Welcome to Music Business Worldwide’s weekly round-up – the place we ensure you caught the 5 largest tales to hit our headlines over the previous seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their revenue and cut back their touring prices.
Some extra of ’em wealthy males north of Richmond are headed for the music trade.
That’s what the enterprise has been whispering in MBW’s ear this week, anyway – with robust rumors that NYC-based personal fairness agency, New Mountain Capital, is in superior talks to doubtlessly purchase the (now for-profit) BMI (Broadcast Music Rights Inc).
New Mountain Capital at present has over $40 billion in belongings below administration, together with an funding in Citrin Cooperman, residence to the staff beforehand generally known as Massarsky Consulting – a number one valuer of music rights.
Elsewhere this week, YouTube and Common Music Group collectively introduced that they’re working collectively to construct AI instruments for the music trade that don’t screw over artists and rightsholders.
Plus, two established entrepreneurs/traders within the fashionable music biz – SONGS founder Matt Pincus, plus Kobalt founder Willard Ahdritz – each joined a $65 million funding spherical into stay music biz disruptor, DICE.
All of this and extra pinged across the pages of MBW this week. Listed here are our 5 largest tales of the previous 5 days…
1) YOUTUBE AND UNIVERSAL MUSIC GROUP PARTNER TO DEVELOP AI MUSIC TOOLS – COMPLETE WITH ‘PROTECTIONS’ FOR ARTISTS AND RIGHTSHOLDERS
Are you frightened concerning the form of generative AI instruments that Alphabet/Google/YouTube may be capable of produce within the years forward?
Do you concern a future the place a bazillion tracks from ‘faux Drakes’, constructed on Google expertise, are uploaded to streaming providers day by day – with none compensation going to the musicians/music rightsholders whose work ‘impressed’ this AI output?
If that’s the case, Monday (August 21) introduced some information which may simply ship you a extra restful night time’s sleep: YouTube and Universal Music Group have shaped an alliance that they are saying will collectively develop AI instruments that provide “protected, accountable and worthwhile” alternatives to music rightsholders.
Different music trade gamers are being invited to become involved.
2) SONGWRITERS ARE WORRIED ABOUT BMI’S PRIVATE EQUITY SALE – AND IF IT WILL HURT THEIR ROYALTIES. WHAT HAPPENS NOW?
The on-again, off-again sale of US-headquartered performing rights group BMI seems to be on once more, and this time round, songwriters are asking pointed questions on what BMI’s sale might imply for his or her royalties.
BMI, one of many two principal music rights assortment organizations within the US, has put itself up on the market for the second time in lower than a 12 months, and simply 10 months after it introduced it was switching from working as a non-profit to being a for-profit enterprise.
MBW has heard rumors from senior music biz figures that BMI has explored talks with numerous potential backers/suitors, with the newest title on the lips of the enterprise being New Mountain Capital, an NYC-headquartered personal fairness agency with combination belongings below administration of over USD $40 billion.
One senior music publishing supply informed MBW that New Mountain Capital had not too long ago begun a due diligence course of on BMI. (MBW has contacted spokespeople for each NMC and BMI for remark.)
Sources counsel that New Mountain and BMI have agreed a transaction in precept for the previous firm to amass the latter for about USD $1.7 billion. Different sources counsel, nevertheless, it’s not but a achieved deal.
UK-born cellular ticketing platform DICE has raised $65 million in a brand new funding spherical led by MUSIC, the funding firm co-founded by Matt Pincus and LionTree.
Pincus, MUSIC’s CEO, will even be part of the DICE Board of Administrators.
Different traders on this new funding spherical embrace Structural Capital and Ahdritz Holding LLC, the funding automobile for Willard Ahdritz, founder and chairman of Kobalt Music; with observe on investments from Exor Ventures and Mirabaud Way of life Fund.
4) ASHLEY GORLEY’S TAPE ROOM MUSIC TO SELL OVER 350 SONGS TO RED LIGHT VENTURES AND FIREBIRD MUSIC UNDER NEW PARTNERSHIP
Nashville-based Tape Room Music will promote “over 350 exploited songs” from its catalog to Purple Mild Ventures and Firebird Music as a part of a brand new strategic partnership.
Tape Room Music, a publishing and artist growth firm, was established by songwriter Ashley Gorley.
The songs embrace Sam Hunt’s Physique Like A Backroad, Luke Bryan’s Dawn, Sunburn, Sundown, Do I Make Ya Wanna by Billy Currington, Lee Brice’s One Of Them Ladies, Pondering ‘Bout You by Dustin Lynch and MacKenzie Porter, and extra.
That concept by no means turned a actuality. In the meantime, in the identical month, Anghami diminished its international headcount by 22% as a result of “affect of difficult macroeconomic circumstances”.
This week introduced one other chapter in Anghami’s ongoing story – with a strong new investor approaching board on the firm.
SRMG Ventures has made its third funding with a USD $5 million funding in Anghami.
Music Enterprise Worldwide