The former President and CEO of Universal Music Group Distribution, Jim Urie, has been appointed Executive Chairman of CÜR Media, in addition to its Interim President and Interim CEO.
Urie brings over 40 years of music industry experience and contacts to the role at the new streaming service – and he’s going to need them.
Back in February, it was revealed that CÜR Media had agreed to pay $8m for licensing deals with Universal, Sony and Warner, in addition to handing over around 5% in equity to each of the majors.
However, last month, a financial update from CÜR showed that it missed its deadline. It had only been able to pay $500,000 of the sum, after raising $2m, and was given a 150-200 day extension to raise the rest.
In addition, CÜR – yet to launch, remember, – posted net losses of $8.5m for 2015, widened on the $6.2m net loss it posted in 2014.
Its financial report added: ““We plan to bring Cür Music to market in the third fiscal quarter of 2016. In order to do so, we need to raise approximately $15.0 million, to implement our business plan, market Cür Music, for content license costs, and for general working capital.”
That job may now fall to Jim Urie, as the business actively searches for a permanent President and CEO.
Urie was President of Universal Music Group Distribution for 16 years, and CEO and President for 12 of those years, until his departure in early 2015.
Urie (pictured) was with Universal Music Group since 1996, during which time he oversaw purchases and integrations of several major acquisitions.
Urie began his music career in 1972 as a college rep for CBS Records. Upon leaving CBS, he spent time at both PolyGram and Arista Records before joining Universal.
CÜR bills itself as “a mix of internet radio, expertly curated stations, and your own playlists all-in-one”.
There are two ad-free subscription tiers, starting at $1.99 a month on Android – believed to cost $2.99 on iOS.
“I am excited to become part of CÜR Media and to work with the team,” said Jim Urie.
“There is a tremendous opportunity to break new ground in the music streaming space, and I believe the CÜR Music offering is poised to do just that. Upon launch, we will be the first streaming service that brings new price points to the market and exciting ways for our customers to interact socially. I look forward to bringing this dynamic product to market.”
Tom Brophy, Founder of CÜR Media, will continue to have an active role with the Company and will continue to be a member of the Board of Directors.
He said: “CÜR is a next generation music streaming service with the lowest price in the industry at $1.99 per month, properly compensating artists and providing new opportunities for the music industry. I welcome Jim to our team and look forward to working closely together.”Music Business Worldwide
