Universal Music Group and Mood Media have officially entered a 5-year partnership with hopes of bringing lasting change. Mood Music uses audio, visual, and other sensory services to appeal to consumers in every field.
Now that these companies have joined forces, what do they plan to do you ask? More details below:
Universal is one of the world’s biggest music companies, operating through major labels such as Capitol Records, Virgin Records, Decca and Motown Records.
Mood Music’s chairman and chief executive, Lorne Abony, says the agreement represents a new level of collaboration.
He says Mood Music will use Universal’s catalogue to create promotions and new music services that will “captivate” consumers at the point of sale.
Universal Music says the deal will give its artists increased exposure.
“Our agreement with Mood enables us to partner with a global leader in providing in-store consumer experiences and furthers our mission of exploring new ways for our artists to reach the widest possible audience,” said Bruce Resnikoff, president and CEO of Universal Music Enterprises.
Mood Media says its platforms reach over 150 million consumers each day through 570,000 subscriber locations in over 40 countries throughout North America, Europe, Asia and Australia.
It has clients in the retail, hospitality and restaurant industries.
Based on the Monday closing price, Mood Music was worth about $200.8 million before the announcement.
Props to The Star
[AlLindstrom]