DOCSLIB.ORG

Vivendi SA (VIV) Union Securities Switzerland

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Vivendi SA (VIV) Union Securities Switzerland Company Description Vivendi is a global content and media conglomerate headquartered in Paris. September 14, 2020 The company, through its subsidiaries, is active in music, television, film, telecommunications, games, ticket sales, book publishing and advertising. Its business is arranged around four major sectors (see details on page 5). Sector Consumer Discretionary Industry Media Universal Music Group (UMG) – 45.5% of revenues Mkt Cap ($bn) 38.0 o World’s leading music rights owners and music publisher of popular music artists, including Taylor Swift or Billie Eilish Price 23.34 1Y Range 15.96 - 24.87 Canal+ Group – 35% 200 D Histo Volatility 24% o Leading French audiovisual media group Havas – 13% (in EUR MM) o French multinational advertising company Revenue 10'819 EBITDA 1'726 Others – 6.5% EBITDA Margin 16.0% o Editis – Book publishing 1 Year Fwd. P/E 24.2 o Gameloft – Mobile video games publisher Dividend Yield 1.71% o Vivendi Village – digital and live entertainment 5 Year Price Action Vivendi is managed by French corporate raider Vincent Bolloré who owns a bit 26 less than 30% of the company. Under his direction, Vivendi has earned a 24 reputation as among the most acquisitively-driven companies in the media sector. 22 20 Vivendi holds 23.9% of Telecom Italia, 28.8% of Mediaset (the largest Italian 18 media company). Bolloré has feuded for years with Mediaset, owned by 16 former Italian Prime Minister Silvio Berlusconi to combine its stake with its 14 existing holding in Telecom Italia. févr.-13 févr.-14 févr.-15 févr.-16 févr.-17 Vivendi also owns 4.4% of Spotify and a 49% stake in Vevo through UMG and Source : Bloomberg a 31.4% share of Banijay Group (French TV Production Company). It is building a stake in French media company Lagardere and it acquired M7, a pay-TV company operating in Benelux and in Eastern Europe in 2019. Union Securities Research Team Vivendi’s origins date as a far back as 1853, when by imperial decree, a water [email protected] company named Compagnie Generale des Eaux (CGE), obtained rights to sell Tel +41 22 591 18 64 supply water to the city of Lyon. A century later, in the 1980s, CGE began to diversify, first into related industries like waste management, energy, Union Securities Switzerland SA construction, and then eventually into pay-TV with the acquisition of premium 11 Cours de Rive cable channel, Canal+. In 1998, after selling off its property and construction 1204 Geneva, Switzerland segments (which later became Vinci SA), CGE would change its name to http://www.unionsecurities.ch Vivendi and devote itself thereon entirely to mass media and telecom. January 25, 2018 1 Vivendi SA (VIV) Union Securities Switzerland Recent Developments In September 2019, Vivendi acquired M7,a large pay-TV company operating in 7 European countries (the Netherlands, Belgium, Czech Rep., Slovakia, Austria, Hungary and Romania) In December 2019, Canal+ struck an exclusive distribution deal in France with Disney+. Canal+ also has a non-exclusive licensing deal with Netflix and became the exclusive French distributor of beIN Sports channels and thus regained its lost access to the French football league. In December 2019, a consortium led by Tencent took a 10% stake in UMG at a €30bn valuation. In 2020, Vivendi built a 23.5% stake in French publishing company Lagardere (Hachette Larousse, Relay…) for about €500M. So far, CEO Arnaud Lagardère is able to secure control over the company founded by his father thanks to a distinctive governance and legal status as what is known as a société en commandite par actions under French law. H1 2020 revenues remained resilient at both UMG (-3% YoY) and Canal+ (-3% YoY) but Havas revenues dropped 18% amid a slump in the global advertising industry. Vivendi confirmed it is in talks with multiple interested parties regarding the sale of further UMG stakes ahead of an IPO. In September 2020 Mediaset and Vivendi resumed talks to explore a possible settlement of the companies’ years-long legal dispute. January 25, 2018 2 Vivendi SA (VIV) Union Securities Switzerland Investment Case We are positive on Vivendi due to its enviable position relative to the streaming-driven recovery of the music market and its diverse but as yet unfulfilled portfolio of European- and US-oriented media assets. Despite its aggressive acquisition history, Vivendi has a strong balance sheet and an ambitious buyback program. We expect that the main engine of growth at Vivendi will be its Universal Music Group (UMG) segment, which is currently poised— thanks to its large catalogue and lead in market share—to maximally benefit from consistently strong single-digit YoY revenue growth from streaming. Margins in UMG are modest but should see improvement as the company renegotiates contracts and pivots toward subscription revenue model. Value of the Music business could be unlocked through an IPO (in the US preferably) or through the sale of stakes in UMG similar to the Tencent deal. Canal+ is an underappreciated asset in our view and could surprise on the upside. Canal+ is probably at an inflection point in terms of subscriptions and is becoming and has become an integrated content aggregator while remaining a high quality creator of original programs. In terms of profitability it should also benefit from its cost-cutting program. Stock seems to be properly valued at current prices (see SOTP valuation below) and further upside will hinge on: . Further rerating of UMG . A successful turnaround at Canal+ . A recovery of the global advertising industry In SOTP (Sum of the Parts) valuations, UMG concentrates the highest value. Though analysts’ opinions vary on the value of each asset, we present a simplified picture implying a very reasonable 15% discount valuation at current market price (discount rises to 26% when giving a €30bn value to UMG). UMG €25bn Canal+ €5bn Havas €2bn Stake in Telecom Italia and Mediaset €1.5bn Others including M7 €1.8bn Net Debt -€3bn Total €34bn Bullish Case Bearish Case Vivendi grows as a word class media company Complex group structure fails to show synergies and to Improving UMG margins create value beyond UMG Higher intragroup synergies UMG margins stagnate Recovery of Canal+ Canal+ continues to decline Other businesses are valued at zero by investors January 25, 2018 3 Vivendi SA (VIV) Union Securities Switzerland SWOT Analysis Strengths Weaknesses Business, country, and subsector diversification High reliance on Universal Music Potential synergies within the group Mixed results in M&A history, failure to create a European Low net debt level pay-TV champion so far and ongoing feuds (with Telecom Italia, Mediaset, Lagardere) Music Strong beneficiary of the secular growth in streaming Music Leading market share among major labels Dependent on dominance of record labels Enormous catalogue (Elton John, Bob Marley, The Low margins Beatles, The BeeGees, the Eagles, Frank Sinatra etc…) Negotiating power of streamers, Spotify, Apple Growing music publishing segment Partnerships with Tencent Music and netEase in China Film/Pay-TV Low Pay-TV sub growth in France Film/Pay-TV Tight cash flows at Canal+ Core presence in France, growing presence in Italy Lack of international presence Limited competition in European pay-TV Other Businesses Other Businesses Unrealized potential presence in gaming Strong position in Mobile gaming The advertising industry is structurally challenged Havas is a world class advertising company Opportunities Threats Higher synergies within the group Competition from more specialized conglomerates in US: Consolidation of the media industry in Europe Film/TV: Disney, TimeWarner-AT&T; Music/Streaming: Apple/Google Music Planned segment synergies fail to yield results Reliable growth streaming growth in US+Europe Destructive M&A Growth of streaming in China Renegotiation of legacy contracts Music IPO of UMG to unlock value Slower than expected growth in UMG streaming revenues Pressure from distributors and artists for a greater share Film/Pay-TV of streaming revenues Recovery of Canal+ Shift from TV to online Film/Pay-TV Joint ventures with broadband/telecom providers Flat/declining sub growth in France Restructuring or “cost-optimization” in Canal+ Litigation in Italy Failure to create a European champion Other Businesses Rapid growth of mobile-gaming for Gameloft Other Businesses Recovery of the ad market for Havas Gaming fails to become a significant revenue driver Positive contribution and synergies of Editis Adverting industry continue to decline Consolidation of the publishing industry in France January 25, 2018 4 Vivendi SA (VIV) Union Securities Switzerland Detailed activities (as of Q2 2020) Universal Music Group – 45.5% of revenues UMG is the music and recording component of the Vivendi media empire. Although organized as a single entity, the company consists of hundreds of major and minor music labels—mostly in the US & the UK—of which the most notable are: Interscope Geffen A&M Records, Capitol Music Group, Republic Records, Island Records, Def Jam Records, and recently, EMI. By market share (30% in 2019), UMG is the largest record label in the world. Revenue in Vivendi’s UMG Group is driven primarily by sales of its recorded music catalogue in either physical, digital, and license form. These sales, which account for approximately 80% all of business within the group, are to be distinguished from UMGs Music Publishing revenue stream, which consists of incoming royalties from the aforementioned catalogue. Royalties contribute 15% to revenue and are collected each time a composition is performed (live or the radio), sold, or used in connection with visual images (film, TV, video games, etc.). This distinction has become increasingly relevant in recent years with the rise of digital streaming, which is now driving growth in back-catalogue publishing revenues.
Recommended publications
  • An N U Al R Ep O R T 2018 Annual Report

    An N U Al R Ep O R T 2018 Annual Report

    ANNUAL REPORT 2018 ANNUAL REPORT The Annual Report in English is a translation of the French Document de référence provided for information purposes. This translation is qualified in its entirety by reference to the Document de référence. The Annual Report is available on the Company’s website www.vivendi.com II –— VIVENDI –— ANNUAL REPORT 2018 –— –— VIVENDI –— ANNUAL REPORT 2018 –— 01 Content QUESTIONS FOR YANNICK BOLLORÉ AND ARNAUD DE PUYFONTAINE 02 PROFILE OF THE GROUP — STRATEGY AND VALUE CREATION — BUSINESSES, FINANCIAL COMMUNICATION, TAX POLICY AND REGULATORY ENVIRONMENT — NON-FINANCIAL PERFORMANCE 04 1. Profile of the Group 06 1 2. Strategy and Value Creation 12 3. Businesses – Financial Communication – Tax Policy and Regulatory Environment 24 4. Non-financial Performance 48 RISK FACTORS — INTERNAL CONTROL AND RISK MANAGEMENT — COMPLIANCE POLICY 96 1. Risk Factors 98 2. Internal Control and Risk Management 102 2 3. Compliance Policy 108 CORPORATE GOVERNANCE OF VIVENDI — COMPENSATION OF CORPORATE OFFICERS OF VIVENDI — GENERAL INFORMATION ABOUT THE COMPANY 112 1. Corporate Governance of Vivendi 114 2. Compensation of Corporate Officers of Vivendi 150 3 3. General Information about the Company 184 FINANCIAL REPORT — STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS — CONSOLIDATED FINANCIAL STATEMENTS — STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS — STATUTORY FINANCIAL STATEMENTS 196 Key Consolidated Financial Data for the last five years 198 4 I – 2018 Financial Report 199 II – Appendix to the Financial Report 222 III – Audited Consolidated Financial Statements for the year ended December 31, 2018 223 IV – 2018 Statutory Financial Statements 319 RECENT EVENTS — OUTLOOK 358 1. Recent Events 360 5 2. Outlook 361 RESPONSIBILITY FOR AUDITING THE FINANCIAL STATEMENTS 362 1.
  • Adjusted Operating Income (Ebita)

    Adjusted Operating Income (Ebita)

    2020 RESULTS MARCH 4, 2021 CONTENTS 1 Summary 3 2 Business review 17 3 Appendixes 29 2 1 SUMMARY 3 SUMMARY OF 2020 EARNINGS in millions of euros 2020 2019 Change ▪ Good results for all business lines despite the Revenue 24 109 24 843 (3%) pandemic. EBITDA (1) 3 265 2 913 12% Adjusted operating income: up 25% (+23% at constant scope and exchange rates) Adjusted operating income (EBITA(1)) 2 043 1 634 25% Bolloré Transportation & Logistics 607 637 (5%) Communications 1 627 1 526 7% Electricity Storage and Systems (102) (434) 76% ▪ Net income, Group share: +79%. Net income 1 563 1 408 11% This does not include the gain on the sale of 10% of the share capital of UMG on March 31, 2020, on Net income group share 426 237 79% the basis of an enterprise value of €30 billion for 100% of UMG. The sale was recognized in equity in the amount of €2.8 billion. ▪ Continued reduction in Bolloré's debt, excluding Net debt 9 136 8 720 415 Vivendi. o/w Bolloré excl. Vivendi 4 183 4 656 -473 ▪ Continued high level of liquidity of €9.2 billion at January 31, 2021, including €2.9 billion at Bolloré Gearing 35% 34% level. ▪ Proposed dividend: €0.06 (including €0.02 interim already paid in September 2020). (1) See glossary 4 GROUP STRUCTURE: ▪ Universal Music Group ▪ Sale of 20% of UMG to a Tencent-led consortium 10% on March 31, 2020 for €2,842 million based on an enterprise value of €30 billion for 100% of UMG and another 10% on January 29, 2021 for €2,847 million.
  • Island Records and Notting Hill Implement Music Gateway's New

    Island Records and Notting Hill Implement Music Gateway's New

    Island Records and Notting Hill implement Music Gateway’s new Private Network Software Music Gateway has developed a new project management solution - with Island Records Dance and Notting Hill Publishing among its founding clients as well as working closely with labels such as Sire Records, a subsidiary of Warner Music Group. The Private Network offers a highly functional and secure project management system to be used in-house at music companies and beyond. "The collaborative nature of dance music means that I always have a number of records and projects in development with artists not just in the UK but around the world,” said founding client and A&R Consultant at Island Records, Dave Lambert. “Tracking the progress of these projects and the individual processes are essential, and managing my network as a whole is top priority. With Music Gateway I have my own closed network that I control, so I can make this happen in a much more effective way, saving myself heaps of time.” Each Private Network is modular and flexible, with features including: unlimited usage and network growth; unlimited file sizes, back up and storage; branded private networks and project management systems; mobile optimisation; worldwide access; collaboration and remote working tools. A number of new features have also been added to the whole Music Gateway platform including, video timeline feedback function, ability to upload and manage any file type within the workspace, and assign meta-data to all files. “The concept for the Private Network was triggered after Music Gateway was approached by a notable publishing company who were looking for a secure and functional, private project management tool,” said Music Gateway CEO Jon Skinner.
  • To Download a PDF of an Interview with Jaleh Bradea, Chief Diversity

    To Download a PDF of an Interview with Jaleh Bradea, Chief Diversity

    DIVERSITY & INCLUSION The Power of Individuality An Interview with Jaleh Bradea, Chief Diversity and Inclusion Offi cer, Vivendi SA EDITORS’ NOTE Jaleh Bradea has in our group. We can now see that, in With so many companies under the served as a TV producer on major order to be creative, innovative and Vivendi umbrella, is it important to have a French TV channels with a focus able to adapt to the changing expec- consistent, seamless D&I program or is it on women-related content and as tations of our clients, we have to be customized based on the different brand director of the audiovisual depart- diverse. cultures and businesses? ment at a successful telecommu- You mentioned diversity, I think it’s both. All these companies exist nication startup. In 2014, she inclusion, and belonging. How do without Vivendi itself. They have their own started working on Corporate Social these three areas relate to each successful businesses. They have their own HR Responsibility (CSR) initiatives at other? and, sometimes, even their own CSR. However, Canal+ Group. Bradea also works If you take a picture of the world, we have common initiatives led by Vivendi such with the French media regulator to it represents diversity. But what are as a CSR Committee. More recently, we created promote a fair representation of eth- you going to do with that diversity? a Diversity Committee where we share the best nicity, gender, and minority com- Jaleh Bradea This becomes inclusion. Belonging is practices in D&I from all the companies and munities in the French media.
  • Amendment to the 2020 Universal Registration Document

    Amendment to the 2020 Universal Registration Document

    AMENDMENT TO THE 2020 UNIVERSAL REGISTRATION DOCUMENT including the 2021 Interim Financial Report The Amendment to the Universal Registration Document was filed on 26 July 2021 with the AMF as competent authority under Regulation (EU) 2017/1129 without prior approval pursuant to Article 9 of said Regulation. The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if approved by the AMF, together with any amendments, if applicable, and a securities note and summary, in accordance with Regulation (EU) 2017/1129. This Amendment updates, and should be read in conjunction with, the 2020 Universal Registration Document filed with the AMF on 29 April 2021 under number D.21-0385. The Amendment contains a cross-reference table allowing readers to easily locate information incorporated by reference and information that has been updated or amended. The 2020 Universal Registration Document together with this Amendment are available on the corporate website of Lagardère SA (www.lagardere.com) in the Shareholders and Investors/Regulatory Information section, as well as on the website of the AMF (www.amf-france.org). CONTENTS 1 2021 INTERIM MANAGEMENT REPORT ........................................................... 5 2 2021 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ..... 18 3 STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION ........................................................................... 60 4 CORPORATE GOVERNANCE ........................................................................ 62 5 ADDITIONAL INFORMATION ....................................................................... 138 This English version of this document has been prepared for the convenience of English-speaking readers. It is a translation of the original French Amendment to the 2020 Universal Registration Document. It is intended for general information only and in case of discrepancies the French original shall prevail.
  • Bonne Progression Du Chiffre D'affaires Du Groupe Au Premier

    Bonne Progression Du Chiffre D'affaires Du Groupe Au Premier

    COMMUNIQUÉ DE PRESSE Information financière du premier trimestre 2021 Le 22 avril 2021 Bonne progression du chiffre d’affaires du Groupe au premier trimestre 2021 : 6 102 millions d’euros, en hausse de 6 % à périmètre et taux de change constants Chiffre d’affaires du premier trimestre 2021 A périmètre et taux de change constants, le chiffre d’affaires du premier trimestre 2021 du Groupe est en progression de 6 % à 6 102 millions d’euros. Cette évolution intègre principalement : . ❖ une croissance de 15 % de l’activité transport et logistique grâce à la commission de transport notamment portée par la hausse des volumes et des taux de fret dans le trafic aérien et maritime. La contraction des activités logistiques en Afrique est en grande partie compensée par la bonne marche de l’activité des concessions portuaires ; ❖ le retrait de 10 % de l’activité logistique pétrolière en raison de la baisse des prix des produits pétroliers et des volumes vendus ; ❖ la progression des activités communication (+5 %) portée essentiellement par la croissance d’Universal Music Group (+9 %) et d’Editis (+40 %) ; ❖ la progression de l’activité stockage d’électricité et systèmes (+24 %) principalement grâce à la croissance de Blue Solutions et BlueBus. En données publiées, le chiffre d’affaires progresse de 2 % par rapport au chiffre d’affaires du premier trimestre 2020, compte tenu d’effets de change défavorables de -213 millions d’euros et d’un effet de périmètre de +20 millions d’euros. Page 1 Évolution du chiffre d’affaires par activité (en millions d’euros)
  • 2006 Reference Document

    2006 Reference Document

    2006 REFERENCE DOCUMENT Pursuant to Article 212-13 of the General Regulations of the Autorité des Marchés Financiers (AMF), this reference document was filed with the AMF on June 6, 2007. It may be used in support of a financial operation if accompanied by a “note d’opération” (securities note) approved by the AMF. Pursuant to Article 28 of European Commission (EC) Regulation 809/2004, the following information is included in this reference document by way of reference: ● The consolidated and individual financial statements for the fiscal year ended December 31, 2004, as well as the related statutory auditors’ reports, appear on pages 45 to 94 of the reference document filed with the AMF on June 10, 2005 under number D.05-871. ● The consolidated and individual financial statements for the fiscal year ended December 31, 2005, as well as the related statutory auditors’ reports, appear on pages 46 to 100 of the reference document filed with the AMF on June 9, 2006 under number D. 06-0546. Copies of this document are available at the business address of Gameloft S.A.– 14, rue Auber – 75009 Paris and at the company’s registered office. Registered office: 81 rue de Réaumur 75002 Paris French corporation with capital of 3,537,829.20 euros Tel.: (33) 1 58 16 20 40 Paris Corporate and Trade Register No. 429 338 130 - NAF code 722 A 1 CONTENTS 1 PERSONS RESPONSIBLE FOR THE DOCUMENT AND FOR THE AUDIT OF THE FINANCIAL STATEMENTS ............................................................................................................. 8 1.1 Person responsible for the document ...................................................................................... 8 1.2 Certification of the person responsible for the document ......................................................
  • Post Malone Announces North American Tour with 21 Savage and Special Guest Sob X Rbe

    Post Malone Announces North American Tour with 21 Savage and Special Guest Sob X Rbe

    POST MALONE ANNOUNCES NORTH AMERICAN TOUR WITH 21 SAVAGE AND SPECIAL GUEST SOB X RBE Tickets On Sale to General Public Starting Friday, February 23 at LiveNation.com LOS ANGELES, CA (February 20, 2018) – Today, multi-platinum artist Post Malone announced his upcoming North American tour with multi-platinum rapper 21 Savage and special guest SOB X RBE. Produced by Live Nation and sponsored by blu, the outing will kick off April 26 in Portland, OR and make stops in 28 cities across North America including Seattle, Nashville, Toronto, Atlanta, Austin, and more. The tour will wrap in San Francisco, CA on June 24. Tickets will go on sale to the general public starting Friday, February 23 at 10am local time at LiveNation.com. Citi® is the official presale credit card of the Post Malone tour. As such, Citi® cardmembers will have access to purchase presale tickets beginning today, February 20th at 2pm local time until Thursday, February 22nd at 10pm local time through Citi’s Private Pass® program. For complete presale details visit www.citiprivatepass.com. Every pair of online tickets purchased comes with one physical copy of Post Malone’s forthcoming album, Beerbongs & Bentleys. Ticket purchasers will receive an additional email with instructions on how to redeem their album and will be notified at a later date on when they can expect to receive their CD. (U.S. and Canadian residents only.) The history-making Dallas, Texas artist, Post Malone, will also release his new single “Psycho” [feat. Ty Dolla $ign] on Friday February 23, 2018 via Republic Records.
  • Optimizing Mobile Games with Gameloft And

    Optimizing Mobile Games with Gameloft And

    Optimizing Mobile Games with Gameloft and ARM Stacy Smith Senior Software Engineer, ARM Adrian Voinea World Android Technical Lead, Gameloft Victor Bernot Lead Visual Effects Developer, Gameloft 1 ARM Ecosystem . My first role in ARM was in Developer Relations . Developers came to us to ask for help . We couldn’t share their problems with the world . We couldn’t help everyone on a one to one basis 2 Developer Education . Developer Education addresses that need . Since 2012 we’ve been sharing advice for graphical development . Developers working with Developer Relations have remained separate . Until now! 3 4 Today’s Agenda . Gameloft . Batching (Iron Man 3) . Culling and LOD (Gangstar Vegas) . Texture compression (Asphalt 8) . ARM (That’s me) . Entry level implementations . How to achieve similar results 5 Iron Man 3 Improving Draw Calls and Rendering Techniques 6 Sorting Objects Before Rendering . There is no good or bad way to determine which sorting method works best for a game . Sorting methods reduce overdraw and material changes at the cost of CPU . Sorting algorithms used for Iron Man 3: . Sorting by material . Sorting by distance 7 What Happens When No Sorting Is Applied? . Mid-range device: average 18FPS, constant micro-freezes . Over 35 program changes per frame . The skybox is rendered in the 27th draw call / 150 8 Sorting Objects Before Rendering . Every shader program change is costly . It will depend a lot on the number of programs your game has . Using a texture atlas will create the same materials, thus allowing better material sorting . Sorting front to back will reduce the overdraw 9 Material Sorting Results .
  • Global Music Report 2018 ANNUAL STATE of the INDUSTRY

    Global Music Report 2018 ANNUAL STATE of the INDUSTRY

    Global Music Report 2018 ANNUAL STATE OF THE INDUSTRY Global top 10 recording artists of 2017 Untitled-3 1 3/4/18 3:58 PM GLOBAL MUSIC REPORT 2018: STATE OF THE INDUSTRY Welcome · 3 Welcome As an artist, I am privileged to perform One of the crucial roles for record com- before audiences around the world and panies is to support and invest in artists see first-hand how essential music is for and to help them develop for their greatest people from every walk of life. creative and commercial success, so that But even as music’s essence is endur- their music can be enjoyed by fans around ing, much about music is changing. the world. The IFPI Global Music Report tells the It is therefore essential that all music cre- PLÁCIDO DOMINGO story of recorded music’s ongoing journey. ators are fairly compensated for their work. I CHAIRMAN, IFPI Today, artists are reaching music fans in have met with policymakers in Europe and ways I never could have imagined when I elsewhere to call on them to back legislation began my own career. Music is global and that would support this by addressing the increasingly digital. This transformation value gap, thereby ensuring a fair and bal- has been fundamental and rapid and offers anced digital marketplace for all. great opportunities. We are living in an incredibly exciting But we can never forget that music time for recorded music. We must persevere does not just happen. It requires the hard with our efforts to ensure its journey benefits work, commitment, investment and artist- the music creators and fans of today, and ry of so many people.
  • Creating Value and Developing Bonds Between Women, Men and Their

    Creating Value and Developing Bonds Between Women, Men and Their

    Creating value and developing bonds between women, men and their environment “Constantly innovating and reinventing ourselves and seizing sustainable and responsible development opportunities are integral parts of our DNA.” The Bolloré Group’s heritage and family culture have enabled it to create sustainable business activities, diversify them, and invest in innovative projects independently. Driven by a strong spirit of entrepreneurship for the past 195 years, we keep moving forward with our construction, a process which started in the paper industry, then progressed through plastic fi lms all the way to the production of lithium batteries. This technology is used in electric vehicles (cars, buses and trams) and in stationary renewable electricity storage and solutions, and addresses the combined challenges of urban mobility and low-carbon economy. Since 1822, our businesses have undergone major transformations. In order to ensure its resilience to change, over the past thirty years the Group has diversifi ed into the transport sector, where we are now among the leading players, then into the media and communications sector, where we are developing a major global content, media and communications group. The Group is moving forward with its construction by creating bonds between people and their environment, creating value and creating jobs, while dedicating part of its profi ts to helping others. Vincent Bolloré, Chairman Integrating CSR in the Group’s history and strategy 1822 From 2004 2014 – Founding of – Group diversifi cation – Creation
  • Aaron Harrison

    Aaron Harrison

    Before the UNITED STATES COPYRIGHT ROYALTY JUDGES Library of Congress Washington, D.C. ) In re ) ) DETERMINATION OF ROYALTY ) DOCKET NO. 14-CRB-0001-WR RATES AND TERMS FOR ) (2016-2020) EPHEMERAL RECORDING AND ) DIGITAL PERFORMANCE OF SOUND ) RECORDINGS (WEB IV) ) ) TESTIMONY OF AARON HARRISON Senior Vice President, Business & Legal Affairs, Global Digital Business, UMG Recordings, Inc. PUBLIC VERSION Witness for SoundExchange, Inc. PUBLIC VERSION BACKGROUND 1. I am Senior Vice President, Business & Legal Affairs, Global Digital Business, UMG Recordings, Inc. (“UMG Recordings”), a position I have held since 2013. UMG Recordings, Inc. is the primary recorded music company in the United States for the Universal Music Group. Universal Music Group (hereafter, “Universal”) is the colloquial name for the group of music related companies owned by Vivendi S.A. Together, these companies comprise the world’s largest recorded music company. Along with other members of the Business & Legal Affairs team in the Global Digital Business department, I negotiate deals with various digital music services that use Universal’s repertoire of sound recordings. Such services include on-demand and customized streaming services, download and ringtone stores, locker services, and various types of subscription services. I have negotiated deals on Universal’s behalf for the past nine years. During that time, I have negotiated more than 100 agreements with digital music services. 2. Prior to assuming my current position, I was Vice President, Business & Legal Affairs, eLabs, UMG Recordings. I began my employment with UMG Recordings in 2005 as Director, Business & Legal Affairs, eLabs. Prior to joining UMG Recordings, I was an attorney with the law firm Manatt, Phelps & Phillips, LLP, where my practice focused primarily on talent representation and advising companies in the acquisition of intellectual property and branded entertainment rights.