Universal Music Group (UMG) And Microsoft Corp Announce Landmark Agreement
Microsoft Corporation and Universal Music Group, the world's leading music company, announced an agreement which creates a groundbreaking, new revenue stream for UMG and its artists: in addition to the standard payments it will make to UMG for the sale of its music, Microsoft will also pay UMG a portion of Zune device sales. Microsoft plans to offer a similar arrangement to other music labels and their artists.
"This agreement with Microsoft around Zune is a significant milestone for our company and our artists," stated Doug Morris, chairman and CEO, Universal Music Group. "This move demonstrates there can be a win-win situation where consumers have a great experience while labels and artists are also fairly compensated. We applaud Microsoft for its innovative and consumer-friendly Zune store and device."
"At a time of transition for the music industry, Zune aims to be a leader in supporting artists and enabling the creative possibilities associated with connected entertainment. We look forward to working with the industry to make sure labels and the artists have a very bright future," said Bryan Lee, corporate vice president, Microsoft Entertainment & Devices. "We believe that the music consumer will appreciate knowing that when they buy a Zune device, they are helping to support their favorite artists."
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