HomeBusinessTimothy Xu, former Sony Music boss in China, named CEO and Chairman...

Timothy Xu, former Sony Music boss in China, named CEO and Chairman of Common Music Higher China Acquire US

Common Music has a brand new boss in China.

Timothy Xu has been named CEO and Chairman of Common Music Higher China, the place he’ll head up the corporate’s operations throughout Mainland China, Hong Kong, and Taiwan.

Xu joins UMG from Taihe Music Group (TMG), the place he was named President & CEO in 2018. TMG claims to have the world’s largest market share in Chinese language music.

Previous to becoming a member of TMG, from 2012 to 2016, Xu served as Chairman & CEO, Higher China for Sony Music, overseeing the foremost’s enterprise actions in mainland China, Hong Kong, Taiwan and Vietnam.

The information was first reported by Bandwagon Asia.

Xu’s appointment at Common arrives following the retirement earlier this yr of UMG Higher China’s longstanding Chairman, Sunny Chang.

China broke into the world’s Prime 5 recorded music markets in 2022, in response to IFPI data, touchdown at No.5 forward of France (No.6), South Korea (No.7) and Canada (No.8, see under).

China generated USD $1.2 billion for recorded music rightsholders within the yr, says IFPI, up 28.4% YoY.

Supply: Common Music Group Annual Report – information through IFPI World Music Report

Timothy Xu mentioned of his new position at UMG: “I’m delighted to hitch Common Music Group as Chairman & CEO of Higher China as we glance to additional set up the corporate as a dynamic and modern chief in China’s music ecosystem.

“I wish to thank each Sir Lucian Grainge, and Adam [Granite] for the chance to hitch the world’s main music firm, and for sharing my massive ambitions for UMG’s future enterprise growth, and artist success throughout the area (and past).”

Sir Lucian Grainge, Chairman & CEO, Common Music Group mentioned, “I’m thrilled to welcome Timothy to guide our operations in Higher China. He’s an actual music exec, given his deep expertise producing inventive and industrial success within the area.

“I’m assured Timothy be instrumental as we proceed to drive progress within the thrilling and vibrant Chinese language music market.”

Adam Granite, Government Vice President, Market Growth, UMG, added: “Having labored collectively previously, Timothy’s distinctive and versatile expertise throughout the sector will convey new alternatives to increase all areas of our enterprise operations inside Higher China, while additionally accelerating our concentrate on introducing Chinese language music, tradition, and artist expertise to new markets and audiences around the globe.”

“I’m assured Timothy be instrumental as we proceed to drive progress within the thrilling and vibrant Chinese language music market.”

Sir Lucian Grainge, Common Music GRoup

Established in 2021, Common Music Higher China’s flagship label manufacturers embrace Republic Information China, Capitol Information China, EMI China, PolyGram Information China, and Common Music China.

Based on Common Music Group’s 2022 annual report for shareholders, revealed earlier this yr, Tencent Music Leisure (TME) was initially granted a name choice to accumulate as much as 25% of the holding firm that controls UMG’s Higher China operations.

Nonetheless, extra not too long ago, because the train interval on that settlement was as a consequence of expire, this name choice was amended in two methods:

  • (i) Tencent Holdings, the majority-owner of TME, changed TME because the counterparty on the decision choice; and
  • (ii) Tencent Holdings secured the choice to accumulate a smaller stake – as much as 12.5% – within the holding firm.

The UMG annual report for 2022 additional confirmed that Tencent Holdings had 24 months from the date of being granted this new settlement to train the amended name choice.

A Tencent-led consortium, Concerto Companions LLC, in the present day owns round 20% of Common Music Group N.V, which is listed on the Amsterdam Euronext inventory alternate. The Tencent consortium acquired that 20% stake over two levels, in 2020 and 2021.

Previous to working at Taihe Music Group and Sony Music Leisure, Timothy Xu held positions at EMI Music & EMI Music Publishing China and Warner Music China, having began his profession with China Nationwide Publications Import & Export Company (CNPIEC) in 1992.

He at present represents China’s music enterprise as Vice-Chairman, China Music Trade Committee (CMIC).

As well as, he’s the co-founder and Chairman of China’s Music Trade Committee Music Awards (CMA), Deputy Director of Rising Music Group Working Committee, China’s Chinese language Musicians Affiliation, and a marketing consultant for the Digital Music Working Committee, China Audio-Video and Digital Publishing Affiliation.Music Enterprise Worldwide

#Timothy #Sony #Music #boss #China #named #CEO #Chairman #Common #Music #Higher #China

Continue to the category


Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Most Popular

Recent Comments