Lucian Grainge: Last News

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All news where Lucian Grainge is mentioned

nypost.com
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Taylor Swift merchandising sales boost Universal Music’s results
“Eras Tour” has attracted enough fans to help boost hotel and restaurant revenue in cities across the world, and even contribute to concert ticket inflation, a phenomenon that some economists have termed “Swiftflation.”“Recently, Taylor Swift became the very first woman in history to have four albums in the top 10 simultaneously, including this week’s number one,” the company’s chief executive, Lucian Grainge, told analysts on a conference call.Universal Music’s merchandising revenue grew 12% to 157 million euros ($173.77 million) in the April-June period, also fueled by a strong performance from Swift, the group said.This more than offset a decline in Universal Music Group’s touring revenue from the outsized growth recorded in 2022 as COVID-19 touring bans were lifted, it added.Total revenue was 2.7 billion euros in the quarter, while its margin on adjusted earnings before interest, tax, depreciation and amortization (EBITDA) stood at 21.9%, the company reported.Universal Music expects recent price increases at Spotify to boost revenue starting from the fourth quarter and into 2024, its chief financial officer, Boyd Muir, said on the conference call.Spotify had on Monday raised prices for its premium plans across several countries including the US and Britain.Major labels like Universal Music grab the overwhelming majority of Spotify’s revenue and are the main beneficiaries of the streaming firm’s strong user growth.Apart from Swift, other top sellers in the second quarter were South Korean boy band Seventeen, King & Prince, Morgan Wallen, and Stray Kids, Universal Music said.
variety.com
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Universal Music Extends Chairman-CEO Lucian Grainge’s Contract, With One-Time Stock Grant of Up to $100 Million
Jem Aswad Senior Music Editor Universal Music Group announced on Wednesday that its Board of Directors has extended the contract of Lucian Grainge, the company’s chairman and CEO, until May 1, 2028. According to the announcement, the “extended and amended” agreement transitions Grainge from an all-cash compensation package to one that is a combination of equity and cash and includes an equity compensation program with “a broad set of performance-based objectives aligned with shareholders’ interest and corresponding to the company’s long-term growth strategy. To assure the compensation program is aligned with shareholders’ interest, the majority of the compensation package’s economic value will be paid in UMG equity and UMG performance-based stock options.” Grainge’s annual salary under the new agreement will be reduced by more than two-thirds from his current salary, to $5 million, the announcement continues. Subject to the achievement of performance criteria, he will be eligible for an annual bonus with a target of $10 million. The EBITA bonus from his prior employment agreement has been eliminated and Grainge will only be entitled to the contingent bonus under his prior employment agreement on a pro rata basis until March 31, 2023. The equity components of the program include annual grants of $20 million, comprised of as much as 50% Performance Share Units (PSUs) — with annual PSU goals set by the Board of Directors — and the remainder comprised of Restricted Share Units (RSUs). 
variety.com
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ABBA’s ‘Voyage’ Virtual Concert to Go on Tour ‘Around the World’
Jem Aswad Senior Music Editor ABBA’s ‘Voyage’ virtual concert — which opened in a specially built London arena last May and has sold more than 1 million tickets — will go on a global tour, Universal Music Group chairman Lucian Grainge confirmed during the company’s earnings call on Thursday. “Plans are now in development to take ‘ABBA Voyage’ around the world,” Grainge said on the call. Presumably, that means the show will be playing in specially modified arenas in major cities across the globe. Contacted by Variety, reps for ABBA and Universal, the group’s label, did not immediately have further information. While details are slim and the news is not a shock, it is the first official confirmation that the show — a multi-multi-million-dollar project, nearly six years in the making, that saw George Lucas’ Industrial Light & Magic using motion-capture technology to create “ABBA-tars” of the group as they looked in 1979 playing a 90-minute concert of their most-loved songs — will play somewhere besides the London theater. While technically not a hologram show, “Voyage” represents a new peak in that type of technology — the four bandmembers, who are now in their seventies, spent many hours performing for the motion-capture cameras to appear as lifelike as possible. It has received rave reviews nearly across the board.

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