Universal Music’s foray into NFTs
On March 7th, 2022, Universal Music announced a partnership with Billboard to establish ChartStars, an NFT-based digital collectibles initiative based on Flow blockchain. This initiative comes as high-profile musicians such as Nas and Snoop Dogg flock to NFTs for its consumer branding and promotion potential. In February of 2022, Universal Music partnered with Curio, an online NFT marketplace. The first ChartStars products are expected to hit the market in May of 2022. Executive Vice President Michael Nash has expressed enthusiasm for the joint venture, calling it a “ground-breaking new way for artists and fans to celebrate unique achievements and cultural moments.”
Balance Sheet|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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