UMG Launches Virgin Music Group
• Universal Music Group (UMG) announced the launch of the Virgin Music Group, a new global division that will unify UMG’s artist services businesses under the leadership of music entrepreneurs and mtheory founders JT Myers (left) and Nat Pastor (right) as Co-CEOs, reporting to UMG Chairman & CEO Sir Lucian Grainge. The new division will include Virgin Music Label & Artist Services, Ingrooves Music Group and mtheory Artist Partnerships. Effective immediately, all Virgin Music Label and Artist Services regional hubs will become part of the Virgin Music Group. This includes Virgin Music Label & Artist Services in the U.S., which will evolve from a division of Capitol Music Group to a standalone company serving all UMG’s U.S. labels and partners.
Grainge said, “Nat and JT’s track record for creating forward-thinking partnerships with artists that are built on a foundation of trust, creativity and business acumen is exactly the kind of leadership we want for the new Virgin Music Group division. Together with our frontline labels and global footprint, Virgin Music Group offers artists unmatched creative and commercial support.”
Boyd Muir, UMG’s EVP, CFO & President of Operations, said, “Expanding the community of artists, labels and entrepreneurs with whom we work presents a significant opportunity for us, strategically complementing our labels and leveraging UMG’s existing world-class infrastructure. Having worked with mtheory, I know that the vision for the growth of the industry that Nat and JT bring will be a great fit for UMG and our artists, today and in the future.”
Myers said, “mtheory was founded on the idea that we could transform the music industry by offering better, more aligned partnerships with artists. By bringing these incredible global teams and resources together, we have the opportunity to turbo-charge that vision, and deliver even more value to artists, labels and music entrepreneurs.” Pastor said, “We are so thankful to Sir Lucian and Boyd for entrusting us with the iconic Virgin Music brand, one of the most successful independent labels in the industry’s history, as well as Ingrooves, arguably the most sophisticated music technology platform in the world. JT and I have worked together for over 20 years, and we’re thrilled to continue our journey to transform the music industry together, along with the Ingrooves, mtheory and Virgin teams.”
mtheory’s Manager Services business will remain fully independent, under the leadership of newly appointed CEO Cameo Carlson. As part of the transaction, mtheory will spin off its MPRS Global producer royalty administration platform, with mtheory Co-Founder Jon McMillan as CEO.
