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SONY'S ULTRA INVESTMENT "GOOD THING FOR DANCE MUSIC"
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It was announced last week that Sony Music has made an undisclosed investment in the electronic dance music label, Ultra Music.
Ultra Music has given EDM a mainstream platform in recent years and is responsible for signing such acts as Deadmau5, Kaskade and Steve Aoki.
The deal saw Sony CEO, Doug Morris appoint Ultra Music founder, Patrick Moxey as president of electronic music for the multi-national conglomerate.
In a recent interview with Billboard, Patrick Moxey, President and founder of Ultra says: "I think everybody is very happy for me, and they see it as a good thing overall for electronic music.
"I think the days of me going from radio station to radio station with dance records and radio telling me dance music would never work, those days are over. We’re starting to have big national hits. The times are changing."
Speaking on the global reach of electronic music, Moxey says: "Dance music is a global language. Dance and electronic music travels in a way almost like no other music because the instrumental can travel anywhere in the world."
Ultra’s revenues have been growing at around 20 percent per year as they cashed in $30 last year on the rapidly-expanding EDM market. Sony will hope to capitalise on this lucrative market in what's now been called "a groundbreaking new global strategic relationship".
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