Lucian Grainge has agreed to a five-year contract extension as chairman and CEO of Universal Music Group until at least 2020, the media conglom Vivendi announced Friday.
Grainge was named head of UMG in 2011 and has since led it to become the largest music company in the world following acquisitions such as EMI’s recorded-music division in 2012. UMG oversees such labels as Def Jam, Island and Capitol Music Group and artists like Taylor Swift, Katy Perry and Eminem.
Grainge has over 30 years’ experience in the music biz, with past positions including chairman of Universal Music U.K. and chairman-CEO of Universal Music Group International.
According to an official press release released by parent company Vivendi, UMG will “accelerate the monetization of music on digital channels, broaden the reach of its audio and visual content through multiple partnerships with platforms and strengthen its strategic relationships with brands and sponsors.” The company is also looking into high-potential music markets including Africa, India and China.