Sumary of UK Music mogul Sir Lucian Grainge set for a £100m in Universal float:
- Universal also revealed that Grainge is ‘entitled to the use of a car, with a driver, for business and reasonable private use’.
- The investor prospectus added: ‘Sir Lucian is provided with the use of a chartered or private aircraft for business purposes, subject to requiring prior approval for any such usage in excess of €410,000 per annum.
- He joined Universal in 1986 and helped launch record label Polygram, which became one of the UK’s top three music publishers in just five years.
- In his first year in charge, he orchestrated the rescue of beleaguered music giant EMI following its bruising period under the ownership of private equity firm Terra Firma.
- It now makes its money from royalty sources including digital downloads and streaming, sales of CDs or vinyl records, live performances and the use of its music on TV shows or adverts.
- In the early 2000s, record labels struggled as they lost money to digital piracy – but streaming services such as Spotify and Youtube have changed the game, as consumers are ready to pay for access to songs.