New York-based Morgan Stanley Investment Management Inc. led the investment round, with the remainder of the raise coming from existing Hipgnosis shareholders. This is significant, as it means that not only does Hipgnosis have access to Morgan Stanley money, but that UK-listed Hipgnosis has also, for the first time, welcomed a US-based institutional investor into its business.
Source: Hipgnosis raises another $100m… led by Morgan Stanley money
The hard evidence of the transformation of Hollywood’s largest studios into the direct-to-consumer platform arena can be found in the current media earnings cycle. In closing the books on the fourth quarter of a difficult year, entertainment behemoths are documenting the costs and the long-term impact of massive restructuring efforts.
Source: The Bottom Line: Entertainment Giants Close Books on a Tough 2020 With Transformative Moves
The Toronto Star left its front page blank Thursday to call for further regulation of tech giants such as Google and Facebook, saying they have too much control over news content. “We are posing a simple question: what if the news wasn’t there?” investigative reporter Kenyon Wallace tweeted Thursday.
Source: Toronto Star leaves front page blank to push for regulation of
Sen. Amy Klobuchar (D., Minn.), the incoming head of the Senate antitrust subcommittee, will propose broad changes to U.S. antitrust laws Thursday as the newly Democratic-led Congress begins to press the issue of perceived monopoly power in technology and other industries.
Source: Klobuchar to Introduce Antitrust Bill Raising Bar for Technology Deals
According to an SPAC S-1 prospectus for Jacobson’s new company, The Music Acquisition Corporation, the exec was planning to raise $200 million (potentially up to $230 million) via an imminent IPO on the New York Stock Exchange. So far, everything is going to plan. Jacobson’s company has confirmed that it’s successfully priced its IPO of 20 million units at $10 each.
Source: Neil Jacobson secures IPO for $200m acquisitive music company, now trading on the NYSE
Spotify now boasts 155 million premium subscribers and 345 million monthly active users, according to its latest earnings report released today. Those numbers represent a 24 percent and 27 percent year-over year increase. Its biggest increase was in ad-supported monthly active users, which rose 30 percent to 199 million. Last quarter, it reported having reached 144 million subscribers, and 320 million monthly active users.
Sony’s music operations came roaring back in the company’s fiscal third quarter ended Dec. 31, as recorded music and music publishing operations grew 13% on a yen basis and 17.6% on a dollar basis to 187.11 billion yen ($1.79 billion) from 165.66 billion yen ($1.52 billion) in the year-earlier period.
Source: Sony Music Quarterly Profit Surges 71% On Big Streaming, Physical Gains
Sony Pictures saw its fiscal third-quarter profit jump to $212 million despite the novel coronavirus pandemic continuing to weigh heavily on the theatrical film business. The pandemic continues to drag down theatrical revenue, but the film and TV unit benefited from lower marketing and advertising costs and an increase in licensing and home entertainment sales.
Source: Sony Pictures Quarterly Profit Jumps to $212 Million
The fund, which IPO’d on the London Stock Exchange in November confirmed it has acquired over 25,000 songs for an aggregate purchase price of $281.86 million. Those songs include 446 compositions in the GIL/GPS catalog, which includes early Beatles classics (She Loves You, I Saw Here Standing There and more), plus songs recorded by The Rolling Stones, Otis Redding, John Lee Hooker, Pat Boone, and Ricky Nelson.
Warner Music Group posted its best-ever quarterly revenue in its 17-year history as a stand-alone company, it announced on Monday, powered by streaming, which led to double-digit growth in digital revenue. Notably, its recorded music streaming growth was up 16% in constant currency, and publishing digital was up 36%, although overall its Warner Chappell division’s revenue was flat.
Source: Warner Music Posts Best-Ever Quarterly Revenue as Stand-Alone Company