Universal Music Group says it is suspending operations in Russia (updated)

Universal Media

08/03/2022 22:37

(Adds context and background)
    March 8 (Reuters) - Universal Music Group  UMG.AS  said
Tuesday it was suspending all operations in Russia and closing
its offices, as it joins a growing number of companies
protesting the violence in Ukraine.
    The world's largest music company's decision followed the
announcement last week by Spotify that it would close its
offices in Russia in response to what it described as Moscow's
unprovoked attack on Ukraine.
    "We urge an end to the violence in Ukraine as soon as
possible," Universal Music said in a statement. "We are adhering
to international sanctions and, along with our employees and
artists, have been working with groups from a range of countries
(including the U.S., U.K., Poland, Slovakia, Germany, Czech
Republic and Hungary) to support humanitarian relief efforts to
bring urgent aid to refugees in the region.”
    The music industry once considered Russia a promising
emerging market, with streaming services such as Apple Music and
Spotify attracting millions of subscribers in a place once
dominated by piracy. Russia ranked among the top 20 global
markets, with recorded music sales reaching $199 million in
2020, with a growth rate of 30%, according to the International
Federation of the Phonographic Industry.

 (Reporting by Dawn Chmielewski, Editing by Franklin Paul and
David Gregorio)
 ((Dawn.Chmielewski@thomsonreuters.com;))