To identify what strategic factors have led to UMG’s excellent performance within the music industry, some additional background information on the firm must be provided. UMG’s business discovers, develops, markets, and distributes recorded music through a network of subsidiaries, joint ventures, and licenses in 75 countries. UMG also sells and distributes music videos and DVDs, and licenses recordings, encouraging the legal distribution of music online and over cellular, cable, and satellite networks. UMG includes Universal Music Latin Entertainment, the world’s leading Latin music company. In addition, UMG owns and operates Universal Music Publishing Group (UMPG), the world’s leading publishing business. UMPG owns and acquires rights to musical compositions and then licenses them for use in recordings including films and advertisements. Furthermore, UMG includes Bravado, its own merchandising company, as well as Twenty-First Artists, Trinifold, and 5B, some of the world’s leading full service artist management businesses. Another business division of UMG is Helter Skelter, its live music agency. Universal Music Group is clearly a very large and diversified company, encompassing many smaller specialized business segments that make it the largest and most efficiently run of the “Big Four” music groups. For more background information, check out "universal music group" on wikipedia.