NEW YORK, NY. (vUniversal
Music Group) - Universal
Music Group (UMG), the world's leading music company, has made an equity investment in Loud.com, which operates the popular portals https://www.loud.com and https://www.battlerap.com. The announcement was made today by Nick Henny, Vice Chairman and Chief Financial Officer of UMG, Joseph Safina, co-Founder & co-Chief Executive Officer of Loud.com, and Steve Rifkind, Chief Executive Officer of SRC Entertainment and co-Founder & co-CEO of Loud.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 Mr. Henny. "Loud.com has created an incredibly vibrant and growing on-line 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 Mr. Safina. "When Steve 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. And with UMG now on board, we'll be able to offer even more compelling services to our members."
"Through SRC, I've enjoyed a long-standing and successful relationship with Doug Morris (Chairman & CEO, UMG), Zach Horowitz (President & COO, UMG) and Nick, and I am delighted to extend it even further with this new agreement," added Mr. Rifkind. "Loud.com is a great opportunity for hip-hop fans from around the world to showcase their creativity in a public forum. And I'm thrilled that UMG has decided to get involved in this exciting endeavor."
The Loud.com portal is a free competition open to all registered users that offers the ability to download professional beats from some of today's leading hip-hop producers at 99 cents apiece and overlay rap tracks while going head-to-head with other DJs and MCs from around the world. The series of battles will be judged by celebrity hip-hop producers such as Cool and Dre, David Banner, Midi Mafia, DJ Khaled and Sha Money, with the ultimate winner of the Showdown awarded $100,000 in cash and a recording deal with SRC Records, Steve Rifkind's UMG-distributed label that is home to such platinum-plus, Grammy-nominated superstars as Akon and Wu-Tang Clan. Additional judges will be announced shortly.
