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A year ago, still months before Justin Bieber’s manager Scooter Braun made a permanent move to Los Angeles from Atlanta, Universal Music Group chairman Lucian Grainge was already offering the 30-year-old self-made millionaire office space at UMG’s Santa Monica headquarters (in the office adjacent to his, naturally). Now we know why.
On Tuesday, UMG announced an investment in Braun’s Schoolboy Records along with an agreement to distribute future releases. Braun, who currently boasts three artists with singles in the top ten on Billboard’s Hot 100 (“Boyfriend” by Bieber, “Call Me Maybe” by Carly Rae Jepsen, and “Glad You Came” by The Wanted) will also serve as creative consultant to Grainge.
“As a young man, you always look for more than just a business venture, but mentors,” said Braun in a statement announcing the partnership. “Lucian has offered me both the opportunity to work with an amazing company with amazing resources, but even more so, the opportunity to draw from his vast amount of knowledge, having been in the business as long as he has. Lucian doesn’t just look at the business as a music business, but as a worldwide multimedia business. He’s allowed me to be as creative as I want with my artists so that we can build for the future to come.”
Added Grainge: “With the barriers of entry to our industry nearly non-existent thanks to the global reach of the internet, it’s now easier than ever for music entrepreneurs to get started … and we want to be at the forefront of that expansion. [Scooter] is among the very best in the next generation of entertainment executives and the fact that he’s accomplished so much at such a young age is testament to his vision and drive.”
The deal, which will also make Braun the first entrepreneur in residence at Universal’s Global Creative Investment Program, a multi-million-dollar initiative to form ventures with tech-centric entrepreneurs in the music space, is described as a “win-win” for both parties.
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