Songtradr has announced a deal to acquire 7digital, whose CEO is expected to join the purchasing company in an executive capacity. Songtradr’s latest purchase, which follows the 2022 buyout of music-classification platform Musicube, came to light in acquisition documents that were forwarded to Digital Music News this morning. When the market closed yesterday, 7digital stock was worth 0.325 pence per share.
Source: Songtradr Announces $23.4 Million Deal to Acquire 7digital
MusicBird AG, a Swiss-based music rights investment firm, has signed a term loan facility with a capacity up to $100 million with Mitsubishi UFJ Financial Group (MUFG). With publishing rights from hitmaker J.R. Rotem (Rihanna, Jason Derulo, Fall Out Boy) and master income and publishing rights from Shaggy already part of their acquired catalog, the firm is hoping to invest even further in music.
Source: MusicBird Secures $100 Million Term Loan Facility to Buy More Music Rights
New York-based Reservoir Media generated revenues of $29.9 million in calendar Q4 2022 (its fiscal Q3 2023), up 16% compared to the $25.8 million generated by the company in calendar Q4 2021 (Reservoir’s fiscal Q3 2022). This growth was primarily driven by a 14% YoY increase to the company’s Music Publishing revenues, inclusive of the acquisitions of various catalogs.
Source: Reservoir revenues rise 16% to $29.9m in calendar Q4 2022
Warner Music Group Corp. weathered a “tough quarter” in first financial quarter of 2023, as described by new CEO Robert Kyncl, who took the helm of the company on Jan. 1, the day after the quarter ended. In the period ended Dec. 31, 2022, total revenue decreased 8% or 3% in constant currency, with digital revenue decreasing 5% or 1% in constant currency. Net income was $124 million versus $188 million in the prior-year quarter.
The Michael Jackson estate is in the process of selling half of its interests in the legendary singer’s music catalog in a deal in the $800 million-$900 million range, three sources confirm. While details are unclear, sources say that Sony and a possible financial partner are negotiating to acquire 50% of the estate’s interests in Jackson’s publishing, recorded-music revenues, the “MJ: The Musical” Broadway show and the upcoming biopic “Michael,” and possibly more assets.
Source: Michael Jackson Estate Nearing Music-Catalog Sale Worth $800-$900 Million (EXCLUSIVE)
Terms of the deal also include a stake in producer royalties from Van Zandt’s work with Southside Johnny and the Asbury Jukes, along with band member and producer royalties from his long collaboration with Bruce Springsteen. Highlights of the deal include some of the artist’s biggest hits, among them Southside Johnny and the Asbury Jukes’ I Don’t Want To Go Home and This Time It’s For Real, and I Am A Patriot (famously covered by Jackson Browne, Pearl Jam, and others).
Source: Primary Wave Music strikes ‘multimillion-dollar deal’ with Stevie Van Zandt
Amazon content spending jumped 28% in 2022, which included rich deals for “Thursday Night Football” and “The Lord of the Rings: The Rings of Power.” The ecommerce company’s total expenses for video and music for 2022 were $16.6 billion, up from $13 billion in 2021, Amazon disclosed in its annual report filed with the SEC Friday, a day after reporting mixed results for the fourth quarter of 2022.
Source: Amazon Content Spending Soared 28% in 2022, to $16.6 Billion
Sony Music Entertainment (SME) posted a double-digit Q4 2022 revenue jump as streaming and publishing earnings continued to grow. The Big Three label’s Q4 2022 showing came to light in an earnings analysis from the overarching Sony Group today. According to the document, Sony Music Entertainment’s income for October, November, and December of last year totaled ¥313.21 billion ($2.44 billion), up from ¥235.69 billion ($1.83 billion) during the same stretch in 2021.
Source: Sony Music Posts Q4 2022 Revenue Jump As Streaming Thrives
Los Angeles-based private equity firm Shamrock Capital raised $600 million in a new fund aimed at acquiring film, television, music, video games and sports rights, the company announced Thursday (Feb. 2). Founded in 1978 as Roy E. Disney‘s family office, Shamrock now says it has $4.4 billion of total assets under management, including $2 billion in its content strategy, thanks to the close of this new fund, the Shamrock Capital Content Fund III.
Alphabet, parent company of Google and YouTube, turned in fourth-quarter 2022 earnings that missed analyst estimates, as YouTube’s ad revenue again suffered a year-over-year decline. YouTube ad revenue was $7.96 billion in Q4, down 7.8% from $8.63 billion a year earlier. Analysts expected YouTube advertising revenue to come in at $8.2 billion for the most recent quarter, per FactSet. Total revenue was pegged at $76.58 billion, with earnings per share of $1.19, according to Refinitiv.
Source: Alphabet Misses Q4 Earnings Estimates, YouTube Ad Revenue Drops by Nearly 8%