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How Much of the Recorded Music Market Will the Grainges Control?
Lucian and Elliot Grainge will control much of the recorded music market when Elliot becomes CEO of Atlantic Music Group. But how much?
In an unprecedented scenario, Universal Music Group chairman/CEO Lucian and his ascendant son Elliot will control more than a third of the U.S. market — at competing companies. CEO Robert Kyncl is “excited by the prospect of taking Atlantic’s culture making capabilities and adding the 10K Projects founder’s digitally native approach into the mix,” he said during Wednesday’s earnings call. As Billboard reported in February, Atlantic laid off about two dozen staffers with the intention of “bringing on new and additional skill sets in social media, content creation, community building and audience insights,” with the goal of “dial[ing] up our fan focus and help[ing] artists tell their stories in ways that resonate,” Julie Greenwald, the company’s chairman/CEO, said at the time.
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