Universal Music, the world's largest music company, has decided to close its operations in Russia in protest of Russia's invasion of Ukraine.
Universal Music announced yesterday (8th) that it is suspending all business activities in Russia and closing its offices.
Earlier last week, Spotify, the world's largest music streaming platform, closed its Russian office.
According to the International Record Industry Association, Russia is the world's 20th largest music market with an estimated sales of 245.8 billion won in 2020.
(Photo = Getty Images Korea)