LifeScore, an AI-powered music platform, has raised about $14.5 million from investors including Warner Music Group. LifeScore intends to use the almost $14.5 million tranche “to accelerate its traction in Europe, the U.S. and Asia by strengthening its technical, audio and operations teams, expanding its customer base, and further investing in its proprietary adaptive music technology,” officials disclosed.
Source: AI Music Service LifeScore Raises $14.5MM In WMG-Backed Round
According to a new investor presentation given by UMG’s EVP/CFO Boyd Muir – that Universal does not consider participation in the catalog buyout gold-rush as “required” to satisfy its core future business objectives. According to that investor presentation handed to shareholders today (March 3), Universal spent €388 million (USD $459m) on catalog rights last year.
Pianity allows artists to sell their tracks as limited editions as a new way to monetize their music. It’s among one of the first NFT platforms launched in 2021 and has sold 11,000 NFTs with 20,000 users on the platform. Artists have made over $1.9mm from NFT sales to date. The seed funding round was led by Digital Renaissance Foundation, Big Brain Holdings, and Longhash Ventures.
Source: Music-Focused NFT Marketplace Pianity Secures $6.5M in Seed Funding
Epic Games, maker of hit video game Fortnite and Unreal Engine has acquired online music store and direct-to-fan platform Bandcamp. In a statement published by Epic, the company says that Bandcamp will play an “important role” in its “vision to build out a creator marketplace ecosystem for content, technology, games, art, music and more”.
Today, Netflix announced that it would be acquiring Finland’s Next Games, a developer of mobile games, for a total value of €65 million ($72 million). Next Games is listed on the public markets in Helsinki, and the deal is being done as an all-cash share purchase at €2.10 in case per share. The deal is expected to close in Q2 2022.
Peter Jansson, who since 2014 has served as senior manager of international music publishing within Disney Music Group, acknowledged the far-reaching financial effects of the Russia-Ukraine conflict in a message to his “fellow Music Publishers,” according to a copy of the comments that is circulating on social media.
Source: Disney Music Group Says Russian Sanctions Are ‘A Big Blow For Us’
UMG’s latest catalog deal comes just over two weeks after Sting sold his entire song catalog to Universal’s publishing division UMPG in a deal one expert industry source tells MBW reached a final acquisition fee north of $300 million. UMG hasn’t disclosed the price of the deal with Neil Diamond.
Source: Neil Diamond sells complete song catalog and all master recordings to Universal
Back in October of 2021, Spirit Music Group owner Lyric Capital launched a $500 million catalog fund with Northleaf Capital Partners. Now, Spirit Music has acquired the song rights of country artist Jason Aldean in an estimated $100 million deal. The transaction encompasses 90 percent of the five-time Grammy nominee’s recorded catalog as well as “neighboring rights and SoundExchange royalties,” according to New York City-headquartered Spirit.
Source: Jason Aldean Sells Catalog to Spirit Music In Reported $100 Million Deal
Spotify’s once-heady stock has now tumbled below its opening price in 2018, with potentially further downward pressure ahead. In Wednesday (February 23rd) trading, Spotify stock (SPOT) dropped below its symbolic $147.92 valuation, established on the company’s first day of trading on the New York Stock Exchange. The drop means that Spotify stock has lost an astounding $16.57 billion in market cap in 2022 alone.
Source: WSJ News Exclusive | BlackRock, Warner Music Invest $750 Million in Female and Diverse Artists