Universal Music’s earnings call to review its full year 2023 financials was overshadowed by the ongoing dispute with TikTok. Despite TikTok bringing in €111 million in revenue for UMG in 2023, the amount was deemed negligible by Universal Music standards. CEO Grainge highlighted UMG’s dominance in the music industry, citing numerous achievements of their artists and songwriters across various platforms.
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The success of Universal Music was attributed to their efforts in cleaning up fraudulent activities in the music industry. Grainge emphasized the importance of fair compensation for all music creators, while taking a dig at platforms like TikTok for not adequately addressing these issues.
UMG’s CFO Boyd Muir discussed plans to focus on partnerships with other platforms like YouTube and Meta, indicating a shift away from TikTok. Grainge reiterated UMG’s commitment to creating mutually beneficial relationships with platforms that value content and creators.
During the Q&A session, Grainge addressed concerns about the TikTok dispute, reiterating UMG’s stance on responsible AI strategies and fair compensation. He emphasized the importance of creating win-win solutions with platforms that prioritize content protection and fair compensation for creators.
Overall, the earnings call highlighted Universal Music’s continued success and strategic partnerships, while underscoring their determination to uphold the value of music content and creators in the industry.