Universal Music Group (UMGNF) has signed an agreement with a Non-Fungible Token (NFT) platform, Curio, to develop NFT collections for its record labels, operating companies and recording artists across the world.
As per the terms of the agreement, Universal Music will make use of Curio’s technology, partnerships and fan engagement networks to create and launch future NFT projects.
Launched in 2020, Curio released its first NFTs in February last year. So far, it has released more than 75,000 NFTs with entertainment brands across music, film, television, and graphic novels.
Michael Nash, Universal Music Group’s Executive Vice-President of Digital Strategy, said, “With Curio, our labels will have a secure and dedicated platform to host these premium projects and provide new opportunities for collectors and fans from around the world to acquire unique pieces, inspired by their favorite artists and labels.”
“Universal Music is focused on developing new opportunities in this space that place our artists and labels at the forefront, working to ensure that the evolution of Web3 provides exciting new avenues for their creativity,” Nash added.
Ben Arnon, Curio’s Co-Founder and Co-CEO, said, “Universal Music has a huge catalog with unlimited opportunity to deliver value to fans across the globe. Their brands and labels are historic and iconic. And the digital innovation and Web3 expertise amongst their executives is unparalleled.”
The companies have already started working on their first project with Capitol Music Group artist Calum Scott. The first issue of the project is scheduled to be released in March.
About Universal Music
Minnesota-based music entertainment company Universal Music is engaged in music recording, music publishing, merchandising and creating audiovisual content. It discovers and develops artists, supports the creation of audio and audiovisual content, and markets, distributes, sells and licenses such content.
UMGNF stock closed 1.3% down on Thursday at $23.
Analysts’ Take
Recently, Kepler Capital analyst Conor O’Shea maintained a Buy rating on the stock with a price target of $32.44 (41% upside potential).
Additionally, Joseph Thomas of HSBC reiterated a Hold rating on Universal Music and lowered the price target to $26.75 (16.3% upside potential).
Based on 4 Buys, 1 Hold and 1 Sell, UMGNF has a Moderate Buy consensus rating. The average Universal Music Group price target of $30.95 implies 34.6% upside potential from current levels. Shares have lost 16.2% year-to-date.
Investor Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Universal Music, with 31.1% of investors on TipRanks increasing their exposure to the stock over the past 30 days.
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