Music mogul Sir Lucian Grainge pocketed an astonishing £230 million last year in one of the largest ever pay packets for a British executive, writes Jamie Nimmo.
The chairman and chief executive of Universal Music Group, whose artists include Justin Bieber, Taylor Swift and Billie Eilish, made most of the eye-watering sum from bonuses related to its blockbuster float in Amsterdam.
His pay comes at a time when record companies and streaming services have been accused of failing to adequately reward songwriters and artists.
Tom Gray, chairman of the Ivors Academy, the independent body for British songwriters, said the level of Grainge’s pay was “shocking” given how little songwriters received. “It just can’t be right,” said Gray, a former guitarist for the band Gomez.
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