Here Are All the Music Companies Halting Business in Russia (Updating)
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Loading... - Roman Golov
- 27 Mar 2023
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Music companies are openly condemning the invasion of Ukraine through various actions that stifle financial opportunities for Russia.
Music companies across the globe are stepping up to condemn Russia’s invasion of Ukraine. On Feb. 24, Russia invaded Ukraine, leaving hundreds dead and many injured. Russian President Vladimir Putin is demanding that Ukraine demilitarizes, and is aiming to prevent Ukraine from joining NATO, a defensive alliance of 30 countries including the United States. Since the invasion, various music companies have halted business with Russia — the world’s 16th-largest music market, according to IFPI’s most recent “Global Music Report,” with revenues of roughly $200 million in 2020.
SONY MUSIC GROUP:
In a statement calling for “peace in Ukraine and an end to the violence,” Sony Music Group announced on March 10 it had “suspended operations in Russia and will continue our support of global humanitarian relief efforts to aid victims in need.” Sony has roughly three dozen employees in Russia. A source familiar with Sony’s decision tells Billboard that the company will continue to provide financial and wellbeing assistance to the affected employees but could not elaborate further.
WARNER MUSIC GROUP:
Warner Music Group announced on March 10 that the company would be suspending operations in Russia over the country’s invasion of Ukraine. WMG’s statement added that the company would be halting all investments, promotional activities and manufacturing, among other actions. It also pledged to fulfill any obligations to staff and artists, and, like Sony, to continue supporting humanitarian efforts. “We will continue to fulfill our agreed upon obligations to our people, artists, and songwriters as best we can as the situation unfolds,” the company said. “We remain committed to supporting the humanitarian relief efforts in the region.”
SOUNDEXCHANGE:
SoundExchange announced on March 11 that it will terminate its agreement with Russian collecting society VOIS, citing the “horrific events in Ukraine.” CEO Michael Huppe outlined the decision to sever ties with Russia in a note to staff, writing that “ultimately, the flow of performance royalties between SoundExchange and VOIS is not significant, but as a matter of principle, we believe this is the right course of action.” He added, “I’m proud that SoundExchange, by taking these actions today, is speaking with a clear voice in saying that all people deserve to live in peace in a vibrant, free society.” Read More…
