SIR LUCIAN LOOKS TO THE FAR EAST

Sir Lucian Grainge is mining for gold in the Far East. The Universal Music Group CEO has made it a priority to conquer China.

The International Federation of Phonographic Industry (IFPI) pegs China as the world’s 12th largest music market, with 20.3% growth in 2016.

UMG has already taken several major steps in that direction. It recently signed a deal with Chinese digital platform Tencent that’s been valued at $350m. Windfalls of this deal could include the development of Abbey Road Studios China as well as handing Tencent distribution of Universal’s roster in the country.

Additionally, one of the company’s new crown jewels, virtuoso pianist Lang Lang, is among the biggest stars in his homeland.

“The musical talent and commercial opportunities emerging from China are greater than ever. Lang Lang is an artist who has global appeal and limitless potential, and he also happens to be a wonderful guy,” Grainge said.

The pianist is currently working on a new studio album, tentatively called The Piano Book.