Universal Music Group (UMG) has bought a stake in Australian indie label Petrol Records – home to the recordings of INXS outside North America.
Petrol was founded 15 years ago by Chris Murphy, who managed INXS from 1980 to 1995, and later signed the band signed to Petrol in 2009.
As part of the agreement, UMG and Petrol are launching an ‘expansive joint venture’ which will lead the way for new audio releases from INXS, as well as projects including additional films, theatrical productions, live events and fan conventions.
UMG is currently producing a feature-length documentary on the life of INXS lead singer Michael Hutchence – little over a year since it released AMY, the Oscar-winning, UMG-produced movie covering the life of Amy Winehouse.
Sir Lucian Grainge, Chairman and CEO of Universal Music Group said: “I’m thrilled to be building on our special and long term relationship with Chris Murphy and INXS.
“We look forward to developing exciting projects that will create new immersive experiences for fans around the globe to engage with the music from one of the world’s most enduring bands.”
Last night, at a reception in Sydney, UMG announced that INXS’s Very Best album has now achieved 6 X Platinum sales status.
“I’m thrilled to be building on our special and long term relationship with Chris Murphy and INXS.”
Sir Lucian Grainge, UMG
Said Chris Murphy: “Once a upon time the music business was a very simple place (industry) to be involved in, find an artist, record and release, then do a tour.
“These days we operate within a very complex entertainment industry where many are at odds with this new paradigm.
“Sir Lucian and his team are on the money and focused for the future so it is my complete delight to be working with him and his vision.
“From Musicals to Movies we have the future of music covered together.”
Petrol, founded in 2001, was the first independent label to sign a worldwide distribution agreement with Apple Inc.’s iTunes.
Chris Murphy received the New South Wales Premier’s Expo Award for Arts & Entertainment and was named Australian Entrepreneur of the Year in 1987 by Business Review Weekly for his achievements with INXS.
In 2008 Murphy received a Grammy nomination for his documentary on the street music of Cuba.
In 2014, Murphy was Executive Producer of the INXS television mini-series, Never Tear Us Apart, which set viewing records in Australia.Music Business Worldwide
