MUMBAI: Universal Music Group (UMG) and Gotuit, a leading provider of metadata technologies, have announced that UMG has signed a broad license agreement to Gotuit’s intellectual property for personalized digital music services.
Under this license, UMG will foster the development of new personalized means for consumers to enjoy their artists music via satellite radio, HD radio and over the Internet.UMG owns an extensive catalog of music in the industry which also includes eLabs, a new media and technologies division taking in count it is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). UMG Executive Vice President of Business Strategy, Larry Kenswil said in a report, “Universal is committed to driving innovation and providing consumers with the most dynamic musical experiences possible,”
Gotuit’s pioneering work in the field of metadata has given it a widely recognized reputation of innovation and invention for technologies related to media and ntertainment. Adding on this license agreement initiative Gotuit CEO Mark Pascarella said “Central to these efforts has been the growth of our intellectual property portfolio. We are proud of the breadth, depth, and quality of our portfolio and look forward to our working with UMG and other industry leaders to develop new and exciting products and services through our licensing program.”
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However, financial terms of the agreement were not disclosed.
