Data’s Tweet on X
See 20 of the Best-Selling Hip-Hop Albums of All Time
Source link
