Sony Music announced the final withdrawal from Russia
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The American record label Sony Music, which announced on March 10 the suspension of activities in Russia, finally leaves the Russian market. According to the publication Billboardthe Russian division, together with its employees, will come under the control of a new legal entity, which was created by the former director of Sony Music Entertainment Russia Arina Dmitrieva.
“As the war continues to have a devastating impact on Ukraine and sanctions on Russia continue to escalate, we can no longer maintain a presence in Russia,” the label said in a statement, quoted by Billboard.
It is specified that on the basis of the Russian division of Sony Music, a new independent label can be created, which will be headed by Ms. Dmitrieva. The Russian company will cooperate only with local artists.
Sony Music Entertainment, along with Universal Music Group and Warner Music Group, is one of the “big three” major labels that control over 70% of the global music market. Residents of the Russian division of the label were, in particular, such artists as Kizaru, Lovv66 and Sergey Lazarev.
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