LOS ANGELES (CelebrityAccess) — Universal Music has announced the acquisition of mtheory Artist Partnerships, the label division of American music company mtheory, which will serve as the core for the relaunch of the Virgin Music Group brand.
Virgin Music Group will consolidate UMG’s artist services business under music entrepreneurs and mtheory founders JT Myers and Nat Pastor as co-CEOs, effective immediately.
mtheory’s Manager Services business is not part of the transaction and will remain completely independent.
In their new roles, Myers and Pastor will oversee the expansion of UMG’s independent music offerings across all of its businesses and regions, reporting directly to UMG’s Chairman and CEO, Sir Lucian Grainge.
The newly launched Virgin Music Group will contain several existing divisions within UMG, including:
Virgin Music Label & Artist Services, which launched last year and provides artist and label services in the US, Japan, UK, Germany and throughout Central Europe, France , Ivory Coast, Australia and New Zealand, Sweden, Norway, the Netherlands and Belgium. , Western Balkans and Serbia and throughout Latin America and the Iberian Peninsula, including offices in the United States, Brazil, Mexico, Spain and Portugal.
Ingrooves Music Group, which UMG acquired in 2019 and which provides marketing and distribution services for independent labels, including analytics, rights management, advertising, royalty accounting, video monetization and music licenses.
mtheory Artist Partnerships, the label UMG acquired as part of this recently announced deal. The label has released numerous hits in recent years, including Major Lazer’s award-winning single “Lean On”, the number 1 most listened to track of all time.
“In order to remain the best home for artists and entrepreneurs, we must drive innovation in our own businesses, bringing new, high-quality resources to artists in every corner of the world while continuing to lead the transformation of the industry. ‘industry. Nat and JT’s track record of building forward-thinking partnerships with artists based on trust, creativity and business acumen is exactly the kind of leadership we want for the new Virgin Music Group division. With our frontline labels and global footprint, Virgin Music Group offers artists unparalleled creative and commercial support,” said Lucian Grainge.