Group invests to reach Latin music fans
MIAMI — Universal Music Group has made a strategic investment in Eritmo.com, a Latin music Internet site based out of Miami.
Terms of the recent deal were not disclosed.
“Eritmo.com allows us to reach Latin music fans everywhere and leverage our strength as the largest music company in Latin America with one of the largest catalogs of Latin music,” Edgar Bronfman Jr., prexy and CEO of Seagram, which owns Universal Music Group, said in a statement.
Eritmo.com, which launched its site in September, plans to build up its online digital library, expand its e-commerce and international operations, and launch a multimillion-dollar, multimedia advertising and marketing campaign.
It will open a subsidiary operation in Brazil before year’s end.
Before its launch and prior to the Universal deal, it had signed up pop star Enrique Iglesias, who is on Universal’s Interscope label, as its official media spokesman.