Clear Channel Shares Quiet Amid 'Landmark' Music Deal with Warner Music
Clear Channel Media & Entertainment and Warner Music Group Corp. (WMG) today announced a landmark partnership aligning the two companies' interests in driving digital growth, increasing radio listenership, breaking new music and creating new marketing opportunities for established artists. The agreement is the first wide-ranging strategic alliance between a major music company and Clear Channel.
Through this transformative alliance, WMG will share in revenue from all platforms and gain unprecedented opportunities to promote the music of its emerging and established artists across all of Clear Channel's unmatched multi-platform assets, including:
* Clear Channel's 850 radio stations nationwide; 243 million monthly broadcast radio users; more than 20,000 nationwide events; 60 million monthly uniques across its digital properties; its iHeartRadio theaters; and the 143 million person monthly reach of its outdoor assets; * Programs to dedicate commercial time specifically to launch new music by providing new song exposure through both an enhanced and a first-ever guaranteed and prioritized version of Clear Channel's Artist Integration Program (AIP), which will deliver carefully timed and continuing promotion; * Major nationally televised events, including the Jingle Ball annual holiday concerts, the iHeartRadio Music Festival, iHeartRadio Ultimate Pool Party events, iHeartRadio Album Release Parties, and more; * Special programs using Clear Channel's digital footprint, including its digital simulcast, digital-only stations and custom stations, as well as special audio and video content, programming and promotions; and * New targeted user interfaces in digital that make it easier for consumers to buy music when they hear it – building on radio's role as the #1 way people discover music, and driving the conversion of interest in new music directly to sales.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.