welcome to world music businessweekly roundup – guaranteed to catch up on the 5 biggest stories making headlines over the past 7 days. MBW Roundup is supported by: Centriphelps over 500 of the world's best-selling artists maximize income and reduce touring costs.
The world's largest music copyright holder announced on February 20th, 25.8% invest code music partnersowns some shares. 60,000 including pop hits such as Ryan Tedder and john legendAs well as the smash songs of the weekend, Loadand Diplo.
And in a separate deal, the company is acquiring a stake in a youth media platform. ComplexThis allows UMG toCreating new destinations for “superfan” culture It will define the future of commerce, digital media, and music. ”
Elsewhere (still, Universalrelated news, believe CEO Duni Ladogayuri sympathized with the dispute between Universal and tick tock License Fee Excess. In contrast to many others in the music industry, Mr. Radegairelli calls his TikTok “Valuable monetization for artists and labels”.
Meanwhile, a Virginia appellate court reversed the landmark fact. Billion dollar copyright infringement judgment against cox communications Concerning copyright infringement of online music by subscribers. The court ordered a new trial, which represents a setback for the state. The major labels behind the suits.
Finally, the concert giant live nation announced Thursday (February 22) its financial results for fiscal year 2023, its „biggest year in history.“
February 20th, universal music group announced $240 million acquisition of 25.8% invest code music – Approximate portfolio 60,000 songs (more precisely, cuts of songs), most of which were once owned by sister funds. cobalt's.
Code owns the rights to a series of pop hits by artists including: Ryan Tedder and john legendAs well as the smash songs of the weekend, Loadand Diplo Originally developed by matt pincus, ron perryand Karianne Marshall in SONGS Music Publishing (Before that catalog was sold to Kobalt in 2017).
As a result of the new agreement, Chord Music's assets will now be distributed via UMG (once the current distribution/management agreement expires). virgin music group and is managed via Universal Music Publishing Group (UMPG).
However, this is only part of the story. Part 2 will likely be much larger.
UMG only has one partner in Chord Music. And its partners aren't afraid to recognize its value by spending big on hit music.
dandy partnersalso known as the Handel family investment office, currently owns the other office. 75%ish Chord Music…works with UMG to acquire majority partner of Dundee’s previous fund; KKR…
universal music group Acquiring shares in youth media platform Complex.
UMG will be a strategic partner of Complex along with other investors including: goldman sachs, main street advisorsand Jimmy Iovinethrough an agreed acquisition utilizing a live video shopping platform. NTWRK become the official owner of Complex and its network.
The complex was sold to buzzfeed in a worthwhile transaction 294 million USD BuzzFeed confirmed on February 21 that NTWRK (and its supporters) have agreed to acquire Complex on the following terms: $108.6 million Obtaining cash.
A press release issued by UMG states that the NTWRK consortium Complex Will „Creating new destinations for “superfan” culture It will define the future of commerce, digital media, and music. ”
What role will UMG's „strategic partners“ play here?Fair assumption: Sales are included. Music-related “super fan” products (sneakers, streetwear, collectibles, records, experiences, and more) directly to Complex's culturally savvy audience through NTWRK's technology…
In the music industry, sometimes it doesn't matter what someone says. when they say so.
Over the past few weeks, MBW has been covering the following news in detail: universal music groupquarrel with tick tock – Mainly regarding licensing fees paid by digital services for music, as well as reactions from different sectors of the industry.
Since UMG refused to relicense its catalog with TikTok in January, downtown, primary wave, NMPA, Hypnosisand various professional artist groups have come out to support Universal's position.
Early this month, A2IM Industry groups representing a coalition of premium independent labels that have rallied against the actions of major music companies in the past have also come forward to support UMG.
but, believe CEO Duni Ladogayuri I’m taking a somewhat different approach…
Live Nation Entertainment President and CEO michael rapino told its investors on Thursday, February 22nd, „The live music industry will reach new heights in 2023.“
Rapinoe's comments came alongside the concert giant's fourth-quarter and fiscal year 2023 results, which were released Thursday to report results for the company's „biggest year ever.“
Promoter's full-year sales were $22.7 billion, up 36% from a year ago. These revenues were generated across all departments including concerts, ticket sales, advertising and sponsorships…
major label US$1 billion copyright infringement victory against cox communications It was turned upside down.
A federal appeals court in Virginia threw out part of a 2019 verdict against Cox Communications. The jury found the cable internet company, the third largest provider of broadband services in the United States as of 2022, liable for copyright infringement. 10,017 musical works By subscribers.
The U.S. Court of Appeals for the Fourth Circuit concluded that Cox's $1 billion fine was not justified and ordered a new trial.
The court said in its judgment on Tuesday: „We affirm the jury's finding of willful contributory infringement. However, we reverse the vicarious liability judgment and remand for a new trial on damages. Not profiting from subscriber's infringing activities, is a legal precondition for vicarious liability. ”
The lawsuit, filed in 2018 in federal court in Virginia, included numerous plaintiffs from the music industry. sony music entertainment (lead plaintiff), universal music group and warner music group…
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