Welcome to Music Enterprise Worldwide’s weekly round-up – the place we ensure that you caught the 5 greatest 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 maximize their earnings and scale back their touring prices.
This week MBW noticed a knowledge level that additional reinforces the commentary that indie music corporations are on the rise: totally 60% of the highest 10 songs globally on TikTok this summer time had been independently distributed.
In the meantime, Blackstone‘s takeover of Hipgnosis from its public shareholders continues to be a carefully watched occasion within the music biz. Some had anticipated Blackstone to trim down Hipgnosis Music Administration within the wake of Merck Mercuriadis‘ departure, however that’s proving to not be the case: HSM is on a hiring spree.
Elsewhere within the business this week, Sony Music introduced a brand new CEO for its Germany, Switzerland and Austria (GSA) division, with Christoph Behm taking the helm of Sony Music GSA from Patrick Mushatsi-Kareba, efficient September 1.
Talking of recent bosses, a lot has been mentioned about Warner Music Group‘s appointment of the comparatively younger Elliot Grainge to CEO of Atlantic Music Group. In a brand new evaluation, MBW notes that, for all his youth, Grainge has a formidable observe document as a hitmaker.
Lastly, Edgar Bronfman Jr., identified within the music business for his stint on the head of Warner, launched a bid this week for management of Paramount World, throwing a spanner into the deliberate merger between the studio and Skydance. Paramount has prolonged its deadline for the Skydance bid to judge Bronfman’s bid.
The onward march of the ‘center class’ of indie artists has been one of many music business’s greatest speaking factors this 12 months.
This pattern was highlighted in current months by Luminate stats exhibiting that indies are nibbling into the majors’ streaming market share.
We additionally instructed you about Ok-Pop large HYBE’s plans to launch an artist companies enterprise in america, citing “rising demand for change within the conventional enterprise construction within the US market as a consequence of its fragmentation”.
Now we’ve found that greater than half (60%) of the Prime 10 songs globally on social media large TikTok this summer time had been independently distributed…
It felt like the top of the story. Blackstone formally acquired Hipgnosis Songs Fund from its public shareholders final month for USD $1.584 billion.
The post-acquisition plan was apparent: Blackstone would mix HSF’s 40,000 songs with Blackstone’s privately held Hipgnosis Songs Capital, residence to copyrights related to Leonard Cohen, Justin Timberlake, Justin Bieber, Nelly Furtado, and Kenny Chesney.
What was maybe much less clear within the wake of the Blackstone/HSF deal was what would occur to Hipgnosis Music Administration (HSM) – the funding adviser to each Hipgnosis’ personal fund and the (beforehand) public entity of Hipgnosis Songs Fund.
Merck Mercuriadis’ exit led some to imagine that Blackstone may slim down HSM, because the monetary large appeared to take a quieter function in music enterprise rights possession. That assumption is now trying questionable – as a result of Hipgnosis Music Administration is on a hiring spree…
Patrick Mushatsi-Kareba, Sony Music‘s CEO in Germany, Switzerland, and Austria (GSA), is departing the corporate on the finish of August.
Sony Music introduced the exec’s departure on Monday (August 19).
Mushatsi-Kareba will likely be changed by Christoph Behm, who has been promoted to CEO of Sony Music GSA, efficient September 1, 2024.
Reporting to Daniel Lieberberg, President, Sony Music Continental Europe and Africa, Christoph Behm will proceed to be primarily based in Berlin and can now oversee the GSA area’s technique and operations…
Edgar Bronfman Jr. has submitted a $4.3 billion supply to accumulate Paramount World, aiming to derail the corporate’s impending merger with Skydance.
That’s in accordance with a number of information retailers, together with The Wall Road Journal, which first reported on the bid on Monday (August 19).
Bronfman’s proposal features a $2.4 billion fee to Shari Redstone’s Nationwide Amusements, which controls Paramount World, and a $1.5 billion injection into the corporate’s steadiness sheet to scale back debt and keep investment-grade standing, Deadline reported.
Moreover, a $400 million breakup charge can be paid to Skydance, the report mentioned…
Elliot Grainge’s youth is clearly no impediment to the religion put in him by Warner Music Group CEO Robert Kyncl and WMG’s board, who introduced the opposite week that he’ll change into CEO of Atlantic Music Group in October.
A 30-year-old boss of AMG dramatically reduces the classic of US main label heads. Grainge is half the age of a few of his rivals.
Sure, there’s a nepo-baby dialogue available. Then once more, Grainge has bona fides: on the time WMG invested in Grainge’s 10K Initiatives in September 2023, his impartial label had racked up over 30 platinum-certified hits – from artists like XXXTentacion, Ice Spice, Iann Dior, and Trippie Redd.
10K has since delivered successes at WMG like Artemas (present Spotify month-to-month listeners: 33.2 million) and Forrest Frank (5.9m)…
MBW’s Weekly Spherical-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their earnings and scale back their touring prices.Music Enterprise Worldwide
