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The Deals: UMG Pacts With Gen-AI Startup; Cosm Raises $250M for Its ‘Shared Reality’ Venues
Universal Music has pacted with an AI startup and more music industry deals involving Cosm, HYBE, Believe, The Rolling Stones, AEG Presents and more.
Universal Music Group (UMG) reached a strategic agreement with ProRata.ai, a new company that enables generative artificial intelligence platforms to fractionally attribute and compensate content owners. In his own statement, UMG chairman/CEO Lucian Grainge said, “We are encouraged to see new entrepreneurial innovation set into motion in the Generative AI space guided by objectives that align with our own vision of how this revolutionary technology can be used ethically and positively while rewarding human creativity. Having reached a strategic agreement to help shape their efforts in the music category, we look forward to exploring all the potential ways UMG can work with ProRata to further advance our common goals and values.”
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