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We dive deep into the corporate structure of Universal Music Group, exploring how this music giant operates beyond just being a label. They discuss the evolution of Universal from its origins in 1924 to its current status as a public company, highlighting the importance of understanding the business behind the music. Whether you're an artist, a music enthusiast, or someone interested in the business side of the music industry, this episode offers valuable insights into how Universal Music Group operates and what you can learn from its structure and how it's created a competitive moat. 0:00 Open 3:35 Origins: 1924 MCA → UMG 4:49 IPO disclosure 6:02 One song, many businesses 7:12 360 architecture: UMPG, distro, merch 8:36 Ownership Group 11:00 Local Joint ventures and market entry 13:06 Streaming growth and penetration 15:17 Genre export data by country 17:05 Distribution slices vs label deals 18:06 Catalog engine: Zoe Wees case 20:41 Process → scale → margin → moat 21:48 Web3 ventures and moat extension 37:46 Full‑stack monetization shelves 39:19 No single‑artist dependency 46:11 Define the real business: accompaniment 49:00 Operations buy back focus 56:19 Iterate structure to remove friction 59:01 Be bad and buy expertise 1:03:17 Time under tension; stay deep Citations: https://citationsy.com/project?id=239385 Key Topics: The history and evolution of Universal Music Group Understanding the different revenue streams in the music industry The importance of corporate structure and operational efficiency at scale How Universal leverages partnerships, data, and emergent markets for growth Insights into the future of music and the global market potential *Special thanks to Andre Gray and the team at Annex88 who graciously let use their space, shot, edited, and engaged with us. Don't follow us. Follow the money.