The Universal Music Group
| |
 UMG's headquarters in Santa Monica, California
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Formerly |
|
|---|---|
| Subsidiary | |
| Industry | |
| Founded | September 1934 |
| Headquarters | Santa Monica, California, US |
Key people |
Lucian Grainge (Chairman & CEO) Boyd Muir (CFO) |
| Revenue |
 $2.6 billion (2018) |
Number of employees |
6,967 (2010) |
| Parent | Vivendi |
| Divisions | List of Universal Music Group labels |
| Website |
universalmusic |
Universal Music Group (also known in the United States as UMG Recordings, Inc. and abbreviated as UMG) is an American global music corporation that is a subsidiary of the French media conglomerate Vivendi. UMG's global corporate headquarters are located in Santa Monica, California. It is considered one of the "Big Three" record labels, along with Sony Music and Warner Music Group.
Universal Music was once the record company attached to film studio Universal Pictures. The company's origins go back to the formation of the American branch of Decca Records in September 1934. The Decca Record Co. Ltd. of England spun American Decca off in 1939.MCA Inc. merged with American Decca in 1962.
In November 1990, Japanese multinational conglomerate Matsushita Electric agreed to acquire MCA for US$6.59 billion. In 1995, Seagram acquired 80% of MCA from Matsushita. On December 9, 1996, the company was renamed Universal Studios, Inc., and its music division was renamed Universal Music Group; MCA Records continued as a label within the Universal Music Group. In May 1998, Seagram purchased PolyGram and merged it with Universal Music Group in early 1999.
Between 1995 and 2000, music companies were found to have artificially inflated compact disc prices through the use of illegal marketing practices such as minimum advertised pricing, doing so in order to end price wars that began in the early 1990s by discounters such as Best Buy and Target. A settlement in 2002 included the music publishers and distributors; Sony Music, Warner Music, Bertelsmann Music Group, EMI Music and Universal Music Group. In restitution for price fixing they agreed to pay a $67.4 million fine and distribute $75.7 million in CDs to public and non-profit groups but admitted no wrongdoing. It is estimated suppliers/customers were overcharged by nearly $500 million and up to $5 per album which conflicts with proof of sale and purchase interests.
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