Venture called BrandAmp is a 50-50 partnership.
Universal Music Group International and advertising giant WPP's media investment unit GroupM on Tuesday (Sept. 27) unveiled the launch of a joint venture.
The new 50/50 BrandAmp company is intended to develop music and brand partnerships for WPP agencies and clients. Financial terms were not disclosed.
Based in London, it will provide marketers with access to tap into Universal Music's repertoire and business skills. Moreover, it will liaise with other artists and labels in handling third-party synchronization deals and music partnerships.
"This new venture makes sense on many levels," says UMGI chairman/CEO Lucian Grainge. "It brings closer together two creative communities which are driven by innovation and imagination. It will also create a direct relationship out of what was an unnecessarily arms length way of doing business."
Universal Music "is the perfect partner to provide marketers with the most compelling and imaginative music solutions," notes WPP CEO Sir Martin Sorrell in a statement.