Elliot Grainge and Sir Lucian Grainge attend the 2020 Billboard Power List Event at NeueHouse Hollywood on Jan. 23, 2020 in Los Angeles.UMG competitor Warner Music Group in 2023, will lead a record label group with about 7.9% of the U.S. market’s equivalent album units . That includes Atlantic Records, which had a 5.3% share through Aug. 1, along with the remaining labels that comprise Atlantic Music Group — 300 Elektra Entertainment and 10K Projects — with an estimated 2.6% share.
Led by Republic Records’ 10.5% share and Interscope/Geffen/A&M’s 10.0% share, UMG-owned record labels have a 29.8% share of the U.S. market’s EAUs. Other labels under UMG’s umbrella are Island Records, currently basking in a string of hits byThe Grainge’s father-son CEO dynamic is unprecedented even for an industry that often sees the offspring of heavy hitters follow a parent into the business.
Grainge, age 30, will ascend to CEO of Atlantic Music Group as WMG restructures its organizational chart and Atlantic retools to market music to digital natives . CEOis “excited by the prospect of taking Atlantic’s culture making capabilities and adding the 10K Projects founder’s digitally native approach into the mix,” he said during Wednesday’s earnings call.