Universal Music Group are hoping that when the next Spotify is created in some dark dorm room, they are in on the ground floor.
That’s the main goal of their new ‘Accelerator Network’ which will work with music-based startups around the world to “assist in the evaluation and development of music-based start-ups” and “guide these new companies in developing, launching and raising funding for innovative new products.” They plan to work with ten companies within the first twelve months.
It sounds a lot like signing artists to development deals, and shows that UMG are further looking to tech as it diversifies and moves into the digital realm.
Michael Nash, UMG’s Executive Vice President of Digital Strategy, said, “UMG is launching the Accelerator Network to build on the company’s stellar track-record of supporting entrepreneurs around the world and licensing more than 400 digital services globally.
“By developing a robust network of accelerators, UMG will play a more central role in helping to support the next generation of entrepreneurs who are already hard at work to bring innovative ideas to market that will create exciting new experiences for artists and fans everywhere.”
Tuhin Roy, UMG’s Vice President of New Digital Business, said, “UMG has the potential to serve as a strategic bridge between the creative minds working in the epicenter of the entertainment industry and the immensely innovative start-up communities in entrepreneurial centers around the world.
“From this vantage point, UMG is uniquely positioned to help foster the next wave of innovative digital music start-ups, while also learning from these amazing entrepreneurs about new ways to apply digital technologies in our own businesses to benefit artists and labels.”