Sony Music completes Russia exit

The American record label Sony Music, which announced on March 10 the suspension of activities in Russia, finally leaves the Russian market.

The Russian division, along with its employees, will come under the control of a new legal entity, which was created by the former director of Sony Music Entertainment Russia Arina Dmitrieva, according to Billboard.

"As the war continues to have a devastating impact on Ukraine and sanctions on Russia continue to escalate, we can no longer maintain a presence in Russia," the company said in a statement.

It is specified that based on the Russian division of Sony Music, a new independent label can be created, which will be headed by Dmitrieva. The Russian company will cooperate only with local artists.

Sony Music Entertainment, along with Universal Music Group and Warner Music Group, is one of the "big three" major labels that control over 70 per cent of the global music market. Residents of the Russian division of the label were, in particular, such artists as Kizaru, Lovv66, and Sergey Lazarev.