Warner Music Group (ticker: WMG, exchange: New York Stock Exchange (.N))
News Release -
Warner Music Group and Brightcove Unveil New Video InitiativeDeal Further Expands WMG's Video Content Monetization Opportunities
NEW YORK, NY, Oct 26, 2006 -- Warner Music Group (NYSE: WMG) and Brightcove, an Internet TV
pioneer, announced today an agreement to offer consumers easy-to-use,
on-demand access to WMG's extensive catalog of music-based video
content including music videos, artist interviews, live performances,
and "behind the scenes" footage from its award-winning artists and
labels. This agreement further increases WMG's opportunities to make
its video catalog commercially available in the digital space as well
as marking a first for the Company to commercially distribute its
video content directly to consumers.
Across WMG's network of artist and label web sites, consumers can use
the new, interactive, web-based Brightcove video players, which
require no download and can be customized by each artist and record
label. The Brightcove Internet TV service allows WMG to monetize its
video content on an ad-supported basis, through a pay-per-view model
or other paid basis.
In making the announcement, Alex Zubillaga, Executive Vice President,
Digital Strategy and Business Development, WMG, said, "We want to
give music fans many different, entertainment-rich ways to experience
our extensive video catalog and the new content artists are creating
everyday for the digital space. Partnering with Brightcove is an
important step in expanding those efforts as well as reaching
consumers directly from an increasing number of digital platforms."
"Music content is incredibly popular with Internet audiences, and the
Warner Music Group has an amazing catalog of music-related video
content," said Jeremy Allaire, chairman and chief executive officer,
Brightcove. "By using Brightcove, WMG will be able to bring that
content directly to their fans in an experience that communicates
their brands, takes advantage of powerful social networks, and opens
new sources of revenue."
Additionally, as part of the agreement with Brightcove, WMG expects
to reach new audiences and generate advertising revenues through a
host of new syndication partners, social networks and informal
sharing. For example, music fans can easily add the video players
to their blogs, web sites, and personal profile pages using the
player sharing services provided by Brightcove. Advertisers will
have the opportunity to create packages around the video players and
Brightcove and WMG can sell, and Brightcove will deliver, these
advertisements and share in the revenue.
About Warner Music Group
Warner Music Group (NYSE: WMG) became the only stand-alone music
company to be publicly traded in the United States in May 2005. With
its broad roster of new stars and legendary artists, Warner Music
Group is home to a collection of the best-known record labels in the
music industry including Atlantic, Bad Boy, Elektra, Lava, Maverick,
Nonesuch, Reprise, Rhino, Rykodisc, Sire, Warner Bros. and Word.
Warner Music International, a leading company in national and
international repertoire operates through numerous international
affiliates and licensees in more than 50 countries. Warner Music
Group also includes Warner/Chappell Music, one of the world's leading
music publishers. For more information, visit www.wmg.com.
Brightcove is an open Internet TV service that empowers video
producers and programmers to build broadband businesses while giving
viewers more choices and control over their use of video and
television. Founded by Internet pioneer Jeremy Allaire in 2004 and
based in Cambridge, Massachusetts, Brightcove is a private company
led by a management team that includes senior executives from
Allaire, Macromedia, ATG, Comcast, MTV Networks, Lycos, News Corp.,
MediaVest, and Discovery Networks.