Today’s hearing in the UK’s streaming economics inquiry was the long-awaited appearance of Spotify, Apple Music and Amazon Music to field questions from the Digital, Culture, Media and Sport (DCMS) Committee. There were some strong signals about where the committee is heading in terms of its likely recommendations though, and some interesting signs of willingness on the part of the DSPs to engage with them.
Source: Spotify, Apple and Amazon at the UK streaming economics inquiry
Splice, the music creation platform helping creators make and collaborate on music easily from home, has closed a $55 million Series D funding round led by Goldman Sachs Growth, Splice announced in a blog post yesterday (Feb. 22). Other investors in the round include investment firm MUSIC (a joint venture between SONGS Music Publishing founder/former CEO Matt Pincus and Liontree), USV, True Ventures, DFJ Growth and Flybridge.
Source: Music Creation Platform Splice Raises $55M Following Record Year for Payouts
More and more Hollywood studios are concealing their box office grosses amid the pandemic and ongoing theater closures, saying they don’t want to be unfairly judged for numbers that, in ‘normal’ times, would be considered anywhere from tepid to abysmal.
Source: More Hollywood Studios Start to Conceal Box Office Grosses
Source: Roku’s Revenue Surges 58% on Pandemic-Fueled Streaming Boom
Sound Hill will be overseen by Robert Brenner, Manager of Royalty Services and Label Operations at Round Hill. His team will be responsible for ensuring each artist’s repertoire is registered accurately with neighboring rights societies worldwide, tracking international income, and optimizing data.
Source: Round Hill launches Sound Hill Neighboring Rights division
Traditionally, songwriters have been reluctant to sell their publishing rights, which are often a source of personal pride as well as a revenue stream that can outlive them. That’s changing as the market heats up, tax advantages loom and touring could be stalled for some time, while music catalogs are reconsidered as not just a collection of artistic works but also as a collection of monetary assets and revenue streams.
Source: Star Track, The Next Generation: What Do Major Catalog Sales Mean For Younger Artists?
A report from investment manager Stifel – since blasted as “naive” by Mercuriadis – last month questioned the way in which the value of Hipgnosis’ acquired assets are written up after periodic NAV (Net Asset Value) re-assessments from independent valuer Massarsky. Meanwhile, possibly briefed by Hipgnosis competitors, some of the business pages of the UK’s media are becoming increasingly hostile.
Source: Merck Mercuriadis faces the future… and stares down his critics
iHeartMedia has entered into an agreement with The E.W. Scripps Company to acquire Triton Digital for $230 million. Operating in more than 50 countries, Triton Digital is an Advertising Technology SaaS platform for audio streaming, podcasting and metrics that enables publishers to monetize their audiences.
Source: Another giant podcast buy: iHeartMedia acquires Triton Digital for $230m
Disney alums Kevin Mayer and Tom Staggs are in the early stages of shopping for content companies to roll up into a larger operating company with backing from private equity giant Blackstone. High on the pair’s wish list is Scooter Braun’s media and management firm SB Projects.
Source: Kevin Mayer, Tom Staggs Eye Rollup of Content Firms Including Scooter Braun’s SB Projects
The Mechanical Licensing Collective (MLC) has officially received $424 million worth of unpaid royalties from digital platforms including Spotify, YouTube, and Apple Music. A total of 20 digital service providers (DSPs) have transferred unclaimed payments to the MLC “to seek the MMA’s [Music Modernization Act’s] limitation on liability for past infringement,” the organization said.
Source: Mechanical Licensing Collective Receives $424 Million in Unpaid Royalties