Universal Music Group introduced on Tuesday that it was suspending all operations in Russia and shutting its places of work, because it joined a rising variety of firms protesting violence in Ukraine.
The choice by the world’s largest music firm follows Spotify’s announcement final week that it will shut its places of work in Russia in response to what it described as Moscow’s unprovoked assault on the Ukraine.
“We urge an end to the violence in Ukraine as soon as possible,” Universal Music mentioned in a press release. “We adhere to worldwide sanctions and, together with our staff and artists, we work with teams from numerous international locations (together with the US, United Kingdom, Poland, Slovakia, Germany, Czech Republic and Hungary) to assist humanitarian assist efforts to offer pressing help to refugees within the area.
The music trade as soon as noticed Russia as a promising rising market, with streaming providers resembling Apple Music and Spotify attracting thousands and thousands of subscribers in a spot as soon as dominated by piracy. Russia ranked among the many high 20 world markets, with recorded music gross sales reaching $199 million (about Rs 1,528.455 crore) in 2020, with a development charge of 30%, based on the Worldwide the phonographic trade.
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