Mumbai: Universal Music Group (UMG) and Gotuit have signed a broad license agreement for Gotuit’s intellectual property, which includes six issued patents and numerous patent applications. Under this license, UMG will foster the development of new personalized means for consumers to enjoy their artists’ music via satellite radio, HD radio and over the Internet. Financial terms of the agreement were not disclosed.
"Universal is committed to driving innovation and providing consumers with the most dynamic musical experiences possible," stated UMG executive vice president of business strategy Larry Kenswil. "And Gotuit’s broad vision for the use of metadata to personalize one’s music experience will enable us and our distribution partners to craft new, innovative digital music services for the benefit of our artists and their fans."
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 entertainment.
"For more than a decade now, our team has been hard at work developing the highest quality technology for enabling truly innovative personalized media experiences," added Gotuit CEO Mark Pascarella.
"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."