Common Music has a brand new boss in China.
Timothy Xu has been named CEO and Chairman of Common Music Better 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, Better China for Sony Music, overseeing the foremost’s enterprise actions in mainland China, Hong Kong, Taiwan and Vietnam.
Xu’s appointment at Common arrives following the retirement earlier this 12 months of UMG Better China’s longstanding Chairman, Sunny Chang.
China broke into the world’s High 5 recorded music markets in 2022, in accordance with IFPI knowledge, touchdown at No.5 forward of France (No.6), South Korea (No.7) and Canada (No.8, see beneath).
China generated USD $1.2 billion for recorded music rightsholders within the 12 months, says IFPI, up 28.4% YoY.
Timothy Xu mentioned of his new position at UMG: “I’m delighted to affix Common Music Group as Chairman & CEO of Better China as we glance to additional set up the corporate as a dynamic and progressive chief in China’s music ecosystem.
“I want to thank each Sir Lucian Grainge, and Adam [Granite] for the chance to affix the world’s main music firm, and for sharing my huge ambitions for UMG’s future enterprise improvement, and artist success throughout the area (and past).”
Sir Lucian Grainge, Chairman & CEO, Common Music Group mentioned, “I’m thrilled to welcome Timothy to steer our operations in Better 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 development within the thrilling and vibrant Chinese language music market.”
Adam Granite, Govt Vice President, Market Growth, UMG, added: “Having labored collectively prior to now, Timothy’s distinctive and versatile expertise throughout the sector will convey new alternatives to develop all areas of our enterprise operations inside Better China, while additionally accelerating our deal with introducing Chinese language music, tradition, and artist expertise to new markets and audiences world wide.”
“I’m assured Timothy be instrumental as we proceed to drive development within the thrilling and vibrant Chinese language music market.”
Sir Lucian Grainge, Common Music GRoup
Established in 2021, Common Music Better China’s flagship label manufacturers embrace Republic Data China, Capitol Data China, EMI China, PolyGram Data China, and Common Music China.
In response to Common Music Group’s 2022 annual report for shareholders, revealed earlier this 12 months, Tencent Music Leisure (TME) was initially granted a name possibility to amass as much as 25% of the holding firm that controls UMG’s Better China operations.
Nevertheless, extra just lately, because the train interval on that settlement was resulting from expire, this name possibility was amended in two methods:
- (i) Tencent Holdings, the majority-owner of TME, changed TME because the counterparty on the decision possibility; and
- (ii) Tencent Holdings secured the choice to amass 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 possibility.
A Tencent-led consortium, Concerto Companions LLC, right now owns round 20% of Common Music Group N.V, which is listed on the Amsterdam Euronext inventory change. 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 guide for the Digital Music Working Committee, China Audio-Video and Digital Publishing Affiliation.Music Enterprise Worldwide
