The $282m figure is $93m smaller than the $375m raise that Round Hill targeted last month in the announcement of the intention to float its new fund. Commenting on the IPO, Trevor Bowen, Chair of Round Hill Music Royalty Fund Ltd said: “When considered against the global turbulence prevalent during the IPO process due to Covid-19, this achievement clearly demonstrates a strong investor appetite for both the music royalty asset class… and the recognized expertise of the Round Hill team as an investment manager in this sector.”
Source: Round Hill fund raises $282m ahead of London IPO this Friday
Sources confirm press reports that the Kobalt Music Group, which houses its platform and the vast majority of its staff, is being shopped; and some are wondering why the two pieces — the fund owning the copyrights and the larger platform — weren’t shopped together because the latter would have been easier to sell if it came with the former.
Canadian performing rights society SOCAN generated revenues of CAD $405.6 million (approximately $310.5m) in 2019, up 8.2% compared with 2018, according to its final 2019 financial results, which were published yesterday (November 4). However, the body’s payouts to members totalled CAD $296m ($226.6m), a 6% decline compared with the CAD $315m ($241m) distributed in 2018.
Canada’s broadcast regulator estimates, according to its most recent financial data, that streaming services record annual revenue of roughly 5 billion Canadian dollars, or the equivalent of $3.77 billion. Canada is eyeing nearly C$1 billion a year to finance the making of Canadian television shows, films and music.
