UMG Buys Into Loud.Com
August 8, 2007 at 11:06 AM (PT)
The UNIVERSAL MUSIC GROUP has announced that it has made and equity investment in LOUD.COM, which operates the popular portals www.loud.com and www.battlerap.com. This agreement further expands UMG’s growing portfolio of strategic media investments while increasing commercial opportunities for its market-leading roster of artists and musical products.
"UNIVERSAL's strategy is to become actively involved in all areas of media where our artists and our music are present," stated UMG Vice Chairman/CFO NICK HENNY. "LOUD.COM has created an incredibly vibrant and growing online hip-hop community that features not only compelling user-generated content, but also the means for users to create their own music and compete for a record deal. LOUD.COM is quickly emerging as one of the leading new online ventures that successfully reaches the new generation of international and multicultural youth.”
"We are delighted that UMG is joining the LOUD.COM family," commented LOUD.COM co-founder/CEO JOSEPH SAFINA. "When STEVE RIFKIND and I started LOUD.COM, our hope was to create a virtual home for hip-hop fans around the world. To our delight, it has quickly evolved into an online community, competition, A&R site and marketing company all rolled into one. With UMG now on board, we’ll be able to offer even more compelling services to our members."