acquisitions
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German concert promoter and ticketing company CTS Eventim agreed to buy French media company Vivendi‘s festival and international ticketing businesses, the companies said in a joint statement on Tuesday (April 2).
CTS Eventim and Vivendi have signed a put option agreement for the deal, which includes leading U.K. ticket merchant See Tickets along with Vivendi festivals Junction 2 in the U.K. and Garorock in France. The financial details of the deal, including price, were not disclosed.
CTS Eventim is the world’s second-largest provider of ticketing and live entertainment services, and acquiring the businesses could help it maintain an edge over rival Live Nation in its home market of Europe.
“The acquisition supports our internationalization strategy and will also benefit artists and their managers, as we will be able to offer even more seamless services on a global scale,” said CTS Eventim chief executive Klaus-Peter Schulenberg in a statement.
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Vivendi’s festival and ticketing businesses, housed under the subsidiary Vivendi Village, generated 137 million euros ($151.2 million) in 2023. See Tickets sold around 44 million tickets last year, generating 105 million euros ($115.8 million). It is the second-largest ticketing company in the United Kingdom and also operates in the United States and seven European nations.
The festival activities that CTS Eventim is set to acquire generated 32 million euros ($35.3 million) last year. Vivendi will retain its stake in the performance hall L’Olympia in Paris, See Tickets France and the Brive Festival.
“We at Vivendi are convinced that CTS Eventim will be the right company to bring our ticketing and festival activities to new heights, supporting See Tickets to remain a state-of-the-art company … while fostering the growth of the festivals and preserving their unique identities and audience,” said Hala Bavière, CEO of Vivendi Village, in a statement.
CTS Eventim is coming off a banner year. The Munich-based company’s revenue topped 2 billion euros for the first time ever in 2023, rising 22% to 2.36 billion euros ($2.53 billion at the average exchange rate in 2023). Normalized earnings before interest, taxes, depreciation and amortization (EBITDA) was also up 32% to 501.4 million euros ($542.7 million).
The companies said they expect to finalize the deal within a few months, pending approval from each of their employee works councils.
CTS Eventim’s stock briefly hit a new 52-week high of 83.85 euros ($90.28) following the news on Tuesday before closing at 82.70 euros ($89.04), up 0.3%.
BMG acquired the catalog of Cologne, Germany-based record label Coconut Music. The deal includes the recorded rights of singer Haddaway, whose 1993 single, “What Is Love,” became a massive global hit and reached No. 11 on the Billboard Hot 100. The deal gives BMG 100% control of the track, which was also sampled in Eminem‘s 2010 hit “No Love” featuring Lil Wayne. The song was also covered in 2023 by David Guetta, Anne-Marie and Coi Leray as “Baby Don’t Hurt Me.” Additionally, it was a cornerstone of the recurring Saturday Night Live sketch “Roxbury Guys” and its 1998 film adaptation, A Night at the Roxbury.
The acquisition also includes tracks by Bad Boys Blue, London Beat and Wolfgang Petry. Coconut Music was founded in 1981 by Karin Hartmann and Tony Hendrik.
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The Coachella Valley Music & Arts Festival announced a partnership with NFT marketplace OpenSea to launch Coachella Keepsakes, a series of three collections that will serve as an “all-access pass” to some of the festival’s exclusive experiences and products, according to a press release. Using the Avalanche blockchain network, each of the collections will pair collectible Coachella IP artwork with real-world benefits, including exclusive access to areas including the VIP Rose Garden and Oasis Lounge as well as limited edition Coachella merchandise, VIP passes and more. The first release in the series, dubbed the VIP Pass + Oasis Lounge Keepsake, was released on Mar. 5; it provides owners with a 2024 VIP festival pass and the new Oasis Lounge. The second release in the series, the Canvas Welcome Box Keepsake (available Mar. 25), will offer access to unique merchandise, digital content, access to the Rose Garden and more; that one will be available starting Mar. 25. The third and final drop will include an artist collaboration, with details to be revealed in late March.
A consortium led by the Persianas Group and the Nigerian Sovereign Investment Authority — an independent investment institution of the Nigerian federation — is partnering with Oak View Group and Live Nation on a proposed 12,000-capacity arena in Victoria Island, Lagos, Nigeria. Other partners on the $100 million project include Tunde Folawiyo, managing director of the Yinka Folawiyo Group; Nigerian investment fund Adino Capital; and MBO Capital. Upon completion, the venue will become the first dedicated arena in Nigeria. It is expected to create more than 1,500 direct and indirect jobs.
Warner Music Group (WMG) expanded its agreement with Tips Industries Limited (Tips Music), one of India’s leading music labels. WMG has been exclusively distributing Tips Music’s catalog since 2020. Under the new agreement, WMG will spearhead the commercial and distribution responsibilities for all of Tips Music’s frontline and catalog music, spanning 23 Indian languages and more than 30,000 songs. Tips owns the “lion’s share” of Bollywood film soundtracks from the 1990s, according to a press release.
The U.K. office of Believe signed a long-term, global label solutions deal with indie label Bella Union that encompasses new Bella Union releases and select catalog. In addition to all-format physical and digital distribution, Believe will provide services including synchronization; digital service provider and retail editorial and marketing partnerships; strategic release management; unique digital expertise and in-house technology; video and audience development; and ongoing advance funding. Bella Union’s current roster includes Beach House, Father John Misty and Ezra Furman.
Hook, a music platform that allows fans to legally remix popular songs to use on social media, extended its seed round, bringing on additional investments from Natalie Massenet and Nick Brown‘s Imaginary Ventures in addition to a group of strategic music and social media industry investors and advisors. The new investment brings the company’s total seed round to $3.5 million, adding to the original funding led by Point72 Ventures and Edgar Bronfman Jr.‘s Waverley Capital.
Collaborative music creation platform BeatConnect secured $2.25 million CAD ($1.67 million) in funding ahead of its relaunch. The round was supported by music and tech investors including Sfermion, FICC, Anges Québec and Triptyq Capital. The relaunch, slated for the spring, will amount to an overhaul of BeatConnect’s multiplayer Digital Audio Workstation (mDAW) that will incorporate gaming elements into its music production capabilities.
ADA and Warner Music Australia signed a global distribution deal with Americana label Cheatin’ Hearts Records, which is home to Australian country, folk and blues music. Founded by Luke Woods and Aaron Curnow, the label has put out albums by Henry Wagons, Melody Moko, Watty Thompson and more. The first music to be released under the deal is from Tasmanian singer-songwriter Claire Anne Taylor.
Independent digital distributor and artist and label services company IDOL has signed new deals with Le Plan Recordings and Old Soul Music. IDOL expanded its deal with New York-based Le Plan to provide global digital distribution and marketing for all of its catalog and frontline titles along with physical distribution for new releases. Its deal with North Carolina-based Old Soul, recently launched by Austin Hart (a.k.a. producer L’Orange), encompasses global distribution and marketing.
HarbourView Equity Partners, which has emerged as a leading buyer of R&B/hip-hop music assets, announced that it has acquired select songwriting and publishing assets of Full Force, the music group and production team whose credits include UTFO’s “Roxanne Roxanne;” the Backstreet Boys‘ “All I Have to Give You;” Rihanna’s “That La, La La;” and their own “Ain’t My Type of Hype.” Terms of the deal were not disclosed.
Besides the above songs, Full Force discovered Lisa Lisa & Cult Jam, which went on to release hits like “I Wonder If I Can Take You Home” and “All Cried Out” — both of which were on the latter group’s debut album, a collaboration credited to Lisa Lisa & Cult Jam with Full Force.
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“The repertoire of Full Force defined a generation of Pop / R&B / Hip Hop with writings spanning NSync, BackStreet Boys, Lisa Lisa and Cult Jam not to mention their own legacy as artists,” HarbourView Equity Partners CEO/founder Sherrese Clarke Soares said in a statement. “As exceptional songwriters, producers, and musicians, they’ve seamlessly weaved creativity and innovation into timeless tunes, collaborating with some of the most prominent icons of our generation.”
According to the announcement, Full Force’s “unique ability to seamlessly blend R&B, hip-hop, pop and dance elements in both their own performances and work with other artists…has left an enduring legacy and impact on the fabric of the music landscape.”
In a statement on the deal, Brian B-Fine George of Full Force said, “Full Force is excited to be working with Harbourview, a company with a vision that’s right on trend with the future, and very dedicated to expanding the reach of our extensive song catalog.”
HarbourView Equity’s other R&B/hip-hop acquisitions include select music assets by Nelly, Wiz Khalifa and Jeremih; and the publishing catalog of songwriting and production duo Andre Harris and Vidal Davis, better known as Dre & Vidal, among others.
The company describes itself as a “multi-strategy, investment firm focused on investment opportunities in the entertainment and media space. Its asset portfolio features thousands of titles spanning numerous genres, eras, and artists, amounting to a diversified catalog of over 28,000 songs across both master recordings and publishing income streams.”
The announcement further describes HarbourView as striving “to be the standard for excellence and integrity in investing in assets and companies driven by premier intellectual property, with experience in and around esoteric asset classes, including in music, film, TV, and sports.’’
Cynthia Katz and Heidy Vaquerano from Fox Rothschild LLP served as legal counsel to HarbourView for this transaction. Full Force was represented by Karl Guthrie at The Guthrie Law Firm and JAM at Tompkins Farm Music Inc.
Event discovery platform Bandsintown will be directly integrated into Spotify via a new partnership with the streaming service. The agreement allows artists to directly reach fans through the Spotify app in order to drive stronger engagement and more robust sales for events around the globe. According to Bandsintown, in 2023, the platform increased the number of concerts listed in its database by more than 150,000 year-over-year, while Spotify says it has increased impressions for live events across its platform by 10 times in the last 12 months. – Dave Brooks
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Collectibles, toys and apparel company Super7 secured the rights to create a new set of Mötley Crüe action figures featuring all four members of the iconic metal band: Vince Neil, Nikki Sixx, Tommy Lee and Mick Mars. The “ReAction Figures” are 3.75″ tall and retail for $20 each. Super7 has previously designed, manufactured and distributed officially licensed products for artists including Iron Maiden, the Misfits, Ol’ Dirty Bastard and Beastie Boys.
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Music financing platform Duetti announced $90 million in new funding, including $15 million in new equity and a new $75 million credit facility. The equity financing is led by Nyca Partners alongside Viola Ventures, Duetti’s lead seed equity investor, and Cohen Circle. The credit facility comes from Northleaf Capital Partners. Duetti allows a wide range of artists to sell master catalogs, individual tracks or parts of tracks, opening up opportunities for those who wouldn’t ordinarily have access to such deals. The new funding will be used to accelerate the growth of Duetti’s catalog acquisitions, the development of the company’s prediction and analytics technology and the expansion of its catalog marketing capabilities. Duetti recently opened offices in New York, Los Angeles and Miami.
Warner Chappell Production Music (WCPM) and Warner Chappell Music (WCM) partnered to launch a new label, Run4Cover, which will pair WCM’s catalog with WCPM’s production expertise to deliver new arrangements of songs in order to minimize licensing complexities for productions and content creators. Run4Cover’s repertoire includes new versions of songs by artists including Radiohead (“Exit Music (For A Film),” “Karma Police”), Curtis Mayfield (“Move On Up”), Kool & The Gang (“Celebration”) and Donna Summer (“Hot Stuff”). The songs are rendered in “diverse styles,” according to a press release, from big band to nu-disco; Run4Cover will also offer custom covers. All Run4Cover compositions are controlled by WCM while the original master recordings are owned by WCPM. Clients will benefit from a streamlined clearance process through a single point of contact. Licensing inquiries can be sent to licensing@warnerchappellpm.com.
AXS and CTS Eventim were appointed the official ticketing services providers for the 2028 Summer Olympic and Paralympic Games in Los Angeles. The two companies will form a joint venture to combine their tech and marketing assets to promote, sell and distribute LA28 tickets globally. Their online storefronts will be made available for the global distribution of Olympics 2028 tickets, which will also be sold through the LA28 website.
ADA Worldwide struck distribution deals with Charlotte, N.C.-based label South Coast Music Group and Valley Entertainment, an indie label with a focus on singer-songwriters, modern Irish artists and World music. Founded by Arnold Taylor, South Coast’s roster includes emerging hip-hop artists including Dustystaytrue, DeeYounginn, Luclover and Big Mali. Valley Entertainment’s catalog includes tracks by David Darling and Jonn Serrie and new recordings from frontline acts including Lisbeth Scott and Squeeze.
OneLand Music Group announced a deal with Create Music Group that encompasses Create’s acquisition of OneLand’s music catalog and a joint venture to release new music, beginning with Atomic Otro Way’s new EP, Dembow 5. “This is a full circle moment for both the Create and OneLand teams,” said OneLand Music Group co-founder Hector Morales in a statement. “In 2019 we partnered with Create to help them sign their first Latin artist. Ever since then, we’ve worked closely with Jonathan [Strauss] and Alex [Williams] to build opportunities for OneLand artists. This venture is a celebration of our shared musical vision and we’re thrilled to be in business with Create’s growing team.”
Music promotion platform Groover announced an $8 million Series A funding round led by investors OneRagtime, Trind, Techmind and MozzaAngels and supported by earlier backers Partech, Bpifrance‘s Tech & Touch fund, Verve Ventures and Frenchfounders. The new funding will help Groover integrate additional services into the platform including promotion, marketing, coaching and career development while supporting the expansion of Groover’s presence in the North American, European and Latin American markets. Launched in 2019 by Dorian Perron, Rafael Cohen and Romain Palmieri, Groover provides artists with the opportunity to network with music industry players to receive feedback on their work. According to a press release, Groover has so far drawn nearly 350,000 independent artists from more than 180 countries and generated more than 4 million personalized reviews.
Music collaboration platform ENGINEEARS closed a $7.5 million seed round led by Drive Capital, with participation from 645 Ventures, Slauson & Co. and FLUS Investment Group, the venture arm of SALXCO. The platform is designed to streamline music collaboration, make payment and project management processes easier and more.
Atlantic Records UK partnered with London-based agency EYC LTD, which specializes in talent and brand management and event planning. Under the deal, Atlantic UK will work closely with EYC to sign and develop artists under a new imprint, EYC Records, while serving as a connection between Atlantic UK’s roster and EYC LTD’s global client base, which includes Louis Vuitton, Prada, Dior, Bentley and Samsung. EYC Records will sign early-stage acts “aligned with the progressive, culture-first ethos of EYC LTD,” according to a press release, working with Atlantic UK and ADA to develop them. The first artist signed to the imprint is Betty, who has already released two singles under the deal: “Mum Says” and “Take Me Under.” EYC Records is also developing the artist project of poet, model and activist Kai-Isaiah Jamal, who will begin releasing music early this year. “I am extremely happy about the launch of EYC Records — a platform to develop the acts we believe in, facilitate brand partnerships in our field of expertise and push our creative visions to the next level,” said EYC LTD director Cora Delaney in a statement.
The Clive Davis Institute of Recorded Music at the NYU Tisch School of the Arts is collaborating with Atlantic Records on a semester-long series of career development workshops and sessions with Atlantic executives, including A&R president Pete Ganbarg. Eight events held at the institute’s Brooklyn location and Atlantic’s Manhattan offices will offer students access to Atlantic executives to learn about opportunities on both the business and artistic sides of the label. It will end with a weeklong songwriting camp led by Atlantic staffer and institute alum Stefan Accardo that will match select students and alumni with Atlantic artists. The partnership kicked off on Feb. 13 with the first of two field trips to Atlantic Records’ New York offices.
Cloud-based end-to-end music rights and royalties administration platform RyteBox acquired SR1, a digitally-native royalty calculation suite, from Exactuals. Joe DeCanio, president/CEO of SR1, along with his team will join RyteBox following the acquisition. SR1 helps to streamline royalty management for its clients, including mechanical licenses and reporting; expense processing; royalty statement generation; deal management; sales and income processing; master licensing and invoicing; and neighboring rights. Those capabilities will serve to complement RyteBox’s current services, which include contract and catalog management; revenue and royalty calculations, statements, and analytics; and relationship management for recorded music and publishing.
NeueHouse, a private workspace and social club for creative workers, has teamed up with the Save the Music Foundation to become the official partner of NeueHouse’s Sunset Sounds live music series. The partnership will kick off with the next Sunset Sounds event on Feb. 22: a listening experience hosted by MGMT where guests will have the opportunity to listen to the band’s new album, Loss of Life, one day prior to release. Going forward, NeueHouse will tap Save the Music for programming opportunities for its various shows, with a portion of the proceeds from each going to fund Save the Music’s various student initiatives.
ASM Global has been contracted to manage and operate Thunder Ridge Nature Arena, a new 18,000-capacity venue in Ridgedale, Mo. ASM has partnered with Live Nation to produce live music events at the outdoor amphitheater, which is slated to open in May.
Oak View Group (OVG) acquired the Stadium Club division from Invited, a leading owner-operator of private golf, country and city clubs in North America. Under the deal, OVG will own and operate Stadium Club properties at universities across the United States; OVG and Invited have also struck a long-term partnership focused on “enhanced membership benefits and uniquely curated experiences for both Invited and OVG club members,” according to a press release. Stadium Club properties include Arizona Sands Club at University of Arizona, Baylor Club at Baylor University, Ken Garff University Club at University of Utah, Texas Tech Club at Texas Tech University, University Club of Virginia Tech at Virginia Tech and the Carolina Club at the University of North Carolina.
Big Machine Label Group and W!ZARD Radio Media entered an agreement to develop and launch a slate of new podcasts. Under the partnership, the two companies will handle production, distribution, marketing, promotion and ad sales functions of the podcast slate. The partnership launches with the sports-comedy podcast A Game of No Halves, hosted by British broadcasting legend “Whispering” Bob Harris and his son Miles Myerscough-Harris. The partnership also encompasses the re-launch of the podcast Songwriter Soup, hosted by songwriter Laura Veltz (“Speechless,” “I Could Use a Love Song”), financial advisor Tracy Hackney and producer Kevin Sokolnicki. – Jessica Nicholson
Primary ticketing and event commerce marketplace Tixr struck a deal with Eden Nightclub Ibiza making Tixr the club’s official ticketing partner. “Tixr’s advanced technological solutions provide a transformative answer to the longstanding challenges faced by nightclubs. From optimizing online ticket sales to implementing unique selling strategies and unlocking revenue streams beyond traditional ticketing, Tixr’s innovation resonates with our commitment to redefining the clubbing experience,” said Rinco Soesman, owner/director of Eden Nighclub Ibiza, in a statement.
Amuse struck an automated integration with YouTube for official artist channels (OACs). Users on Amuse’s Boost and Pro tiers can now request their OAC in a quicker, more streamlined process under the integration, merging all of their subscribers and content from different areas of YouTube into one channel. The YouTube OAC integration will now show as an option within an artist’s profile on the Amuse web app. Additionally, eligible Amuse artists will be granted access to supporting YouTube tools involving analytics, merch, ticketing and more.
Universal Music Group (UMG), the world’s largest music company, has acquired a 25.8% interest in Chord Music Partners for $240 million. As part of the deal, UMG will now handle distribution and publishing administration for Chord’s existing catalog, provided by UMG’s Virgin Music Group and Universal Music Publishing Group (UMPG), respectively.
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Formed in 2021 by KKR and Dundee Partners, the investment office of the Hendel family, Chord owns over 60,000 copyrights. This includes stakes in top songs like “Dreams” and “Landslide” by Fleetwood Mac, “La Grange” by ZZ Top, “Counting Stars” and “Apologize” by OneRepublic, “Redbone” by Childish Gambino, “I Like Me Better” by Lauv, “Pursuit of Happiness” by Kid Cudi, “All Of Me” by John Legend, “Girls Like You” and “Sugar” by Maroon 5, “Halo” by Beyonce and “A Thousand Years” by Christina Perri.
Following the completion of the transaction, KKR will exit Chord. Previously, it was the majority stakeholder in the catalog firm. Now, Dundee is increasing its share to 74.2% and UMG will hold the remaining minority share.
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UMG was advised by Goldman Sachs, Kirkland & Ellis LLP and Freshfields. DLA Piper and Axinn, Veltrop & Harkrider LLP served as legal advisors to Dundee. Fifth Third Bank, National Association served as financial advisor and provided committed financing to Dundee and UMG. The Raine Group served as the exclusive financial advisor and Manatt, Phelps and Phillips, LLP served as legal advisor to Chord Music Partners. Latham & Watkins LLP served as legal counsel to KKR.
Lucian Grainge, chairman/CEO of UMG, said in a statement: “Finding partners who share our passion for identifying iconic songs and recordings that will stand the test of time and deliver long-term growth is essential, which is why we’re so pleased to be working with Stephen and Sam Hendel and Dundee Partners. With the leadership of Jody Gerson at UMPG, Nat Pastor and JT Myers at Virgin, and the support of our experienced creative executives around the world, no one can do more with music rights than our teams. We look forward to creating maximum commercial and creative value for the songwriters and artists in Chord and building for the future.”
Boyd Muir, UMG executive vp/CFO/president of operations added: “We’re excited to partner with the Hendel family in Chord for a number of reasons. First, KKR and Dundee have built a very high-quality catalog that will benefit from our first-rate management and global capabilities. Second, this new structure provides us with an efficient vehicle for future catalog acquisitions, without significant capital allocation through a combination of leverage and partner equity capital. And finally, it offers us the perfect partner to approach future growth opportunistically and flexibly, one who is equally bullish on the long-term prospects for music.”
Sam Hendel, Dundee Partners’ managing principal/co-founder of Chord, added: “We’re thrilled to be partnering with Universal Music Group and embarking on this next exciting chapter for Chord. By combining a best-in-class financial acquisition vehicle with the world’s leading music company, we are creating both a premier platform for music investment as well as a permanent home for premier artists’ legacies and their iconic cultural works. We’d like to thank the team at KKR for their partnership and creating a strong foundation for Chord and its future success.”
“We are grateful to have had the opportunity to collaborate with many leading artists and to create significant value for our investors by building Chord into a differentiated and scaled portfolio,” said Jenny Box, partner at KKR. “We believe that Dundee and UMG will drive further value creation for artists and that they share our commitment to being respectful stewards of artists’ music.”
SoundCloud has been eyeing a sale — and actively pursuing initiatives internally “that would increase the valuation of the company” — since the second half of 2022, according to two former employees who spoke to Billboard on the condition of anonymity. Meanwhile, COO and CFO Drew Wilson is preparing to leave the company after nearly three years in the role, according to a staff memo obtained by Billboard.
Sky News reported on Sunday that SoundCloud was planning to pursue a sale in 2024. This has been in the works “for some time,” one former employee tells Billboard. “A lot of decision making has been based on this.”
SoundCloud announced it was slashing 8% of its workforce last May — less than a year after a 20% cut — to achieve “profitability this year,” as CEO Eliah Seton wrote in an email to staff at the time. “The ambition to reach profitability was not just for the obvious reason of being profitable,” the former employee continues. “The bigger need was for this, to sell the company. The stakeholders have major investments; it’s time.” (SoundCloud previously secured a $170 million investment led by The Raine Group and Temasek in 2017, and an additional $75 million investment from SiriusXM in February 2020.)
A rep for SoundCloud declined to comment. The Raine Group also declined to comment.
SoundCloud leadership had previously tossed around the idea — a best case scenario — of reaching a $2.5 billion valuation for the company, sources said. (The company likes to aim big: In internal meetings, executives also expressed a hope that one of the artists SoundCloud signed to deals in 2022 would have a major chart hit, one of the employees said; this has not happened.)
The more commonly cited valuation goal, the sources say, was around $1 billion. “There’s a billion-dollar-plus opportunity in front of us,” Tracy Chan, who joined SoundCloud as senior vp of creator in 2022, said at an all-hands meeting that year. One of SoundCloud’s former employees said most of the interest in the company came from private equity firms, not music companies.
For comparison’s sake, when Square acquired TIDAL in 2021, the streaming service was valued at around $375 million. Though SoundCloud is not just a streaming service — it also provides tools to creators to help them distribute, market, and monetize music. Creator tools and services brought in more than $26 million for the platform in the first quarter of 2023, according to screenshots from an all-hands meeting shared with Billboard, nearly as much as subscriptions ($29.9 million).
Those screenshots indicate that SoundCloud had a gross profit of around $22 million in the first quarter of the year. But it spent around $4 million on marketing and another $23 million on staffing and general and administrative expenses, leaving it around $5 million short of breaking even.
In May 2023, SoundCloud aimed to reduce that headcount cost through a second round of cuts. (Profitability has been a goal since 2022, if not before: “Investors are looking for companies that are a little more stable right now,” former CEO Michael Weissman told staff during an all-hands meeting that followed the first round of layoffs in 2022. “Investors are looking for companies that are very profitable.”) The company said it finally reached profitability in December.
“Now that we have achieved profitability and are making progress on our strategic plan, we have nothing but opportunity in front of us,” Seton wrote in an email to staff on Monday (Jan. 8) that was obtained by Billboard. “As we have mentioned in previous All Hands [meetings] and AMAs, we will explore a range of options for our capital structure, but there is nothing to report right now, nor will there be any time soon.”
Verswire — a venture capital music startup launched by Veeps founder/COO Sherry Saeedi, Blink-182‘s Mark Hoppus and Lippman Entertainment partner Nick Lippman, with Fall Out Boy’s Pete Wentz on board as a strategic advisor — raised $12.3 million in seed and Series A funding led by E.O.A. Productions and idobi Radio along with Warped Tour founder Kevin Lyman and Foo Fighters tour manager Gus Brandt. Concurrently, Verswise announced a new publishing arm set to launch this year in partnership with Kobalt Music Group.
Verswire has been described as a development incubator for both emerging and established artists that tailors a custom investment for each, including “funding, resources, tools, mentoring, support from prominent music executives and an ecosystem to own and operate their businesses within while allowing them to keep majority ownership of their masters,” according to a press release at launch. The company has signed two artists thus far: Beauty School Dropout and brand-new signee Girlfriends, an alt-rock duo composed of Travis Mills and Nick Gross.
Oscilloscope Laboratories has acquired North American rights to director Alexandria Bombach’s Indigo Girls documentary Indigo Girls: It’s Only Life After All, which premiered on the opening night of the 2023 Sundance Film Festival. The distributor is planning a theatrical release for the film in the spring.
BMG acquired the majority of the recorded music catalog of French pop singer and composer Alain Chamfort. The acquisition comprises 13 albums, including Poses, Amour Année Zéro, Tendres Fièvres and Secrets Glacés as well as some of his biggest hits, including “Manureva,” “La Fièvre Dans Le Sang” and “Géant.” BMG will release Chamfort’s future recordings, including a four-track EP with Sébastien Tellier in January and a new studio album, L’Impermanence, in March. BMG will subsequently reissue several of Chamfort’s previous albums.
Additionally, BMG has strengthened its interest in Berlin band NENA‘s catalog, including the band’s global smash hit, “99 Luftballons.” Adding to its existing shares in the catalog, the company has acquired singer Nena’s U.S. recording copyright and ROW artist royalties, along with three band members’ artist shares. Other songs in the NENA catalog including “Nur geträumt,” “Leuchtturm,” “Irgendwie, irgendwo, irgendwann” and “? (Fragezeichen).”
Iron Horse Acquisitions Corp., a special purpose acquisitions company (SPAC), has raised $69 million from an initial public offering of 6,900,000 units at $10 each. Each unit consists of one share of common stock, one full warrant and one right to receive one-fifth of one share of common stock upon the consummation of an initial business combination. The company’s units are listed on the Nasdaq and started trading under the ticker symbol IROHU on Dec. 27. Founded by Jose A. Bengochea, who serves as CEO, Iron Horse is described as a media and entertainment-focused blank check company that will focus on deals spanning verticals including music rights aggregators, music licensors, international music labels, K-pop, AI, production studios, celebrity-backed content creators, gaming, fantasy sports, social media marketers and talent management.
TRINITI, a generative artificial intelligence platform powered by music tech studio CreateSafe, has partnered with newly launched music production platform SOUNDS.STUDIO, which will use TRINITI technology to provide an in-browser music and audio AI tool allowing users to create and distribute music all in one place. TRINITI previously made news for powering Grimes‘ AI voice model. Under the new deal, SOUNDS.STUDIO will allow its users to have the GrimesAI voice model on their own music and then distribute it to the major streaming platforms via TRINITI’s distribution channels.
Lyrics licensing and data solutions company LyricFind acquired technology company Rotor Videos, which makes it easier and more cost-efficient for artists and labels to create video content for Spotify Canvas, Apple Motion Art, social media platforms and more. The Rotor Videos team will continue to be led by founder/CEO Diarmuid Moloney, who will report to LyricFind founder/CEO Darryl Ballantyne. Along with the acquisition, LyricFind and CD Baby have struck a partnership to launch integrations of the Rotor Videos tool and LyricFind’s video enterprise solution, enabling CD Baby artists to create video content directly on the CD Baby platform.
ADA Worldwide has struck a distribution partnership with Omnivore Recordings covering the label’s entire catalog along with new releases. Omnivore specializes in historical releases, reissues and previously unissued vintage recordings, as well as select releases of new music, on CD, vinyl and digital. Omnivore’s catalog includes recordings by such acts as The Muffs, Alex Chilton, Laura Nyro, Stephen Stills and Blood, Sweat & Tears.
ASM Global has renewed its management contract with the Wilmington Convention Center in Wilmington, N.C., extending the relationship through 2028. The relationship between the two extends back to 2008.
Colombian hemp and cannabis producer One World Products partnered with Kx Family Care, a CBD-enriched personal care product line created by Stephen Marley and Shelly O’Neill. Under the deal, One World will produce and distribute Kx Family Care products in Colombia and Latin America, with the two companies collaborating on efforts to market and distribute the products.
Kids’ music brand KIDZ BOP struck an exclusive apparel licensing deal with IHL Group. An all-new KIDZ BOP apparel line including activewear, intimates, sleepwear and loungewear is set to hit North American retailers in the third quarter of 2024.
Universal Music Group (UMG) has acquired the catalog of Oriental Star Agencies (OSA). Founded in 1966 in London by Pakistani immigrants Muhammad Ayyub and his brothers, OSA is known as one of the United Kingdom’s top labels for South Asian talent.
The OSA catalog consists primarily of recorded music, but the new UMG deal encompasses all of its master recording holdings and its publishing. This includes 18,000 songs and video recordings, including from Malkit Singh, a well-known Bhangra artist; Bally Sagoo; and Attaullah Khan. It also includes works from Nusrat Fateh Ali Khan, a prolific, Grammy-nominated artist and film composer who is known for popularizing a form of Sufi devotional music, called “qawwali,” outside of his native Pakistan.
The sounds of OSA artists were able to permeate the United Kingdom’s musical consciousness even further at the turn of the 21st century, when several older OSA tracks were placed on the soundtrack of the hit soccer movie, Bend It Like Beckham, released in 2002. The label continued to operate independently until 2017 when it sold to Hi-Tech Music, another British record label.
According to IFPI’s Global Music Report, the Asian recorded music market grew 15.4% in 2023, marking the third consecutive year the continent has experienced double-digit revenue growth. Now, Asia accounts for just under 23% of the global market and is expected to continue to expand. Japan, South Korea and China account for the majority of Asia’s global music exports, but South Asian countries overall continue to grow year after year.
In recent years, as the music catalog market grew red hot and competition among buyers became greater than ever, some investors showedincreased interest in acquiring music from typically underrepresented genres and nationalities in the catalog market. Reservoir, for example, invested in new relationships and catalogs in Saudi Arabia and Egypt; Wahoo Music Fund One focused solely on Latin music purchases; Singapore-based blackx tried to corner the Asian music market; and Armada Music’s BEAT started buying up dance catalogs.
According to a press release about the OSA deal, the catalog acquisition “complements UMG’s current service offering and will help drive momentum for the South Asian music market, enabling local artists to reach the largest possible audience in the global community.”
“This acquisition of a hugely successful and iconic British-Asian label specializing in South Asian music will further increase Universal Music Group’s exposure to, and participation in, a fast growing and rapidly changing market,” said Adam Granite, executive vp of market development at UMG, in a statement. “I am particularly pleased that Universal Music Group will become the next custodian of Oriental Star Agencies, a label that has played an unparalleled role in bridging the musical identities of the UK and South Asia, taking the unique sounds of its artists to a broad audience. We believe this catalog has huge potential, and look forward to taking it to the next generation of music fans globally.”
“This is a momentous day for OSA and all our artists,” added Mohammed Twassen of OSA. “Becoming part of the UMG family will turbo-charge our South Asian music, helping it to get in front of more music fans across the world. The past decade has seen a true global explosion of music from the region, and now, under UMG’s stewardship, the next decade promises to be even more exciting.”
Generative AI music creation platform, label and publisher Boomy reached a distribution partnership with ADA Worldwide, Warner Music Group’s independent distribution and label services arm. Under the deal, Boomy’s A&R team will bring top artists and exclusively curated music from the Boomy roster to ADA. Select Boomy artists will be distributed and marketed across platforms including Spotify, Apple Music and YouTube Music. Boomy artists who will benefit from the partnership include rapper-producer Jelie, German harpist Katirha, Boston-based producer Lightfoot, rapper Paperboy Prince and techno/lo-fi music project Plague of Grackles. Boomy’s AI systems allow human creators to make original music even if they lack professional tools or a formal music-making education.
AI and metaverse technology and content company Futureverse signed with CAA for representation in all areas. The companies will collaborate to open up new opportunities for talent and intellectual property across Web3, the metaverse, AI, virtual games and experiences and more. The announcement follows the unveiling of Futureverse’s JEN 1, a “high-fidelity model” for text-to-music generation and research paper that proposes a strategy to pioneer a new licensing framework compensating rights holders, producers and artists. “Futureverse’s strategic collaboration with CAA has forged a strong alignment in fostering the development of mutually beneficial business models that empower creators with groundbreaking tools and lucrative revenue opportunities. As pioneers in AI, web3 and metaverse infrastructure, driven by a deep appreciation for art and humanity, we see an incredibly bright future for the world of entertainment,” said Futureverse co-founder Shara Senderoff in a statement. Futureverse’s other co-founder is Aaron McDonald.
Through an existing joint venture, CTS Eventim and Sony Music Latin Iberia acquired Punto Ticket in Chile and Teleticket in Peru, expanding the JV’s South American ticketing business, which launched in Brazil in 2016. The acquisitions will provide ticketing systems and related services to concert promoters and venues across both countries. Corporate leadership for the acquired companies will remain intact.
Spotify partnered with mobile provider Orange Middle East & Africa, which will now offer complimentary data bonuses for its customers to access Spotify’s service. “We are aware that data costs continue to be a hindrance for people who would like to stream music, that’s why we are actively working at Spotify SSA on partnerships like this one,” said Jocelyne Muhutu-Remy, MD for Spotify in Sub-Saharan Africa, in a statement. Brelotte Ba, deputy CEO of Orange Middle East and Africa, added that the deal will “contribute to the acceleration of digital inclusion on the continent.” Orange operates in a total of 18 countries across Africa and the Middle East.
HARMAN, a Samsung Electronics subsidiary that focuses on connected technologies for automotive, consumer and enterprise markets, acquired music management, discovery and streaming platform Roon. Described in a press release as “a music player for music enthusiasts,” Roon is available on all popular operating systems and also manufactures a line of hardware server appliances called Nucleus. Roon will operate as a standalone HARMAN business with its existing team remaining in place. HARMAN plans to grow Roon’s open device ecosystem that collaborates with more than 160 other audio brands, delivering audio to more than 1,000 high-performance devices.
Universal Music Group (UMG) signed a deal with Ethiopian streaming platform Sewasew Multimedia, which will now license and market UMG’s music catalog in Ethiopia. “UMG has a long and successful presence in Africa, and given Ethiopia’s rich and vibrant music culture, we are excited to work with Sewasew Multimedia to help grow the Ethiopian music industry to its full potential,” said Ulrik Cahn, UMG executive vp of Africa, Middle East and Asia, in a statement.
Independent digital distributor IDOL signed a global distribution and label services deal with Young Art Records, the L.A.-based label belonging to producer and DJ TOKiMONSTA. Under the partnership, IDOL will handle global distribution and marketing for Young Art Records’ catalog and frontline releases. In addition to TOKiMONSTA, Young Art artists include rapper Cakes Da Killa, Canadian R&B musician Rochelle Jordan and instrumentalist-songwriter duo Daktyl & Benni Ola.
Warner Music Group (WMG) struck a partnership with Ghana-based Small World Records, the label and publisher founded by music entrepreneur and streetwear connoisseur SmallGod. Under the new agreement, Small World will collaborate with teams from WMG, ADA and Warner Chappell Music to elevate Small World’s artist and songwriter rosters worldwide and discover, nurture and elevate a new generation of African talent. SmallGod will continue leading Small World’s operations.
SiriusXM unveiled a new collaboration with Europe’s Radio Monaco to launch the SiriusXM Radio Monaco channel, which will bring artists and DJs from Monte Carlo to SiriusXM listeners in North America. According to a press release, Radio Monaco (originally launched in 2006) is the only music stream originating from Monaco. The channel will broadcast live from Jimmy’z Monte-Carlo and air DJ sets from the parties around the Monaco Grand Prix while featuring exclusive interviews and content with stars from the country’s music scene. Radio Monaco will be available to SiriusXM subscribers across North America.
Spinnin’ Records signed a new joint venture with independent dance label and publisher Kanary Records, run by brothers Alex and Christopher Van den Hoef — also known as production duo DVBBS. Artists on Kanary’s roster include Arkade, Bad Nonn and Dayfive. “We are delighted to join forces with Alex and Christopher, reigniting our relationship from over a decade ago,” said Jorn Heringa, head of A&R at Spinnin’ Records, in a statement. “Both brothers bring deep expertise and knowledge to the table and will work harder than anyone else to develop and drive KANARY to new heights with us. Welcome back to Spinnin’!”
Mozaic.io, a global payments platform that allows co-creators to automatically send and receive split payments, closed a $20 million Series A funding round from Boston-based growth equity firm Volition Capital. Mozaic.io initially focused on payouts for music distributors, artists and collaborators before expanding to serve the entire peer-to-peer creator economy, with a goal of expanding further into the gig and freelance economy. The investment brings the total raised for Mozaic.io to $27.1 million, with existing investment from Rise of the Rest, Maverick Nashville and music industry executive Joe Galante. The funds will be used for new product development and expanding Mozaic’s sales and product teams.
Audoo — a music technology company that allows artists, songwriters, PROs and CMOs to see in real-time where their music is played via the use of proprietary audio meters, enabling them to better collect on public performance royalties — partnered with Abu Dhabi-based music rights organization ESMAA. Through the collaboration, ESMAA will incorporate Audoo’s “Audio Meter” and insights platform into its operational framework, allowing more accurate and transparent data collection and payment distribution for artists and rights holders. “ESMAA is at the forefront of building a modern rights company and through implementing the best technology from Audoo, we bridge the path of identifiable potential income with a system that optimises the use of music recognition in public performance spaces,” said Spek, founder/CEO of ESMAA, in a statement.
Canadian booking agency Paquin Artists Agency (PAA), a division of Paquin Entertainment Group, formed a strategic partnership with Louis Carrière, founder/president of Quebec-based agency Preste. The partnership will deepen PAA’s footprint in Quebec as it opens a new office in Montreal. PAA will also provide key resources to Carrière and his team to export Quebecian talent.
Believe-owned metal label Nuclear Blast announced an exclusive e-commerce partnership with Impericon, a provider of metalcore merchandise and music. Under the deal, Impericon will oversee all of Nuclear Blast’s European e-commerce activities starting in the first quarter of 2024.
An affiliate of private equity firm STG completed its acquisition of Avid Technology in an all-cash transaction valued at approximately $1.4 billion. The acquisition, previously announced on Aug. 9, was approved by Avid stockholders on Nov. 2. Under the terms of the deal, Avid stockholders will receive $27.05 per share. Avid common stock ceased trading prior to the opening of trading on Nov. 7 and will no longer be listed on the Nasdaq. Avid will operate as a privately held company and remain headquartered in Burlington, Mass. “By becoming a private company, we believe Avid will be able to achieve the speed of innovation, scale and performance required for us to continue leading the industry forward,” said Jeff Rosica, Avid’s CEO/president, in a statement. “Combined with their significant operational and financial resources, STG brings deep investment experience in the technology sector that will accelerate the achievement of Avid’s strategic vision, building on the momentum of our successful ongoing transformation achieved over the past several years.”
Global content studio The North Road Company is partnering with Two One Five Entertainment — a company co-founded by Ahmir “Questlove” Thompson and Tariq “Black Thought” Trotter of The Roots — after acquiring a significant stake in the company. The deal establishes creative coordination between the two companies, with North Road planning to finance future Two One Five film, TV and other creative projects to scale the company. “Although we’ve had success thus far, finding an investor and strategic partner like North Road will have an immediate impact on our business, as their superior production capabilities will help us significantly increase our output,” said Questlove in a statement. “Additionally, the capital they are committing provides us the flexibility to independently fund creative ideas, grow our executive team and truly scale the business.”
The Anaheim Ducks and Honda Center announced a partnership with The Offspring to commemorate the 30th anniversary of both the Ducks and Honda Center as well as the band’s breakthrough album, Smash. The collaboration will encompass several crossovers during the Ducks’ 30th anniversary season and beyond, including “Come Out and Play Night with The Offspring” on Feb. 9, 2024. The night will include appearances from the band — which hails from Orange County — along with limited edition and co-branded merchandise. Fans will also receive exclusive perks and rewards during Friday night games at Honda Center throughout the Ducks’ 30th anniversary season. Additionally, the band and the Ducks have teamed up to create Puck Punks: The Offspring Powerplay Hits, a limited-edition vinyl set that will go on sale in the Ducks Team Store on Feb. 9, with a number of copies signed by members of The Offspring and Ducks players to be made available. All proceeds raised will benefit the Anaheim Ducks Foundation.
Universal Music Group India and leading Indian talent management company REPRESENT struck a strategic partnership that will give the REPRESENT roster access to Universal Music Group’s global footprint across distribution, publishing, brands and more to help boost REPRESENT artists’ growth and reach worldwide. The companies will collaborate on artist development and fan engagement, among other areas. REPRESENT artists who will be distributed and supported under the partnership include Anuv Jain, MC Stan, Zaeden, Lost Stories, Yashraj, Hanita Bhambri, Akanksha Bhandari, Kamakshi Khanna, Saahel, Savera, Kayan, OAFF and Jai Dhir.
Icelandic-Chinese artist, composer, producer and multi-instrumentalist Laufey has extended her deal with label partner AWAL following the successful release of her album Bewitched, which debuted at No. 23 on the Billboard 200 in September. Laufey is nominated for best traditional pop vocal album at next year’s Grammys and is in the middle of a sold-out North American tour.
GoldState Music, a new company launched last year by Charles Goldstuck that was formed to create a diversified portfolio of music copyrights and sound recordings, announced a “significant” investment and a new partnership with funds managed by Flexpoint Ford Asset Opportunities. The investment will help accelerate GoldState’s acquisition of music intellectual property assets, including full catalogs, influential copyrights, master recordings and publishing rights. As part of the deal, GoldState will source new catalog acquisitions and manage the licensing, synchronization and administration for the existing and acquired copyrights. According to a press release, in its first year of operation, GoldState acquired music rights from several artists and songwriters “spanning multiple genres, geographies, and asset types.”
The Daouda Leonard-founded music tech studio CreateSafe raised a $4.6 million seed funding round to launch TRINITI, a generative artificial intelligence music platform designed to make it easier for artists and rights holders to license and monetize their data in generative AI models while offering a platform to manage consent, credit and compensation. TRINITI was previously utilized by Grimes (Leonard’s management client) to distribute works using a cloned version of her voice to all major streaming services; according to a press release, more than 1,000 songs have been created since the project’s launch. TRINITI includes personalized AI tools with an attribution engine that can take the input of voice, sound, writing and imagery to communicate an artist’s musical and artistic vision. The funding round was led by cryptocurrency and blockchain tech investment firm Polychain Capital, with additional backing from Crush Ventures, Anthony Saleh, Paris Hilton (11:11 Media), MoonPay, Chaac Ventures, Unified Music Group and Dan Weisman (vp at Bernstein Private Wealth Management).
10K Projects struck a joint venture with Loaf Boyz Ventures, the record label of rapper Moneybagg Yo. The first release under the deal was YTB Fatt’s first mixtape, Who Is Fatt, which dropped in August. Other projects set for release under the deal include a Loaf Boyz compilation album and new music from Memphis-based rapper Kevo Money. Moneybagg Yo’s solo work will continue to be released through Yo Gotti’s CMG label. This marks the first deal for 10K since it became a standalone label within Warner Music Group.
Virgin Music Group signed a global agreement with Latin independent labels Machin and Equinoccio Records. Founded by Mexican singer, songwriter and producer Pepe Aguilar, both labels have a focus on the Regional Mexican genre. Machin Records is home to Angela Aguilar, Leonardo Aguilar and Irany & David, while Equinoccio is home to Pepe Aguilar.
Online design platform Canva launched a popular music library that will give users to access 60-second clips of commercially released songs for personal use in videos, social media posts and more through partnerships with Warner Music Group (including Warner Chappell Music and Warner Recorded Music), Merlin and more than a dozen other labels and publishers in deals announced earlier this year. Available songs include works by artists including Michael Buble, Vance Joy, Kenya Grace and Curtis Mayfield, all of whom will earn royalties when clips of their songs are used in Canva designs. The newly expanded music library is available to Canva Pro and Education subscribers, with access to small enterprises using Canva for Teams and Nonprofit users to follow, in Australia, the United States, the United Kingdom, Canada, Austria, Belgium, Croatia, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Switzerland.
Music finance firm Sound Royalties announced a new “working relationship” with entertainment banker David Innes, according to a press release. Under the agreement, Innes’ new venture, On the Money Entertainment Advisory and Consulting, will support Sound Royalties “by amplifying its networking reach among music creatives and expanding its new business pipeline,” the release adds.
Spatial web technology company Cosmic Wire partnered with Creative Artists Agency (CAA) to create innovative experiences for CAA clients using spatial and immersive technology. The companies will additionally work together to innovate sponsorship opportunities for corporate brands in virtual environments.
Music rights and metadata management software platform Orfium partnered with Japanese anime music company Bandai Namco Music Live. Under the deal, Orfium will manage, optimize and monetize Bandai Namco’s repertoire using its AI-based rights management software. Bandai Namco Music Live represents more than 3,000 creators and is behind such anime titles as the Love Live! series, Violet Evergarden, One-Punch Man and The Melancholy of Haruhi Suzumiya.
SoundCloud announced a partnership with A&R executive Randall “Sickamore” Medford, who partnered with SoundCloud on IIIXL Studio, a new Brooklyn-based enterprise that will be dedicated to signing and developing New York artists for SoundCloud’s artist development program. The first IIIXL artist-in-residence is Liim. Through the collaboration, Sickamore will connect talent with SoundCloud’s artist partnerships division, which will offer white-glove creative and marketing resources to chosen artists and their teams. A monthly New York hip-hop showcase is also forthcoming.
Also at SoundCloud, the streaming platform partnered with sleep, meditation and relaxation app Calm to introduce new mental health and wellness benefits for artists. Under the deal, SoundCloud Next and Next Pro artists will have access to exclusive offers for Calm through SoundCloud’s existing member benefits program, including free trials and 50% off Calm Premium.
Bonsai, a platform that helps recording artists engage with and monetize their superfans, announced integrations with Discord, YouTube and Instagram allowing fans to directly interact with their favorite artists. Bonsai’s core feature lets artists invite their fans to participate in “asynch AMAs,” through which fans use Bonsai to ask artists questions. Artists can then record audio responses for their fans, which are then paired with visual generative art to form a “bonsai” that gets delivered to fans via text, email and — with the new deals — Discord, Instagram and YouTube.
We Are Giant — a new platform that helps artists amplify their direct-to-fan relationships by hosting licensed listening parties for new music and unreleased demos, exclusive livestreams, interactive chat rooms with the musicians and more — formally announced its launch while announcing an $8 million funding round from investment management platform Sterling Partners. We Are Giant is led by founder/CEO Andy Apple, who previously served as an investor at VC firms Sound Ventures and Wavemaker Partners in addition to a tenure at JPMorgan. Also on the leadership team is Dan McComas (previously at Reddit), who serves as vp of products & community.