The New York City-based entity intends to put the $3.5 million tranche towards accelerating the “first of its kind direct global digital licensing and collection for Comedians and other spoken word authors, music publishers and songwriters.” The latter two groups, Word Collections relayed, will benefit from “30% more revenue annually along with unparalleled transparency.”
Source: Comedy-Focused Royalty Company Word Collections Announces $3.5m Raise
The bill contained a number of proposals that would, in essence, have monetarily benefitted artists and featured performers to the detriment of record labels with whom these artists had signed contracts. Proposed by Labour politician Kevin Brennan MP, the headline suggestion of the ‘Brennan bill’ was the introduction of ‘Equitable Remuneration’ into UK law.
Source: Bill that would have hit record company profits in the UK rejected by British government
Sound Royalties says that the new touring advance program will work similarly to a “typical advance” with the company, but with customizations as it pertains to touring income versus music royalties. Each qualified performer will have the opportunity to access funding based off of their royalty streams or their guaranteed negotiated tour agreement.
Source: Sound Royalties launches advances for artists and performers seeking tour and production support
WarnerMedia and Discovery will be under pressure to divest some assets, especially outside the U.S., to secure approval for the $43 billion spinoff pact with AT&T that will bring WarnerMedia and Discovery together. AT&T’s eagerness to move on from its swan dive into the entertainment arena could make the company a willing seller of discrete assets in order to get the complicated transaction over the finish line.
Source: Biden’s Antitrust Squeeze May Grease the Wheels for TV Deals (Column)
Podimo – which offers podcasters the choice of exclusive and non-exclusive distribution – intends to put this latest capital influx towards expanding its market presence, founder and CEO Morten Strunge indicated in a statement. Moreover, Strunge, the founder of e-book and audiobook subscription service Mofibo, likewise emphasized his ambitious vision for (non-music) audio entertainment’s growth potential.
Source: Podcast and Audiobook Platform Podimo Completes $78M Series B
According to the company’s annual report, which was filed with the SEC Wednesday afternoon, Disney plans to spend approximately $33 billion on content over the next year, inclusive of its streaming programming, linear programming, and sports content.
Epic Games, the maker of hit video game Fortnite and Unreal Engine, has acquired Harmonix, creator of the popular Rock Band and Dance Central franchises for an undisclosed sum. The buyout of the Boston-based music-related game studio Harmonix follows a period of successful fraternization with the music industry for Epic.
Chinese technology giant NetEase Inc. has confirmed that its subsidiary Cloud Village – which operates music streaming service NetEase Cloud Music – will list on the Main Board of the Hong Kong Stock Exchange on December 2 under the symbol “9899.HK.” A pre-IPO prospectus reveals three “cornerstone investors” are backing Cloud Village’s listing: current parent company NetEase, Orbis Investment Management Limited, and last – but definitely not least – Sony Music Entertainment.
The round was led by Octopus Ventures, with participation from existing management and shareholders. Synchtank’s latest investment round follows a total of $750,000 seed funding from management, shareholders, and Juno Capital Partners in 2020, bringing the total raised in the past year to $6.6 million.
Source: Synchtank raises $5.8m in Series A funding round led by Octopus Ventures
Aimi says that its platform offers listeners “endless, bespoke experiences” created by DJs and producers “in collaboration” with the platform’s artificial intelligence. Following a limited free period this fall, the premium service of Aimi+ will shift to a paid model, using blockchain technology and smart contracts to administer royalties and revenue to artists using the platform.
Source: AI-powered music platform Aimi raises $20m in Series B funding round