MUMBAI: French media and content group, Vivendi, has agreed on a five-year development plan with the current senior management of Universal Music Group (UMG). This means that Lucian Grainge CBE, chairman and CEO of UMG, will continue with the company until at least 2020.

Africa, India and China will continue to be its markets for investment of music. The company will focus on monetisation of music on digital channels, expand its audio and visual content through several partnerships with platforms, and strengthen its strategic relationships with brands and sponsors. Additionally, UMG will continue to focus on talent management and development.

UMG, which owns a catalogue of 50 labels and is present in more than 60 countries, reportedly has a turnover of 5 billion euros. The company, which employs more than 7000 people world over, will have Grainge heading UMG till about 2020.

Appointed to his current position in 2011, Lucian Grainge has held a variety of functions within the music industry spanning over thirty years. After joining UMG in 1986 to launch PolyGram Music Publishing UK, Lucian Grainge held the positions of Chairman of Universal Music UK and Chairman and Chief Executive Officer of Universal Music Group International. He spearheaded the international expansion of UMG and the diversification of the company’s activities.