WARNER MUSIC GROUP AND ELLIOT GRAINGE'S 10K PROJECTS ANNOUNCE JOINT VENTURE

NEW YORK, Sept. 5, 2023

Next generation team behind 30 platinum-certified hits to benefit from WMG's investment while growing entrepreneurial culture

NEW YORK, Sept. 5, 2023 /PRNewswire/ -- Warner Music Group (Nasdaq: WMG) has entered into a joint venture with 10K Projects, the groundbreaking Los Angeles-based label founded in 2016 by Elliot Grainge. 10K Projects will become a standalone label within the WMG ecosystem, bringing its superstar roster and next generation team into the WMG fold. As 10K Projects continues to grow, the label and its artists will benefit from WMG's investment, expertise, and global infrastructure, including via support from ADA. Grainge will remain CEO of 10K Projects, guiding the company along with Co-Presidents Zach Friedman and Tony Talamo. Grainge will join WMG's global leadership team.

A fierce champion of exceptional talent, 10K Projects is home to stars such as Trippie Redd, who in just five years has scored eight Top 5 albums and mixtapes; Iann Dior, who spent eight weeks at No. 1 with the infectious hit "Mood"; and Internet Money, whose multi-platinum "Lemonade" boasts more than one billion Spotify streams and charted in over 25 countries. 10K Projects also launched the career of hip-hop sensation Ice Spice, who will continue to record for 10K Projects/Capitol Records.

"Joining Warner Music Group provides us with the backing, the collective expertise and vision to empower our artists and our employees on the next phase of our journey," said Elliot Grainge, Founder & CEO, 10K. "Max and Robert have been making all the right moves to position WMG for the future in what I think is one of the most fertile and exciting growth periods for the global music business. They have also shown that they value the kind of independent spirit and commitment to artist development that has made 10K successful so far. I know I speak for Zach, Tony and the entire team when I say how excited we are to get started in our new home."

"Elliot and 10K don't just discover original talent, they understand how to ignite fandom and create fresh impact with each release. It's a label full of next generation possibilities – with its artists, its leader, and its team. As 10K joins our thriving network of independent music brands, we're committed to giving it the freedom and backing to reach new heights," said Max Lousada, CEO, Recorded Music, WMG.