Universal Music’s stock spinoff shows that equity markets like the sound of music companies — and its stock’s performance so far raises the odds that more companies will join the growing gang of public firms that now includes WMG and three publishing companies. Here’s an informed but speculative guide to which companies are likely candidates, how the market might receive them and what issues they would face.
Matthew Loeb, president of the International Alliance of Theatrical Stage Employees, said early Wednesday that unless an agreement is reached, 60,000 union members will begin a nationwide strike against the major studios on Oct. 18 at 12:01 a.m. Such a work stoppage would be catastrophic, halting production across the U.S.
The company isn’t offering many details about the upcoming project just yet, beyond simply saying that it will involve creating a place where its fans can buy, collect and trade NFTs across its portfolio. It also notes this platform will encourage “peer-to-peer engagement and facilitate innovative ways for users to unlock new experiences,” which signals there’s a social element to the new experience that goes beyond just the marketplace aspects.
Bored Ape Yacht Club has been a big winner of this year’s NFT market explosion, with hundreds of millions of dollars’ worth of trading volume in a matter of months. Now the creators aim to expand into other media endeavors with the help of a veteran music industry executive.
The new programs will launch throughout the month of October, with the first being “Spotify: Discover This,” which arrives on October 14. This podcast will include insights on “music, podcasting, cultural moments, and trends,” and will feature a mix of music, artist interviews and other “surprises,” the company says.
As negotiations between the International Alliance of Theatrical Stage Employees (IATSE) and the Alliance of Motion Picture and Television Producers (AMPTP) resume this week, crews across the pond will be watching closely. Because while a film and high-end TV production boom in Britain has seen rates and opportunities blossom, it has also resulted in longer working hours, pressurized working conditions and an acute skills shortage.
As expected, Blackstone and Hipgnosis Song Management have launched a $1 billion partnership to invest in songs, recorded music, music IP and royalties, the companies announced Tuesday morning. The news comes amid a flurry of activity by major finance players in the music space, with KKR reportedly in negotiations to buy a $1 billion catalog from Kobalt Capital and Apollo Global Management is investing up to $1 billion in the new music rights firm HarbourView.
Primary Wave has acquired a stake in the assets owned by HLC Properties Ltd, the company owned by the estate of the legendary Bing Crosby. This includes the Bing Crosby Archives, featuring thousands of recordings by Bing Crosby and other artists, many of which have never been released.
Kobalt Music has been shopping its Kobalt Music Royalty Fund II, sources say, and is now involved in final negotiations or may have already closed the deal — which sources say is the $1 billion ball park — possibly with a group of investors that includes private equity firm KKR.
Walmart’s newly launched Netflix hub — arriving ahead of the holiday-shopping season — carries a variety of toys, apparel, games, books and other products tied to shows and movies including “The Witcher,” “Stranger Things,” “Cocomelon,” “Gabby’s Dollhouse,” “Cobra Kai,” “Queer Eye,” “Nailed It!”, “Ada Twist, Scientist” and “Over the Moon.”