Business

Universal Music Group is waving unrecouped debts for heritage acts, closely following the lead of Sony Music and Warner Music Group

By Loudest Team
April 01, 2022
Universal Music Group is waving unrecouped debts for heritage acts, closely following the lead of Sony Music and Warner Music Group

Universal Music Group to Waive Unrecouped Debts for Heritage Artists, Songwriters.

UMG confirmed its artist-friendly initiative in its 2021 annual report, published Thursday (March 31).

The music giant is implementing a “new worldwide goodwill program” for certain legacy recording artists and songwriters with unrecouped balances, the report explains.

By not applying unrecouped advances to royalty statements for any period beginning January 1, 2022, eligible creators and their immediate heirs who have not received any payments since January 1, 2000 “will begin receiving royalties, subject to certain conditions,” the document continues.

What that means is that eligible artists and songwriters who had not recouped their advances and/or other expenses will now receive royalties that previously had gone toward paying down those expenses.

UMG will contact eligible creatives in the coming months.

Sony Music last year announced it would strike out unrecoupled debts for heritage artists, and WMG followed suit in early 2022, with a legacy unrecouped advances program where, for its artists and songwriters who signed to the company before 2000 and didn’t receive an advance during or after 2000, the major would no longer apply unrecouped advances to royalty statements, starting July 1.

It was only a matter of time before Universal took the same line.

UMG also proposed the appointment of four new Non-Executive Directors (William A. Ackman, Nicole Avant, Cyrille Bolloré and Sherry Lansing) and set its annual general meeting of shareholders for May 12, the company’s first since a successful, multi-billion-dollar flotation last September on the Euronext Amsterdam exchange.

  UNIVERSAL MUSIC GROUP EXPANDS IN THE MIDDLE EAST AND NORTH AFRICA - UMG

Related News

YouTube Expands 'Music AI Incubator' To Japan: Pioneering Collaboration In...

Their inaugural partner was Universal Music Group, which enlisted a steering group of artists and producers to guide the initiative's....

March 27, 2024

HYBE And Universal Music Group Strike Exclusive Deal To Amplify...

This strategic maneuver positions HYBE's current and upcoming artists to benefit from the expansive promotional reach of the world's largest....

March 27, 2024

Spotify Launches Video Learning Courses In Music, Creativity, And Business

These courses are easily accessible through a new icon on Spotify's mobile app home screen, as well as through search....

March 26, 2024

Ykone Agency Acquires Barcode, Solidifying Position In Indian Influencer Marketing

With this strategic move and by combining the strengths of both companies, YKONE has positioned itself as a worldwide leader....

March 20, 2024