Companies hold 44% share of recorded music market
Sony Music Entertainment and Universal Music Group have launched a joint venture to develop a subscription-based service enabling users to access music and video content via the Internet to PCs, wireless personal devices and set-top boxes.
Both companies will license content to this new venture.
Heather Myers, exec veep/G.M., UMG’s Global e, told Daily Variety: “We’re going to provide secure content to open the digital world to users beyond the realm of their personal computers.”
“Our services and pricing will be tailored to each platform,” SME senior veep Al Smith told Daily Variety. “With the next generation of digital televisions and the advances in cellular phones, we’re going to be able to offer a wide variety of music on a global basis.”
Year to date as of last week, the two companies held a combined 44% share of the U.S. recorded music market.