Hey music fam, big news hitting the music scene! 🎶 Universal Music Group (UMG) just scored the European Commission's nod to buy Downtown Music Holdings for a jaw-dropping $775 million. This move is set to turbocharge the music landscape, especially for all you indie vibes lovers out there!
The catch? UMG's got to let go of Downtown's boffo Curve royalty accounting biz. But with that squared away, it's all systems go!
Last Friday marked the end of a year-long regulation hustle since UMG's Virgin Music Group dropped the news of this collab back in December 2024. And now, it's official!
Nat Pastor & JT Myers, the rock star duo leading Virgin Music Group, shared their excitement saying, 'Joining forces with Downtown levels up the game for independent artists and labels and gives them more freedom and tools to smash it in the industry.'
Downtown Music's CEO, Pieter van Rijn, is pumped about this new chapter, shedding light on how this combo aims to champion indie music on a mega global scale. Talk about power moves!
Since it kicked off in 2007, Downtown's been a boss in the industry, serving a worldwide network of creators and supporting some cool cats with its diverse business lineup like FUGA, CD Baby, and Songtrust.
And what's more? European Commissioner Valdis Dombrovskis chimed in, ensuring that even with this massive union, the music biz will stay diverse and buzzing for everyone to thrive. Rock on! 🎸