Common Music Group has shaped a three way partnership with WTSL, the Silver Lake-backed funding agency based by distinguished Hollywood agent and WME co-founder, Patrick Whitesell.
Based on the official announcement, the enterprise’s objective is to “speed up industrial alternatives for UMG’s artists and artist estates in quickly rising areas exterior conventional recorded music and music publishing”.
The press launch added that the JV will pursue alternatives that “prolong music’s worth throughout movie, tv, trend, shopper merchandise, branded experiences, and different rising development areas”.
Citing an interview with UMG Chairman and CEO Sir Lucian Grainge, The Monetary Instances experiences that examples of ‘bold tasks’ Grainge desires to ‘replicate’ by way of the JV embody the wildly common Abba Voyage digital live performance collection and Mamma Mia! musical.
The FT additionally experiences that the ‘settlement’ between UMG and Whitesell will ‘have monetary backing’ from personal fairness large Silver Lake.
Patrick Whitesell launched his new platform with $250 million in backing from Silver Lake following the latter firm’s acquisition of Hollywood company large Endeavor. Whitesell was beforehand Endeavor’s Government Chairman.
Silver Lake accomplished its acquisition of WME proprietor Endeavor in March, taking the corporate personal and rebranding it as WME Group.
Based on UMG’s official press launch in regards to the new JV with Whitesell, as co-founder of WME and now founding father of WTSL, he “has helped expertise navigate moments of transformation – structuring groundbreaking offers that reshaped how creators have interaction with possession, manufacturing, and model enlargement”.
In a press release issued on Thursday (June 12), UMG Chairman and CEO Sir Lucian Grainge mentioned: “We exist on the heart of a vibrant ecosystem of companions from the worlds of expertise, manufacturers, retailers, and media who acknowledge the facility of our artists to form tradition globally.”
“With this new enterprise we can leverage Patrick’s deep expertise in efficiently creating non-traditional enterprise fashions with world-class IP to speed up the enlargement and monetization of our ecosystem to the good thing about our artists and companions.”
Sir Lucian Grainge
Added Grainge: “With this new enterprise, we can leverage Patrick’s deep expertise in efficiently creating non-traditional enterprise fashions with world-class IP to speed up the enlargement and monetization of our ecosystem to the good thing about our artists and companions.”
Based on Common, by combining UMG’s and WTSL’s “strategic experience and networks”, the 2 firms will “capitalize on how cultural affect is leveraged, making artists and their music the muse for constructing scalable, multidimensional companies that join with audiences in new and lasting methods”.
“That is about constructing the way forward for artist IP with the dimensions and ambition it deserves.”
Patrick Whitesell
“That is about constructing the way forward for artist IP with the dimensions and ambition it deserves,” mentioned Whitesell.
“Common Music Group represents probably the most highly effective assortment of music and artists wherever on the earth. Collectively, we’ll discover new methods to increase that cultural pressure into each dimension of leisure and shopper life — creating lasting enterprise worth whereas retaining music on the heart.”
UMG argues that different leisure industries like sports activities, movie, and digital media “have already undergone a significant shift the place expertise is much more valued,” and that “athletes and entertainers have turn out to be fairness stakeholders, producers, and enterprise leaders, constructing vertically built-in platforms round their private manufacturers”.
Based on UMG, WTSL’s founder Patrick Whitesell has performed a central function in that “evolution” by way of his work spanning reside occasions, media, and creator-led ventures, “all with the objective of serving to expertise scale strategically and sustainably”.
This new three way partnership, based on UMG, “displays that very same philosophy, utilized to music”.
“It’s constructed to present artists the identical instruments and construction to show artistic fairness into long-term enterprise that’s anchored by music and designed for multi-format development,” the corporate mentioned.
Music Enterprise Worldwide
