What is Going on with UMGP?
Universal Media Group (UMGP) has announced that it intends on creating NFTs (Non-fungible tokens). This will be with the help of partnerships with major celebrities from all areas of entertainment (such as sports, music, and television). Universal Media Group can utilize its large proprietary celebrity archives, including Kim Kardashian, Justin Bieber, DJ Khaled, Mike Tyson, etc., in this project. Universal Media Group believes that their partnerships with large celebrities will lead it to creating NFTs that are strongly demanded and valuable.
UMGP shares are down 22.22% to $0.14 a share Monday afternoon.
What This Means for UMGP?
This is good for the company as they expand into the growing NFT market space, a space that has dramatically surged recently. Universal Media Group believes that with this new project, NFTs could help with supplementary revenue in reference to the large content library the company owns. Mike Sherman, Universal Media Group’s president, says that, “Universal Media Group has been gathering celebrity oriented content from superstar entertainers for many years. It is exciting to get involved in one of the fastest growing and most capitalizing sectors in the Financial Markets.”
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Universal Media Group Inc is a producer and distributor of both short and long form content. It also focuses on the implementation of celebrity-based programming through social media and interactive TV. The company generates revenue from media and production.