According to data revealed in local trade body’s SNEP’s half-year report, Deezer paid out 37.5% of all money generated by streaming in France for the three major record labels in the first six months of 2019. (Total streaming revenues for the French record industry in this period stood at €138.1m.)
Negotiations between the American Federation of Musicians (AFM) and the studios lasted over two years, but while the former did receive significant improvements in their contract with the latter, their members still will not be getting residuals for TV shows and movies that are streamed online.
The acquisitive company – which started trading on the London Stock Exchange (LSE) in July 2018 – is committed to undertaking a semi-annual valuation of its song portfolio, conducted by an independent valuer. According to that independent valuer, Hipgnosis’ unaudited Operative Net Asset Value (‘Operative NAV’) was 108.46 pence per Ordinary Share on September 30, 2019.
Sosa Entertainment claims that it has not been paid full royalties associated with over 550 million streams on Spotify. The tracks associated with these streams, says the company, were removed by SPOT in a process which began “in or about” May 2017, and were chopped from the service “without advance notice [and] without ever telling [Sosa and PMR] why their songs were removed”.
Impala, the European trade collective that represents both independent labels and publishers, announced today that it is “gearing up” to oppose Tencent’s buyout of a 10% stake of Universal Music Group, with an option to add a further 10%. The organization is also concerned about “who might buy the additional UMG stakes that are up for grabs.”
The former CEO of PledgeMusic — the direct-to-fan music marketplace that filed for liquidation earlier this year, leaving thousands of musicians unpaid — has been accused of improper financial conduct by a member of the band Failure, one of the artists who are owed money by the company. The executive has denied the allegations and says he is exploring legal action.
Los Angeles-based Mythical Games is using the decentralized digital ledger technology of blockchain to build games where players can be verified as owners of a piece of a game. The company calls these digital ecosystems built around player-owned economies. The company is developing its first game.
According to its latest earnings report, Spotify made 90% of its revenue and 94% of its gross profit in Q3 2019 from paid subscriptions, with the minority remainder going to advertising. In fact, subscriptions are now taking up even larger pieces of Spotify’s revenue and gross-profit pies compared to the same quarter last year, suggesting that the company’s income sources are even less diversified than before.
Democratic presidential candidate Elizabeth Warren has joined a number of public figures and celebrities taking to social media to comment on Taylor Swift’s battle with Scott Borchetta, head of Big Machine Label Group, and Scooter Braun, the company’s new owner.
The Merck Mercuriadis-founded company visited the LSE on Friday (November 15) with Nile Rogers – a board member the company’s investment adviser The Family (Music) Limited – to celebrate its admission to the Premium Segment, and its completion of four equity fundraises since its launch in June 2018.