Warner Music digital head Zubillaga to quit
NEW YORK |
NEW YORK (Reuters) - Warner Music Group, the world's third-largest music company, said on Monday its executive vice president of digital strategy, Alex Zubillaga, is leaving the business in June to pursue other opportunities.
Zubillaga has overseen key digital initiatives at Warner as the company has made the difficult transition from selling music on CDs to selling songs in digital files such as MP3 and licensing music videos for Web sites like YouTube and Yahoo Inc. He will be replaced by long-time Warner digital executive Michael Nash.
Digital strategy has become the linchpin for the future of the music business as major companies work frantically to strike deals with new partners on the Web and mobile platforms to boost revenue and stymie piracy.
Warner said it has seen digital revenue grow from a standing start four years ago to $141 million in its fiscal first quarter over the Christmas period, representing 14 percent of the company's total revenue.
Before joining Warner, Zubillaga was a managing director and co-founder of Lexa Partners, a venture capital firm which was part of the investor group that included Thomas H Lee Partners, Bain Capital and Providence Equity Partners and which purchased Warner from Time Warner Inc in 2004.
Zubillaga, who is a brother-in-law of Warner Music Chief Executive Edgar Bronfman, said in a statement he is eager to return to his entrepreneurial roots.
(Reporting by Yinka Adegoke; Editing by Quentin Bryar)
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