Universal Music Group, the international music company with top artists such as Taylor Swift and One Direction in its stable, has announced plans to expand in Asia along with a raft of senior management appointments for the region. The company is also setting up a new marketing and finance arm in Greater China in order to maximize commercial and creative opportunities for its talents.
In a statement issued recently, the company said it wants to roll out its Asian expansion immediately. It described the region as "fast-evolving and dynamic" and said that installing senior management roles in the area will ensure that they continue to evolve with the growing music industry, break new talent, and embrace new types of audiences and platforms. This move is particularly important as more music artists are adopting the digital route.
Aaron Wang is now the chief financial officer for Greater China and will be in charge of all financial dealings in the area. Prior to this, Wang held a similar role at Sony Pictures Entertainment. He reports to UMG Greater China chairman and chief executive Sunny Chang and overall CFO and president Boyd Muir. Joining Wang as finance director for UM China is Tracy Mu. Mu worked for Dolby Industries for 11 years prior to this new role.
Recently appointed as senior vice president for marketing, Greater China is Yvonne Yuen, who used to hold the SVP, international marketing role for the company in South East Asia. Meanwhile, former VP finance for UMG, Asia Elvin Eng is now CFO for South East Asia and well-known industry executive KT Ang steps into the newly created role of senior vice president, Asia public policy.
According to Statista, the total scope of the digital music industry alone in China figured at US$454 million in 2016 and this had been predicted to grow exponentially in 2018 and 2019.
