Michael Geist, a law professor at the University of Ottawa, said a link tax rule could further damage the hurting news media industry if tech companies like Google and Facebook change their policies to opt out of link sharing, in turn diverting valuable page visits away from publishers. “If implemented, it is entirely possible, if not likely, that the [link tax] will actually hurt the industry, not help it,” he said.
Universal, Sony, and Warner face deleterious effects from COVID not only on their physical record sales and merch, but also on their share of touring ticket sales, plus a reduction in performance licensing income — in particular, money collected from bars, restaurants and retailers whenever they play records within their premises. In addition, all three majors own large-scale music publishing companies, who cannot collect their usual percentage of ticket sales for every live concert at which their catalogs are performed.
Many production companies as well as agencies were granted loans through the Paycheck Protection Program. Until now, the Hollywood entities that took PPP money have largely remained a mystery, with a few exceptions. Digital media company Cinedigm received $2.1 million from the program, according to SEC filings.
The rally in the UK company’s share price, on the London Stock Exchange, followed two bits of big news from the firm last week: (i) The announcement that it’s looking to raise £200m ($249m) via the sale of a new tranche of class C Shares; and (b) The release of its annual report for FY2020, which showed Hipgnosis having generated some $81m in revenues in the 12 months to end of March.
Facebook is expanding fan subscriptions to eligible musicians in several countries to better support themselves online. It’s the same model Twitch uses. Musicians will need to have over 10,000 followers or more than 250 return viewers. They also need either 50,000 post engagements in total or 180,000 watch minutes in the last 60 days. Much like Twitch, Facebook takes a 30% cut of the subscription revenue.
Following sustained lobbying from elements of the music business, the UK government has this evening (July 5) announced a £1.57bn ($1.96bn) support package for Britain’s arts and culture sector. The package covers funding for Britain’s museums, galleries, theatres, independent cinemas, heritage sites and music venues.
With the UK ‘Brexiting’ the European Union, it’ll need a new trade deal with the US. Unsurprisingly, the big American internet companies have views on what that trade deal should require from the UK in terms of copyright and safe harbour rules. And no, sticking to the spirit of the recent European Copyright Directive isn’t one of their requests.
Venues that were forced to lay off large chunks of their workforce at the beginning of the pandemic are now faced with a snowball effect of further problems: Unable to acquire Paycheck Protection Program (PPP) loans due to an inability to retain staff, these businesses now rely on the mercy of their landlords and may face impending eviction.
HIFI CEO and founder, Damian Manning, says the company, which dubs itself a “financial rights organization” is “building innovative products and services that work in concert with them to financially empower the creator class.” Those products include Royalties Dashboard, available to use now, which is financial platform that aggregates data from labels, distribution services, PROs, music publishers and others.
Film studios and production facilities have become hot commodities as Netflix, Amazon and Apple compete for streaming customers and race to produce more original movies and shows. Blackstone also owns a portfolio of office buildings in Burbank, Calif., with media tenants like Disney, Warner Bros Entertainment and NBCUniversal Media.