Another day, MBW noted that Popular music group is targeting an annual EBITDA margin of 25% over the next few years – and may need to explore innovative new revenue streams to get there.
Appendix A: More than two years on from announcing that it will enter the hospitality business through its partnership with investment group Dakia U-Ventures, UMG has now opened its “experience hotel” based on music” first in Madrid.
The UMUSIC Hotel Madrid is currently operating at full capacity after opening on November 14, 2022, at 60% capacity, site operated by UMG uDiscoverMusic confirmed on Monday (January 9).
The first UMUSIC hotel located inside the historical site Theater Albeniz buildings in the Spanish capital. The theater, which opened in 1945, closed in 2009. Initially, its owners wanted to tear down the building and replace it with a luxury residential building, but a group of citizens got together. prevent demolition, which was approved in 2016, uDiscoverMusic said.
As a result, negotiations over today’s UMUSIC Hotel Madrid have begun, according to the report.
UMG show brand UMUSIC Hotels in October 2020, at a time when the hospitality industry and the entire hospitality sector are still reeling from the COVID-19 pandemic.
However, Spain is not its first position target. UMG and Dakia have identified the first three locations as Atlanta, Georgia; Biloxi, Mississippi; and Orlando Florida.
Robert Lavia, President of Dakia U-Ventures, said at a press conference in 2020. The Mississippi hotel is expected to be completed this year. disclosure at the time the UMUSIC Broadwater hotel complex was valued 1.2 billion USD.
UMG said earlier that each UMUSIC Hotel is planned to be inspired by where they are located, promoting their local culture.
“UMUSIC Hotels will both highlight the rich musical heritage of these cities and provide new opportunities for artists to reach fans in authentic, creative and authentic ways.”
Bruce Resnikoff, Global Music Business
“Through the unique power of music to inspire and unite – especially with UMG’s unrivaled roster of artists and record labels – UMUSIC Hotels will both highlight the rich musical heritage of these cities both provide new opportunities for artists to reach fans in authentic, creative and authentic ways,” said Bruce Resnikoff, President and CEO of Universal Music Enterprises, in a statement. at that moment.
UMG says that unlike traditional hotels, UMUSIC Hotels offers fans, guests and artists an immersive musical experience, incorporating elements of the local music scene.
To celebrate the launch of UMUSIC Hotel Madrid, Antonio Banderas joins the musical The company will be in theaters until February 14.
This is followed by a show celebrating the 20th anniversary of the musical career of Spanish singer-songwriter David Bisbal, which will take place on stage for 20 days from March to April.
How much does it cost to stay one night at UMUSIC Hotel Madrid? around EUR €266,00 to €392.
In addition to a theater, the 130-room hotel also Features and characteristics a gym, an outdoor pool, an outdoor bar, three meeting rooms, a two-story solarium, a rooftop bar, an on-site restaurant, an event space and a poolside bar.
The hotel joint venture between UMG and Dakia builds on their previous agreement signed in August 2019 to create an immersive music experience.
The companies also plan to identify other potential projects including “next-generation retail”.
UMG’s entry into the hospitality industry comes as the music company expands its revenue stream. In recent years, it delves into NFT space, the Health, fitness technologyand social mediaamong others.
Global Music Business
