Finance

Steven Soderbergh has long been unafraid to experiment with new technologies. So when he first talked to Roman Coppola about supporting emerging filmmakers through Coppola’s blockchain-based nonprofit Decentralized Pictures, Soderbergh was similarly eager to see for himself if blockchain’s promise of revolutionary problem-solving could extend into entertainment.

Source: Steven Soderbergh’s Next Indie Film ‘Experiment’: Blockchain Financing with Roman Coppola — Exclusive

Volta is described as a “free, self-service XR creation platform” that allows creators to construct and broadcast “metaverse-reaching” immersive experiences. The company says that it allows live streaming artists to use any audio source to automate various visual effects in sync with their music in real time. Volta claims that this is the first ever initiative of its kind.

Source: Immersive live-streaming tech company Volta raises $3m from Deadmau5, Robb McDaniels and more

Perhaps the billion-dollar question is this: can artists that have gone viral — on TikTok or elsewhere — transition into becoming long-term superstar acts? Last month in Nashville during CRS, Big Machine Label Group chief Scott Borchetta offered a bleak assessment on a frenzy of TikTok signings. “Not any of those [TikTok artists] that got signed to big deals have worked,” Borchetta stated soberly.

Source: Is the Music Industry Wasting Money on TikTok and Viral Artists?

Sony spent approximately USD $911 million on music catalog acquisitions in the 10 months leading up to February, 2022. The stat was recently revealed by Sony Corp‘s Executive Deputy President and CFO, Hiroki Totoki, on an investor presentation. Somewhere around half of that $911 million figure would have gone on Sony’s double-acquisition of Bruce Springsteen’s publishing catalog and his recorded music catalog.

Source: Sony spent an average of $91m on music catalog acquisitions every month over the past 10 months

Amazon has closed its $8.5 billion acquisition of MGM, the company announced on Thursday. The completion of the transaction will see more than 4,000 films and 17,000 TV shows become a part of Prime Video, the online retailer’s streaming service.

Source: Amazon completes $8.5 billion acquisition of MGM

Kobalt is going to continue to buy heritage copyrights amid the current music catalog gold-rush, it’s been revealed.  Only this time, it’s not using outside-investor money… it’s using its own, including a hunk of debt. According to Bloomberg, Kobalt Music Group has successfully raised $550 million in debt financing from JPMorgan Chase & Co. and HPS Investment Partners.

Source: Kobalt just raised $550 million in debt to buy music catalog rights

Downtown Music Holdings has established a new multi-million dollar fund to support independent artists and entrepreneurial business owners. The fund will be supported by a new credit facility with Bank of America, and will see Downtown invest over $200 million.

Source: Downtown launches $200m fund to invest in independent artists and entrepreneurs

As any studio or streamer knows, spending guarantees nothing. The real trick is spending on what people want to watch while producing the volume necessary to keep them hooked. That’s a constant and evolving balancing act in its own right, but the more money means more attempts for success.

Source: From Disney to Peacock: Here’s What the Top 7 Streamers Will Spend on Content in 2022

Hipgnosis Song Management has announced the acquisition of a career-spanning catalog created by legendary Canadian artist and composer Leonard Cohen. The acquisition marks a landmark deal for the private, Blackstone-backed Hipgnosis Songs Capital ICAV fund, a separate entity to the UK-listed Hipgnosis Songs Fund.

Source: Hipgnosis buys Leonard Cohen catalog via Blackstone-backed fund

Kobalt today reported that its gross collections grew by 15% to $548 million in the fiscal year ending June 30, 2021. The company also reported its first-ever year of profitability with $48.5 million EBITDA. The company also said it expects to approach $625 million in gross collections and near $65 million in EBITDA profit for the next fiscal year ending June 30, 2022.

Source: Kobalt Reports First Year of Profitability, With 15% Growth in Collections