Sony Music announced the final withdrawal from Russia
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Sony Music Group finally leaves the Russian market. About it informs Billboard magazine, citing a September 7 record company statement.
According to the publication, Sony Music has decided to completely leave the Russian market and transfer the Russian business to local management. It is specified that the reason was the ongoing hostilities in Ukraine, as well as the strengthening of sanctions against Russia.
“We can no longer continue our presence in Russia,” Billboard quotes the music company.
According to the magazine’s sources, the division will come under the control of a new legal entity. Arina Dmitrieva, former managing director of Sony Music Russia, will become its leader. It is noted that the new company will not depend on Sony Music Group. The interlocutor of the magazine also clarified that the label would promote only Russian musicians.
In addition, the rights to tracks by international artists are not included in the terms of the company’s transfer. In this regard, Sony Music Group turned to Russian streaming services with a request to remove the repertoire of foreign artists (Harry Styles, AC / DC, Beyoncé, Michael Jackson, etc.), which was released before the start of Russia’s special operation in Ukraine. Previously, the company also limited the premiere of new tracks on music services.
Against the backdrop of a special operation in Ukraine in early March, three major recording companies suspended their activities in Russia – Sony Music Group, Universal Music Group and Warner Music Group. They froze all investments, advertising activities and music releases in the country. According to Billboard, Sony Music became the first company from the “big three” labels, which announced the final withdrawal from the Russian market.
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