MBW understands that Hipgnosis plans to reflect the unification of the management company and Hipgnosis’ two formerly separate portfolios (Hipgnosis Songs Fund and Hipgnosis Songs Assets) under a single, new name. Internal discussions on the matter are well underway, we’re told, with an announcement on a new name expected around the turn of the year. “The existing names no longer accurately reflects the structure of the business.”
Marketplace
Hollywood industry in crisis after strikes, streaming wars
Unemployment in film and TV in the United States was at 12.5% in August, but many think those numbers are actually much higher, because many film workers either do not file for unemployment benefits because they’re not eligible or they’ve exhausted those benefits after months of not working. As a whole, the number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022.
Source: Hollywood industry in crisis after strikes, streaming wars
Hollywood is coming out in force for California’s AI safety bill
Hollywood is squaring off against Silicon Valley in the battle over SB 1047, California’s first-of-its-kind AI safety bill. Amid doubts about whether Governor Gavin Newsom will sign the legislation, a wave of star-studded endorsements mark the first organized celebrity effort to advance AI regulations beyond the direct interests of the entertainment industry.
Source: Hollywood is coming out in force for California’s AI safety bill
Netflix To Pitch Top Agents, Managers On Transparency At Event Tuesday
The topic of how the major streamers pay talent has been one of the dominant conversations in Hollywood over the past few months. Netflix is holding a presentation for top agents and managers where it will likely be discussed as the streamer is understood to be reevaluating how it structures its deals going forward. Agents and managers are expecting information about more transparency on how the streamer pays their talent
TikTok Music to Shut Down in November After Launching in 2023
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ikTok Music is officially set to cease operating on November 28th, 2024, after launching in 2023, TikTok has announced. Absent from TikTok Music’s website is any mention of the precise cause(s) of the shutdown.
However, it’s possible that licensing problems (or at least friction) of some sort contributed to the decision. TikTok set its standalone streaming ambitions in motion in 2022, and even back then, reports suggested the majors were concerned with the service’s monetization potential.
Source: TikTok Music to Shut Down in November After Launching in 2023
Section 230 Catches Up to AI (Opinion)
Large language models churn out speech by the mile. Chatbots hallucinate and write strange things, spewing statements they think are true but are false—like many politicians. Both OpenAI and Microsoft have been sued for defamation for their chatbot’s output. Congress and courts should label generative AI companies as publishers, which they are, with all the ensuing copyright and liability issues.
Source: Section 230 Catches Up to AI
MPA Adds Amazon Prime Video And MGM Studios As Newest Member
The Motion Picture Association has added Amazon MGM Studios and Prime Video as its newest member. The Amazon outlets will officially join on Oct. 1 as the seventh member of the industry trade and lobbying organization. Netflix joined the association in 2019, a move that reflected the shift of the industry toward streaming, and the influence of tech giants on the business.
Source: MPA Adds Amazon Prime Video And MGM Studios As Newest Member
UMG CEO: ‘Streaming will continue to propel many years of industry growth.’
Universal Music Group hosted its 2024 Capital Markets Day in London on Tuesday at the iconic Abbey Road Studios (which is owned by UMG). The event was kicked off by UMG Chairman and CEO Sir Lucian Grainge. “Fact number one”, according to Grainge, is that “streaming has resulted in a quantum leap forward in music access and monetization and streaming will continue to propel many years of industry growth.”
Spotify Video Buildout Continues With Seven-Figure Offers: Report
This newest indication of an aggressive video embrace just recently came to light, though in many respects, Spotify’s visual-media ambitions have long been clear. A growing selection of video podcasts, short clips, and music videos are already live on the platform, which is also placing a greater emphasis than ever on profitability and operational efficiency.
Source: Spotify Video Buildout Continues With Seven-Figure Offers: Report
House Judiciary Committee Asks Copyright Office to Examine ASCAP, BMI
House Judiciary members sent a letter to the Copyright Office requesting an examination of concerns related to performing rights organizations (PROs). In the letter, signed by the committee’s chairmen Rep. Jim Jordan and Rep. Darrell Issa as well as member Rep. Scott Fitzgerald, two particular areas of concern are addressed: the “proliferation” of new PROs and the lack of transparency about the distribution of general licensing revenue.