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UMG
owns an extensive catalog of music in the industry which
also includes eLabs, a new media and technologies division
taking in count it is marketed through two distinct
divisions, Universal Music Enterprises (in the U.S.)
and Universal Strategic Marketing (outside the U.S.).
UMG Executive Vice President of Business Strategy, Larry
Kenswil said in a report, "Universal is committed
to driving innovation and providing consumers with the
most dynamic musical experiences possible,"
Gotuit's
pioneering work in the field of metadata has given it
a widely recognized reputation of innovation and invention
for technologies related to media and ntertainment.
Adding on this license agreement initiative Gotuit CEO
Mark Pascarella said "Central to these efforts
has been the growth of our intellectual property portfolio.
We are proud of the breadth, depth, and quality of our
portfolio and look forward to our working with UMG and
other industry leaders to develop new and exciting products
and services through our licensing program."
However,
financial terms of the agreement were not disclosed.
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