Companies Cutting Ties with Russia... Universal Music Joins In

"Suspension of Business Operations in Russia... Office Closure"

[Image source=Yonhap News]

[Asia Economy Reporter Cha Min-young] As global companies begin to 'cut losses' following Russia's invasion of Ukraine, the world's largest music company, Universal Music, has also decided to suspend operations in Russia as a form of protest.

According to foreign media on the 8th (local time), Universal Music announced that it would halt all business activities in Russia and close its offices as of the previous day. Universal Music stated, "We urge an immediate end to the violence in Ukraine."

This move comes amid a wave of global companies joining sanctions against Russia, such as Spotify, the world's largest music streaming platform, which announced last week that it would close its office in Russia.

Universal Music further stated, "We are fully complying with international sanctions along with our employees and artists, and have been cooperating with organizations in the US, UK, Poland, and others to provide emergency humanitarian aid to refugees in the region."

According to the International Federation of the Phonographic Industry (IFPI), Russia ranked as the 20th largest market in the world in 2020, with music sales amounting to $199 million (approximately 245.8 billion KRW).

The number of companies suspending operations in Russia is increasing. Consumer goods companies in sectors such as food and beverages, automobiles, and cosmetics are leading this trend. Nike, IKEA, Apple, Netflix, Walt Disney, Intel, Ford, Boeing, and General Motors have all declared that they will suspend business in Russia in condemnation of the invasion of Ukraine.

This content was produced with the assistance of AI translation services.