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Hipgnosis Songs Fund capped off an eventful 2023 by lowering the value of its music catalog amidst internal conflict over exactly what the company’s star-studded catalog is worth.
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The publicly listed royalty fund said its operative net asset value per share declined 9.2% to $1.74 on Sept. 30 from $1.92 on March 31, according to its half-year earnings report on Thursday (Dec. 21). The sharp decline stemmed primarily from a “material reduction” in expectations for CRB III and CRB IV income.
The company’s self-reported valuation has long exceeded the value implied by its share price and estimates of equity analysts. In recent months, Hipgnosis Songs Fund has proposed and completed partial catalog sales at discounts to their net asset values.
New board chair Robert Naylor‘s statement to investors described a strained relationship with the fund’s investment advisor, the Merck Mercuriadis-led Hipgnosis Song Management, over the valuation of the five-year-old company’s catalog that includes stakes in songs by Neil Young, Journey and Fleetwood Mac.
Two days earlier, the board postponed the release of half-year earnings after the investment advisor produced a “heavily caveated” opinion on the catalog valuation provided by independent firm Citrin Cooperman that was “materially higher than the valuation implied by proposed and recent transactions in the sector.”
Internal conflicts continued while the results were delayed. According to Naylor, the board’s request of Hipgnosis Song Management about “the matter to be published on the Company’s website in order to provide transparency for shareholders” was rebuffed “under the confidentiality clauses of the Investment Advisory Agreement.”
On Thursday, Naylor urged Hipgnosis Songs Management to provide an opinion on the valuation of Hipgnosis Songs Fund “without caveats” to provide greater transparency to shareholders. In the absence of a caveat-free opinion, the board urged investors to use “a higher degree of caution and less certainty” than normal when considering its fair value and operative NAV.
Hipgnosis Songs Fund shares fell 1% to 0.70 GBP on Thursday.
Gross revenue from continuing operations declined 26.9% to $63.2 million from $86.4 million in the six-month period ended March 31, 2023.
Net revenue from continuing operations declined 29.7% to $54 million from $76.8 million. About half of the decline came from a $11.9 million reversal of accrued royalties in October. Excluding those accrued revenues, net revenue grew 14% to $65.8 million.
Pro-forma annual revenue (PFAR), which measures gross royalties received and excludes revenue accruals, grew 10.4% to $64.9 million.
Following shareholders’ vote against continuation at the annual general meeting on Oct. 26, Hipgnosis Songs Fund transformed its board of directors by naming Naylor to succeed Andrew Sutch as chairman and adding Francis Keeling, a former Universal Music Group executive, and Christopher Mills, CEO and investment manager at North Atlantic Smaller Companies Investment Trust, to replace Andrew Wilkinson and Paul Burger, both of whom left prior to the annual general meeting.
The new board undertook a strategic review and named Shot Tower Capital as lead advisor to conduct due diligence on the catalog. On Thursday, Naylor said he was pleased with the strategic review’s progress thus far. “This process will help the new Board bring forward proposals for delivering value to shareholders,” said Naylor.
But Naylor also described “ongoing failures in the financial reporting and control process” since he joined the board. “Whilst we consider substantial progress has been made in identifying and rectifying these issues,” Naylor added, “we have had to suspend the dividend for at least the remainder of the year in order to ensure compliance with our banking covenants.”
12/21/2023
The year saw both record revenues and widespread upheaval amid the rise of new technologies and existential questions about the future of the industry.
12/21/2023
Vinyl Group announced on Thursday a binding agreement to acquire The Brag Media, publisher of Australian and New Zealand editions of Rolling Stone and Variety, as well as publisher of its own tiles including TheBrag. com, Tone Deaf and industry news outlet The Music Network.
The proposed takeover of Brag Media, pending certain conditions and expected to close by Jan. 31, is being funded by an $11 million AUD ($7.5 million USD) round of investment in Vinyl Group by billionaire Wisetech Global chief executive Richard White, who when completed will own more than a third of the ASX-listed business. With funding in place, Vinyl Group’s purchase of 100% of Brag Media will break down as $8 million in cash and a further $2 million in deferred compensation through cash or stock.
Brag Media originated as Seventh Street Media in 2017, launching local trade outlet The Industry Observer and youth-focused title Don’t Bore Us, before rebranding as The Brag Media in 2019 — the same year it partnered with Billboard parent Penske Media to launch Rolling Stone Australia. Brag also represents the digital audiences in the market for Billboard and The Hollywood Reporter, as well as Rotten Tomatoes, Hypebeast and others. In 2022, Brag bought The Music Network and shuttered Industry Observer. Based on unaudited figures disclosed in the announcement, The Brag Media generated $8.39 million in revenue in its current fiscal year, generating a net profit of $334,824.
Once the acquisition is complete, Brag Media’s portfolio will join a Vinyl Group that also includes music credits specialist Jaxsta, social networking platform Vampr and online record store Vinyl.com. As part of the deal, Brag Media’s co-founder and CEO Luke Girgis is set to remain as publisher and managing director of the company’s publishing business.
“Vinyl Group’s suite of products work together to empower participants of the music ecosystem and reach all corners of the creator economy, and we can’t wait to start working with the iconic mastheads that Luke and The Brag Media have successfully developed in Australia,” said Vinyl Group CEO Josh Simons, who took over the top job in late June following the departure of Beth Appleton. “We’ve identified several impactful synergies between the two businesses that will deliver immediate cost efficiencies and revenue, including streamlining Vampr’s in-app ads business and leveraging The Brag Media’s impressive audience reach to bolster Jaxsta, Vinyl.com and Vampr in the market.”
Girgis added that he “couldn’t be happier about” the consolidation. “Right from the earliest discussions we had, it was clear that the Board, Josh and the team shared our vision for the future of the business, and I’m thrilled that they’ve made this commitment with us.”
White said there is “no doubt that iconic brands like Rolling Stone and Variety make sense and add value to VNL. Combined under the leadership of Josh and Vinyl Group, the consolidated business and team will have a lot more growth levers and options.”
Vinyl Group is Australia’s only ASX-listed music business and trades under the ticker code VNL (it was JXT before a recent parent company name change). Its share price jumped 22% to .055 following the acquisition announcement.
Medallion, a direct-to-consumer platform that helps artists build relationships with their fans, has raised $13.7 million in Series A funding, the company announced Thursday (Dec. 21). The funding will help Medallion, which is led by former Songkick CEO Matt Jones, “to accelerate an ambitious technical roadmap,” the company said in a statement.
The round was co-led by Dragonfly and Lightspeed Faction and included Coinbase Ventures, Infinite Capital, J17, Third Prime, Zeal Capital and previous investor The Chernin Group. Also taking part in the round were music industry investors including Metallica’s Black Squirrel Partners; Bill Silva Entertainment; Guy Lawrence of electronic duo Disclosure; Foundations Artist Management; producer duo Jungle; the band Mt. Joy; management company Method; DJ and producer Tiga; and TAG Music, a joint venture between Gabe Saporta and Atlantic Records.
This marks Metallica’s third notable investment in 2023 via Black Squirrel. In March, the band purchased Furnace Record Pressing, a vinyl manufacturer in Alexandria, Va. Then in August, Black Squirrel was the lead investor in a $5 million funding round for Word Collections, a publishing administration firm launched by TuneCore founder Jeff Price.
Launched in 2022, Medallion provides a white-label platform for artists to create online communities that deliver experiences and products to their fans. Its client roster includes such artists as My Morning Jacket, Sigur Ros, Santigold, Tycho, Greta Van Fleet and two of its investors, Mt. Joy and Jungle.
For Rob Hadick, general partner at Dragonfly, Medallion represents a shift in thinking about providing fans with more than music and content. “Medallion is building the infrastructure to enable artists to directly interact with their highest intent customers through new and exclusive products and experiences, while simultaneously owning the customer relationship themselves and driving net new revenue opportunities around their IP,” Hadick said in a statement. “We believe this paradigm shift will permeate across the entirety of the creator economy.”
“Artists only have direct relationships with a fraction of their fanbase. Medallion solves this problem by unlocking direct artist-to-fan connection,” said Will Leas at Lightspeed Faction in a statement. “The team has a history of building pioneering technology for the world’s biggest artists, and we are thrilled to back them on this journey.”
Medallion previously raised $9 million in seed funding from Betaworks, POAP Ventures, Polygon Ventures, The Chernin Group, Red Light Ventures, Linkin Park’s Mike Shinoda and Tycho.
Just one day after announcing a delay in publishing interim financial results for the six months ended Sept. 30, Hipgnosis Songs Fund has announced the appointment of a new auditor.
In a press release on Wednesday (Dec. 20), the Merck Mercuriadis-led company said it had appointed KPMG Channel Islands Limited as its new auditor, “with immediate effect for the financial year ended” Mar. 31, 2024. KPMG succeeds PricewaterhouseCoopers (PwC) in the role.
The release notes that the appointment of KPMG will be subject to approval by the company’s shareholders at a general meeting “to be convened in due course.”
“The previous auditor, PwC CI, has deposited with the Company a statement confirming that there are no matters to be brought to the attention of the Company’s members or creditors,” the release adds.
On Tuesday, Hipgnosis Songs Fund said it would delay publishing its financial results over concerns about its valuation, explaining that the valuation it received from an independent firm was “materially higher than the valuation implied by proposed and recent transactions in the sector.” These transactions include the proposed $417.5 million sale of 29 catalogs to Blackstone-backed Hipgnosis Songs Capital — a price reflecting a 24.3% discount from a valuation dated March 31 — and last week’s sale of 20,000 “non-core songs” to an undisclosed buyer for $23.1 million, which the company said reflects a 14.2% discount on the songs’ valuation as of early fall.
Hipgnosis Songs Fund now expects to announce its financial results on New Year’s Eve, according to the regulatory filing.
Hipgnosis is composed of three companies: Hipgnosis Song Management, Hipgnosis Songs Capital and Hipgnosis Songs Fund, the latter of which has been the subject of controversy for months. On Oct. 16, the London-listed trust revealed that it would not pay its investors a dividend due to new, lower revenue projections. On Oct. 26, more than 80% of the fund’s investors demanded structural changes to the music rights company, voting in favor of the board drawing up “proposals for the reconstruction, reorganization or winding-up of the company to shareholders for their approval within six months.”
Last month, it was also announced that the fund will not declare dividends before the fiscal year, which begins in April, to ensure it has enough on its ledger to pay contractually mandated catalog bonuses.
Hipgnosis Songs Fund owns full or partial rights to the song catalogs of artists including Justin Bieber, Neil Young, Bruno Mars, Jimmy Iovine, 50 Cent, Shakira, Blondie, Justin Timberlake and Lindsey Buckingham.
Hipgnosis Songs Fund ended the day up 1.43% on the London Stock Exchange following the announcement of the new auditor.
Gavin DeGraw has signed with Sony Music Nashville on the heels of his latest EP, A Classic Christmas. DeGraw, who was previously on Sony’s RCA Records, is managed by Haley McElmore and JT Pratt at Otter Creek Entertainment.
ADA Worldwide‘s Latin division has signed a global distribution agreement with Mexican music star Alicia Villarreal and her label, Camixes Entertainment. The deal marks Villarreal’s return to releasing music after a seven-year hiatus. Her first independent single, “Ojo Por Ojo,” was released last month, while a new album is expected out next year. Villarreal is booked and managed by Apodaca Group.
Rock artist Two Feet has launched an independent record label, 477 Records, and signed emerging talent including Bec Lauder, Toby Mai and Elvis Drew. The label will also release Two Feet’s upcoming music, including the new single “Kill Anyone” feat. Ari Abdul. Two Feet is booked by Jay Moss and Steph Aristakesian at Wasserman and managed by G.D. Dess; Lauder is represented by NEXT Management.
19 Recordings and BMG signed Haven Madison, a top 8 finalist on Season 21 of American Idol who performed original songs including “Fifteen” and “Still Need You” on the series. Madison, who independently released the EP All the Things I Didn’t Say in 2022, is managed by Third Wave Music Group.
Cricket Productionz, the company of music producer Alvaro “Cricket” Venegas (Peso Pluma), has signed a global distribution and artist partnership deal with Warner Music Latina. Under the deal, Cricket will release a debut album for his artist project in 2024.
TR/ST, the electronic pop project of Robert Alfons, has signed with Dais Records, which released his latest single, “Robrash,” on Dec. 13. An EP release is planned for next year. TR/ST is managed by Shabnam Mohammad at 724 and Gary Walker at Monotone, with booking by Chris Danis and Avery McTaggart at TBA for North America and Matt Copely in the United Kingdom and the rest of the world. TR/ST previously had a label deal with Grouch.
Red Bull Records has signed South London R&B singer-songwriter James Vickery, who most recently released the EP Sheet Music in March. Vickery is managed by Alex Lewis at Lemon Music.
Singer-songwriter and Texas native Laci Kaye Booth has signed with Geffen Records and also aligned with Red Light Management for management and WME for booking. – Jessica Nicholson
Korn member Brian “Head” Welch launched a new label, XOVR Records (pronounced Crossover Records), alongside his longtime personal manager, David W. Williams. The label’s first signing is the rock band Spoken featuring Welch’s Love and Death bandmate JR Bareis. The group will release its tenth album, Reflection, via XOVR on Mar. 15. Spoken is managed and booked by Williams.
Australian post-punk band HighSchool has signed to [PIAS], which released the group’s latest single, “August 19,” on Dec. 5. HighSchool is managed by Rich Walker at 4AD and Matt Brown at Stay Loose, with booking by Andy Cook at CAA.
Kanine Records signed New York quintet Punchlove, which released the single “Dead Lands” via the label on Dec. 6.
Professional rodeo cowboy-turned-country artist Gunnar Latham has signed with Bob Doyle & Associates for management. Latham is booked by Chad Kudelka at CAA; he currently has no label.
Danish-Japanese artist Ida Kudo has signed with Pasadena Records, which will release her new EP, Proud, on Apr. 19 via a joint venture with Denmark’s Nordic Music Society. Her latest single, “The Power That Is Woman,” is out now.
Brooklyn-based alt-country songwriter Emily Frembgen signed to Don Giovanni Records, which recently released her single “Fentanyl.” The label will release Frembgen’s debut album next year.
Absolutely Kosher Records has signed Memphis duo Nonconnah, marking the first signing since the label’s relaunch this fall following a 12-year absence. New music is coming from the duo next year.

SCP Merchandising, an Illinois-based merch company used by artists including Mitski, Father John Misty and Carly Rae Jepsen, has shut down, according to a member of SCP leadership still on-site after the company laid off its staff over the weekend.
Based on accounts from multiple former SCP employees on LinkedIn, the company’s employees were abruptly laid off on Sunday evening (Dec. 17). The source tells Billboard that the company will most likely file for bankruptcy and that there is no process yet for clients to retrieve their merchandise, but that those with outstanding balances will not be able to do so until they pay those off with SCP or a potential bankruptcy trustee. They add that priority will be given to clients who have no balance due as well as those who are arranging for payment of unpaid bills.
The source notes that the company plans to send out an email Tuesday (Dec. 19) to clients who do not owe money to figure out pickup or shipping arrangements for their inventory; clients with outstanding balances must first make a payment and then reach out to SCP once that’s been done in order to coordinate receiving their stock. The source says those who still owe “should know that they are in debt to SCP” as the company has been sending past-due statements.
The source adds that after Thursday (Dec. 21), retrieving inventory may be slower for clients as SCP only has bank approval for payroll through that day, “and even so we don’t have enough for the entire job.” They continue: “After that, a court-approved trustee will replace company employees and that’s only one person and I’m not sure what their take on inventory will be. There’s a few different paths it could go. It’s just all very speculative.”
Meanwhile, artists’ online stores that ran through SCP have been taken down entirely, including Mitski, Father John Misty, Alec Benjamin, Dashboard Confessional, Louis the Child and Chappell Roan. One source in artist management says they haven’t heard from anyone at SCP yet and are trying to figure out how to collect their remaining merchandise. According to that source, they initially began working with SCP because the rates were significantly cheaper than their competitors: The company took 15% of net sales compared to around 20% of gross that, the source says, many others take.
Launched in 2013 by owner Stephen Hopkins, SCP bills itself on its website as a “full-service creative collaborator” for artists and brands. Other current and former artist clients include Billie Eilish, Freddie Gibbs, Tanya Tucker, Manchester Ochestra and Wiz Khalifa; the record label Loma Vista Recordings; and the festival Bittersweet Daze.
According to Hopkins’ LinkedIn profile, he also serves as co-founder/CEO of Web3 company Dropolis and co-founded 3E Love, a company that makes clothing for people with disabilities.
Additional reporting by Colin Stutz.

One of Ibiza‘s most fabled clubbing institutions is under new ownership.
As was rumored this past summer, Pacha Group — which includes the Ibiza flagship club, two hotel island hotel properties and clubs in Barcelona and Munich — has been acquired by FIVE Holdings, the Dubai-based hospitality and real estate group. FIVE encompasses a namesake hotel brand with two locations in Dubai and a property in Zurich, with a third Dubai property currently under construction.
FIVE Hospitality and The Pacha Group CEO Aloki Batra tells Billboard that FIVE’s acquisition of The Pacha Group is worth approximately $330 million, and that conversations regarding the sale started nearly two and a half years ago at an event in Mykonos.
The Pacha Group was previously owned by the private equity firm Trilantic Capital Partners, which acquired the brand in 2017. A representative from Trilantic declined to comment on the sale.
Batra says that as part of the transfer of ownership, Pacha Ibiza will see some light changes, including improvements to the lighting system, slightly expanded VIP areas, enhanced production elements and improvements to the club’s “digital footprint” including systems to track attendance through NFT wristbands.
“If [you’ve] been to been to five or six shows, the next time you show up, we should know that. Now it’s just blind,” says Batra. “[We plan to] increase the quality of experience by getting to know our fans a lot better and then [determining] how we can engage with them and make them feel special.” Batra adds that there’s been a “full continuity” of staff at the club amid the change in ownership.
Batra says FIVE is also looking at ways to revive the club’s longstanding record label, Pacha Recordings with pre-recorded DJ sets delivered to fans globally on DSPs.
“[We’re] definitely looking at that that very seriously,” Batra says. “We have this rich legacy and need to take it ahead for the digital age and the customer of today. I think that’s a huge opportunity for us, and it’s great for the fans, because we intend to bring your favorite club closer to you.”
While programming at the club will remain largely the same — including Solomun’s iconic Sunday night residency — Batra says the plan is to also make offerings “a bit more reggaeton-ey” for the 2024 season. “There’s a lot of demand for it and we’re looking to address that demand,” he says, noting that Maluma and J Balvin have previously performed at Pacha Ibiza. “We want to be well represented in the reggaeton world… We think there’s definitely a trend in that direction.”
The acquisition marks FIVE’s first properties in Ibiza, with the deal also encompassing the resorts El Hotel Pacha Ibiza and Destino Pacha Ibiza. Located approximately 15 minutes north of the club, this latter property will see a series of what Batra calls “significant upgrades” and officially become a FIVE branded property in 2025.
He says that while the Ibiza market is highly competitive, visitors to the island now often come more and stay longer, creating opportunities for property owners. He adds that the same demographic that visits FIVE resorts in Dubai are also likely to travel to Ibiza.
Pacha Ibiza opened in 1973 and, 50 years later, hosts some of the biggest DJs in the world. Batra emphasize that while other clubs in the market offer “a show with a big DJ set” Pacha is still focused on throwing “a party with the DJ right at the center.”
To wit, FIVE will maintain Pacha’s ” bohemian artistic direction…[The plan is] not more pyrotechnics as far as we’re concerned,” says Batra. “We’re more about the party, the atmosphere and enhancing that experience [and not having] people pull out their mobile phones for the entirety of the set.”
“We’re buying into a real legacy,” Batra adds. “It’s one of the greatest entertainment brands out of Europe at the forefront of dance music and culture. The relationship between the success of Ibiza and the success of Pacha is very intertwined; I think it’s almost a definitive story of Ibiza… So it’s very exciting to have an opportunity to be part of this great story and navigate it into a blissful future.”
Hipgnosis Songs Fund has announced a last-second delay in publishing interim results for the six months ended Sept. 30, citing concerns over its valuation following a series of hiccups for the Merck Mercuriadis-led company.
The fund, which owns full or partial rights to the song catalogs of artists ranging from Justin Bieber, Neil Young, Bruno Mars, Jimmy Iovine, 50 Cent, Shakira, Blondie, Justin Timberlake, Lindsey Buckingham and many more, was scheduled to publish it financial results on Tuesday (Dec. 19) but now expects to announce on New Year’s Eve, according to a regulatory filing.
In explaining the delay, the Hipgnosis board said the valuation it received from an independent firm was “materially higher than the valuation implied by proposed and recent transactions in the sector,” namely two deals involving itself: a proposed $417.5 million sale of 29 catalogs to Blackstone-backed Hipgnosis Songs Capital, a price reflecting a 24.3% discount from a valuation dated March 31, and last week’s sale of 20,000 “non-core songs” to an undisclosed buyer for $23.1 million, which it said reflects a 14.2% discount on the songs’ valuation as of early fall.
Due to the disparity between the independent valuation and the “implied” one tied to recent trends and proposed sales, the board sought advice from its in-house investment advisor, Hipgnosis Song Management Limited, which delivered a “heavily caveated” opinion that led to the board’s concerns as to the valuation of HSF listed in the interim results scheduled to be disclosed today.
Hipgnosis is comprised of three companies: Hipgnosis Song Management, Hipgnosis Songs Capital and Hipgnosis Songs Fund. The latter of the three has been mired in controversy in recent months after it was announced that the London-listed trust would not pay its investors a dividend because of new, lower projections for revenue. On Oct. 26, investors of the fund overwhelmingly demanded structural changes to the music rights company, with more than 80% of Hipgnosis investors voting in favor of the board drawing up “proposals for the reconstruction, reorganization or winding-up of the company to shareholders for their approval within six months.”
Last month the company announced that the fund will not declare dividends before the new fiscal year, which begins next April, in order to ensure it has enough on its balance sheet to pay contractually-mandated catalog bonuses.
Investors are still processing the news, with the company’s stock only slightly down, roughly 2%, in mid-day trading on the London Stock Exchange.

When Frances Moore started in the Brussels office of The International Federation of the Phonographic Industry (IFPI) in 1994 as regional director for Europe, the trade organization represented six major labels that made most of their money selling CDs – and mostly in Europe and the U.S. When she retires at the end of this year, she will leave a business with three majors that’s truly global and focused on streaming. In between, Moore scored some of the key policy wins that made that happen, especially since ascending to the top job in 2010. She also transformed IFPI into a global force and served longer as CEO than any of her predecessors.
Moore started just as the major labels and other media companies began pushing for laws to protect digital content – an effort that ultimately resulted in the 1998 Digital Millennium Copyright Act in the U.S., and the 2001 Copyright and Information Society Directive in the European Union. One of her major achievements was IFPI’s passage of the 2019 copyright directive that addressed some of its shortcomings by tightening up some of the safe harbor rules that created a “value gap” between what rightsholders made from licensed services like Spotify and what they got from user-upload-fueled services like YouTube. In between, she led IFPI efforts to extend the term of copyright protection for recordings in Europe and establish a public performance right for recordings in China, plus strengthened IFPI’s operations in markets that barely existed when she started at the organization three decades ago.
You announced in July that you would retire at the end of the year, but some executives can’t quite picture that – you have a reputation for working extremely hard. What are your plans?
I can’t really picture me retiring, either! Come the first of January, I’ll tell you the answer. I’ll take a rest at the beginning and see what happens afterwards.
You’re leaving an organization that’s much more international than the one you joined in 1994.
When I joined, the two big markets were Europe and the U.S., and the bulk of the industry’s revenues came from those two places – the other territories were much smaller. But IFPI was always an international organization: There was already an office in Hong Kong and two small offices in China, so it was more a question of how you brought everyone together.
You started in Brussels and played a major role in building up the organization there.
There was a Brussels representation [when I started] but they didn’t really have U.S. [style] lobbying and that’s what I brought to build a campaign for the [2001] copyright directive. Back in the ‘90s, Europe had a lot to learn about lobbying. I remember suggesting to one of the major national groups that they bring in a lobbyist and they were shocked. It was as if I had suggested bringing in a lady of the night. Lobbying wasn’t seen then as a clean profession.
You started at IFPI right before the first copyright directive and one of your big accomplishments as CEO was to get the 2019 copyright directive passed. That was supposed to address some of the issues with the first one, but the implementation of it in different EU countries has varied. How do you see that?
For the first copyright directive, we built something at the European level that we never had before – we had 32 organizations working together from books, film, music, you name it. In implementing the WIPO treaty, we had a good, strong directive that let companies go online with confidence. When it came to the second one, the issue was what we called ‘the value gap’ [the difference between what it cost companies to license content and how little some of them were paying to use it]. Companies were doing deals with one hand tied behind their back. That was a hard campaign to fight, not because of the arguments – people could see that – but because we had huge opponents. Now some of these companies we work with and they’re a part of the success of the music industry. But as far as EU Parliament, they said this was the hardest-fought campaign they ever had to deal with. Luckily, they came through in the end.
In theory, you got what you needed. But the directive was implemented quite poorly in some countries, especially Germany.
There are 27 countries and there’s one that hasn’t implemented it yet – Poland. But Donald Tusk [who became Polish Prime Minister on December 13], will make sure it’s implemented. In most countries, it has been done faithfully. In Germany and in Belgium, we had problems and we’re taking it to court. But it was a signal more than anything else. To some degree, once it was adopted, the tech companies realized that they had to do what it was asking for.
What do you consider your biggest accomplishment?
I think my biggest accomplishment was putting together an A-level team. I don’t like the cult of personality – everything we do, we do as a team.
Your job is like herding cats – there are the national recording business organizations and the major labels – now small, medium, and large. It’s a very tough act to follow.
The job isn’t to be an expert in legal policy – the job is to hold the ball tight and keep running forward. There’s a global search [for a successor] and I think we’ll be able to announce the person shortly, and I wish that person all the best. The most important thing is that the companies speak with one voice – then everything else becomes easier.
Frances Moore and Taylor Swift
Dave J Hogan/Getty Images
You’ve had support on policy issues over the years from some very famous artists. Did you ever get starstruck?
I’m a Scottish rationalist – I don’t do starstruck. We have this program, Friends of Music, when artists come to the Parliament and they perform, and it moves you. I remember Jamie Cullum was performing in Strausberg [Germany] and at one point he stopped playing on the keys of his piano and just strummed on the wood. It was pure music. I don’t get starstruck but I get impressed beyond belief with talent.
You are leaving an organization that’s much more diverse than the one you joined in 1994. For example, you have women regional directors in Sub-Saharan Africa, the Middle East and North Africa (MENA) and Latin America. Was that a priority for you?
That was the state of the world [in 1994] – it wasn’t just the recording industry. In my case, there was never a point of saying I’m going to recruit a woman – you can only put together an A-level team if you choose the best candidates. We have six regional teams, and three are led by men and three are led by women. That’s balanced but not deliberately balanced – it just worked out that way.
What’s going to be the most important priority for your successor?
AI, because if you don’t get it right, it could decimate the industry. That’s the big one. There are some technology companies saying that there are text and data mining exceptions and we fit in there, so we don’t have to respect copyright. Wrong.