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.
Finance
Warner Music Posts Best-Ever Quarterly Revenue as Stand-Alone Company
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
Create Music Unveils Credit Card for Streaming Royalties
Create Music Group, the indie startup that in Jan. 2019 became the first music distributor to offer clients access to streaming revenue figures, today unveiled its latest product: A credit card designed to give independent artists, labels and management companies immediate access to those funds.
Source: Create Music Unveils Credit Card for Streaming Royalties: ‘We Would Like to Be the Artists’ Bank’
Indie Film Producers Raise Alarm on Uncertain Futures, Survey Finds
Independent film producers long used to raising money for movies they believe in report they are mostly underpaid and over-pressured and face unsustainable careers. Those are among the findings of the first-ever Producers Sustainability Survey from Dear Producer, a digital forum for indie producers.
Source: Indie Film Producers Raise Alarm on Uncertain Futures, Survey Finds (Exclusive)
MIDiA: Equitable remuneration, artist income and unintended consequences
The key takeaway from this exercise is that just as with user centric, ER is not a silver bullet that is going to fix all of the ails of streaming for creators, mainly because there is no silver bullet. The fractional economics of streaming need scale to deliver benefits, which means that rightsholders (i.e. those with large scale catalogues) benefit far more than the majority of artists (i.e. those with small scale catalogues).
Source: Equitable remuneration, artist income and unintended consequences
Sony Music Buys AWAL and Kobalt Neighbouring Rights in $430 Million Deal
Sony Music has signed a definitive agreement to acquire Kobalt Music Group’s independent distribution and label division AWAL, as well as its neighbouring rights business, the companies announced on Monday (Feb. 1). The deal, which still needs regulatory approval, will see Sony pay $430 million, subject to customary working capital and other adjustments.
Source: Sony Music Buys AWAL and Kobalt Neighbouring Rights in $430 Million Deal
Tencent completes acquisition of further 10% in UMG; IPO could come this year
As previously announced, the Tencent consortium has acquired the shares in UMG for €3 billion based on a €30 billion enterprise valuation of the music company. The acquisition takes the Tencent consortium’s holding in UMG from 10% to 20%, and reduces UMG parent Vivendi’s ownership stake in the music firm to 80%.
Exactuals’ PaymentHub passes $1bn in all-time dollars processed
PaymentHub allows studios, unions, guilds, payroll companies, music publishers, record labels, distributors and marketplaces to provide direct deposit payments, tax document management and online reporting to rights-holders, performers, managers, service providers and independent contractors worldwide.
Source: Exactuals’ PaymentHub passes $1bn in all-time dollars processed
Primary Wave buys legendary Sun Records in $30m deal, including masters for Johnny Cash, Jerry Lee Lewis
Described by Primary Wave as a “multi-million deal”, the transaction encompasses master recordings for legendary artists including Johnny Cash, Jerry Lee Lewis, Carl Perkins, Roy Orbison, The Dixie Cups, and more. The buyout also includes all of the music publishing owned by Sun, as well as the iconic Sun Records logo and all other trademarks owned by Sun.
Literati raises $40M for its book club platform
Literati has raised a $40 million Series B to pursue an unusual startup opportunity — namely, book clubs. When you sign up for a Literati book club, you receive a print edition of each month’s selection with a note from the curator. You also get access to the Literati app, where you can discuss the book with other readers, and where curators host author conversations.