According to an update issued on Thursday (February 8), the deal has now received the necessary shareholder and regulatory approvals required for closing. As reported in November, as part of the transaction, BMI’s former shareholders will be allocating $100 million of the proceeds of the sale to the PRO’s songwriter, composer and publisher “affiliates” in “recognition of [their] creativity”.
Source: New Mountain Capital-led group closes acquisition of BMI
Shareholders in UK-listed Hipgnosis Songs Fund (HSF) have overwhelmingly voted in favor of paying companies who make credible acquisition bids for the firm’s catalog a one-off incentive fee of up to £20 million. Some 99.9% of HSF shareholders today (February 7) approved a proposal put forward by the company’s board for the ‘bung’ payment.
Source: Hipgnosis Songs Fund shareholders vote in favor of giving £20m ‘bung’ to bidders on its catalog
Merck Mercuriadis, founder and Chief Executive Officer of Hipgnosis Song Management (HSM) is to be appointed Chairman of the company. Ben Katovsky, currently HSM’s President and Chief Operating Officer, will succeed Mercuriadis as HSM’s CEO. HSM said that Mercuriadis will continue to “lead engagement with songwriters, artists and the music industry, generate opportunities to increase consumption and enhance the value of HSM’s client’s portfolios.
Independent music rights admin platform Music Reports has announced the acquisition of music licensing and data platform Blokur. The deal will leverage the strengths of both entities to provide a more robust set of services to a wider array of clients. Founded in 2015, Blokur is a music data and licensing platform centered around connecting music to “the next generation of online experiences.”
Source: Music Reports Acquires Licensing & Data Platform Blokur
A new study carried out for collective management organizations (CMOs) in Europe predicts that the global market for generative AI in music will exceed USD $3 billion by 2028 – a tenfold increase from 2023. The study also found nearly unanimous support for payments to rights holders when their music is used to train AI.
Source: Generative AI music market to be worth $3bn by 2028, says report commissioned by Sacem and GEMA
U.S. antitrust enforcers are opening an inquiry into the relationships between leading artificial intelligence startups such as ChatGPT-maker OpenAI and Anthropic and the tech giants that have invested billions of dollars into them. The action targets Amazon, Google and Microsoft and their sway over the generative AI boom that’s fueled demand for chatbots such as ChatGPT, and other AI tools that can produce novel imagery and sound.
Source: FTC opens inquiry into Big Tech’s partnerships with leading AI startups
The platform, currently in pre-launch, will cater to music-focused startups through resources like educational materials, news updates, and avenues to connect with UMG’s team. Its mission, outlined on the UMusicLift website, is to support “the next generation of diverse, music-related startups and entrepreneurs who aim to accelerate the next wave of digital transformation.”
Source: Universal Music unveils ‘UMusicLift’ hub for music startups
OpenAI’s reports to US tax authorities have from its founding said that any member of the public can review copies of its governing documents, financial statements, and conflict of interest rules. But when WIRED requested those records last month, OpenAI said its policy had changed, and the company provided only a narrow financial statement that omitted the majority of its operations.
Source: OpenAI Quietly Scrapped a Promise to Disclose Key Documents to the Public
Following last year’s strike from the WGA and SAG-AFTRA, the AMPTP may face a strike from the American Federation of Musicians. The AFM represents members who create music for TV, film, commercials, and other platforms and will begin negotiating a new contract with the Alliance of Motion Picture and Television Producers (AMPTP). The AMPTP negotiates on behalf of major Hollywood studios.
Source: Writers, Actors, & Musicians, Oh My! — Will Musicians Strike Next?
Beatdapp says its technology analyzes massive datasets to sniff out fraudulent streams, ensuring rightful payouts for artists and rights holders. The company says it analyzed more than 2 trillion streams and 20 trillion data points in 2023, while onboarding key clients. Beatdapp plans to use the latest funding to recruit senior leaders, expand its data science and technical teams, and venture into new markets such asAsia, India,and Europe.
Source: Streaming fraud detection platform Beatdapp raises $17m, inks partnership with Universal Music Group