The chairman and CEO of Universal Music Group are Sir Lucian Charles Grainge CBE (born 29 February 1960). Grainge has spent his entire career working in the music industry. Four times in the 2010s, Billboard magazine named Grainge the most influential person in the music industry and the first-ever Executive of the Decade.
How Much is Lucian Grainge Net Worth?
Lucian Grainge, one of the most influential figures in the music business, is Elliott’s father. He leads the Universal Music Group as chairman and CEO. The native of London has been in the job since 2011 and, according to Forbes, is worth about $50 million. However, that is nothing compared to the $230 million wealth owned by Sofia Richie’s father, music legend Lionel Richie, who will soon become Elliot’s father-in-law.
How Did Lucian Grainge Start His Professoin?
Grainge was appointed chairman of the Universal Music Group’s UK branch in 2002, and subsequently of Universal Music Group International in 2005. Until 2010, he held this role. He succeeded Doug Morris as CEO of Universal Music Group on January 1, 2011, and on March 9, 2011, he was named chairman.
Universal acquired the Recorded Music division of EMI during the first year of his tenure as chairman and CEO of the corporation. For the sake of the entire business, Grainge claimed that selling to Universal was the only way to improve EMI.
Following that, UMG made an effort to revive erstwhile EMI labels including Capitol Records and Virgin Records. According to BuzzFeed’s analysis of the EMI takeover, “Grainge will go down as the master architect of what is likely to be the last big deal in the music business.”
In his capacity as Universal’s chairman and CEO, Grainge has also worked to enhance the company’s global digital reach by forming distribution agreements with internet giants like Apple, Spotify, Facebook, Tencent, and YouTube. Grainge oversaw the multi-year, international license arrangement that UMG and Spotify signed in 2017.
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Grainge oversaw the acquisition of Bravado, which was formerly a section of Sanctuary, and helped turn it into Bravado, UMG’s business for entertainment merchandising and brand management. The organization links with retailers including Barneys, Bloomingdale’s, and Selfridge’s, representing musicians like Justin Bieber, Lady Gaga, and Kanye West.
Additionally, Grainge directed the growth of the classical record companies Deutsche Grammophon and Decca Classics and finalized a global strategic alliance with Live Nation.
UMG was worth $22 billion in 2017, which is three times what it was when Grainge became the company’s CEO. JPMorgan estimated that UMG might be valued at up to $40 billion in July 2018, and boosted that estimate to $50 billion in 2019.
Grainge’s extension as chairman and CEO of UMG until at least 2020 was announced by Vivendi in 2015, who claimed he was essential to their plan. Under his leadership, UMG saw increased EBITDA, and annual, and digitally recorded music revenue. UMG was successfully floated into its IPO by Grainge in 2021.