Latest News

Warner Music Group says it is suspending operations in Russia

0

© Reuters.

(Reuters) – Warner Music Group said Thursday it is suspending operations in Russia, as all three major labels have issued a call for an end to the violence in Ukraine.

Warner Music said it would halt investments and development of projects, promotional and marketing activities and manufacturing of all physical products. That means it will stop signing new artists or striking partnerships with producers or labels, according to a person familiar with the matter.

“We will continue to fulfill our agreed upon obligations to our people, artists, and songwriters as best we can as the situation unfolds,” Warner Music said in a statement. “We remain committed to supporting the humanitarian relief efforts in the region.”

Universal Music Group (AS:UMG) and Sony Music also suspended operations in Russia, as did the streaming service Spotify .

The music industry once considered Russia a promising emerging market, with streaming services such as Apple (NASDAQ:AAPL) Music and Spotify attracting millions of subscribers in a country once dominated by piracy.

Russia ranked among the top 20 global markets, with recorded music sales reaching $199 million in 2020, with a growth rate of 30%, according to the International Federation of the Phonographic Industry.

Warner Music Group says it is suspending operations in Russia

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Sterling rises versus euro after ECB policy meeting

Previous article

Slovakia to get new F-16 fighter jets a year later

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News