WMG Settles Out Of Court With Russia's VK.com
April 8, 2016 at 7:36 AM (PT)
RUSSIA-based VK.COM and WARNER MUSIC GROUP (WMG) have signed a confidential out of court agreement. Neither party will pursue further legal action arising from the Resolution of the Court of Appeals on MARCH 11th, 2016.
In connection with the agreement, VK will offer on its platform a variety of licensed and monetized music services from UNITED MEDIA AGENCY LLC (UMA), a Russian music service provider. WMG will enable customers throughout the Russian marketplace to engage with WMG content through UMA’s own licensed offerings and various approved platforms.
VK CEO BORIS DOBRODEEV commented, "VK continues to move towards cooperation with record companies and other rights holders. This agreement is another important milestone in this direction, and both music fans and rights holders will benefit.”
WARNER MUSIC RUSSIA CEO ALEXANDER BLINOV added, “We believe there is huge potential to grow our business in RUSSIA, and further invest in local talent, when artists and rights holders are compensated fairly. These arrangements represent a significant step on the journey to a properly functioning market.”