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Universal excecutive says times have changed
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Written by Danrok   
Saturday, 20 January 2007 09:04

It looks like the large music labels are starting to accept the world has changed and that their businesses must change with it, or at least one major executive from UMG has.

From the Register:

An RIAA board member and executive from the world's biggest record company has said the old way of doing business has gone forever now.

Larry Kenswil, president of Universal Music Group's eLabs, might not speak for all of Universal Music, but he does speak for an important part of it. Kenswil today said labels could no longer "count units" but had to license rights.

The eLabs chief's comments caused a few jaws to drop here in Cannes, but it's part of a sea change in strategy at UMG. The DRM gurus have departed - Barney Wragg left Universal last summer - and Universal is striking deals with anyryone who can hold a pen and scrawl an X. Towards the end of 2006, MySpace, YouTube and Microsoft all agreed to pay Universal for rights to their catalog - material crucial to the success of their products or services.

Story continues here.

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