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BMG has partnered with pioneering UK electronic duo The Chemical Brothers and will now administer and represent the band’s entire song catalog, building upon their previous arrangement to represent all of the duo’s works from 2015 onwards. The news comes just weeks before the duo will release their tenth studio album For That Beautiful Feeling.
Primary Wave Music has purchased the publishing rights of Styx member Dennis DeYoung, encompassing the majority of his compositions and master recordings. This includes Styx hits “Come Sail Away,” “Babe,” “Mr. Roboto,” “Lady,” “The Best of Times,” and more.
Concord has purchased a portion of the song catalog of Plain White T’s frontman Tom Higgenson, including his share of “Hey There Delilah.”
BMG has acquired the writer’s share of royalties for Michael Münzing of SNAP!, building on the company’s pre-existing partnership with the 90s Eurodance troupe. The two parties’ relationship began in 2018 when BMG acquired SNAP!’s recorded music catalog.
Simon Cowell and Syco Entertainment have launched Syco Publishing in partnership with UMPG.
Warner Chappell Music and the Warren Brothers have joined together to sign Jet Harvey to a worldwide publishing deal. Most recently, Harvey co-wrote Bailey Zimmerman’s “Rock And A Hard Place,” which ranked at No. 1 on Billboard’s Country Airplay chart for six weeks.
peermusic Australia has signed Ziggy Ramo to a worldwide publishing agreement. This is Ramo’s first-ever publishing deal, encompassing his back catalog and future works.
Sony Music Publishing hosted its first-ever SMP x BeatStars Hitmaker Week in Stockholm, Sweden at the House of Creatives. Bringing together 27 BeatStars Publishing hitmakers from 10 different countries, the camp marked the three-year mark in SMP’s partnership with the beat marketplace.
Position Music has signed producer, writer and instrumentalist Keith Varon (Machine Gun Kelly, Joji, Kenny Hoopla, Travis Barker) to a publishing deal. News of the deal arrives soonafter the talent scored RIAA Gold for “Angels and Demons” by jxdn and Platinum for “Banyan Tree” by Machine Gun Kelly.
Reel Muzik Werks has signed songwriter Jennifer Adan to a publishing administrative deal. This includes the administration of her previously existing catalog, including “She Wouldn’t Be Gone” by Blake Shelton.
After at least five months of deliberations, Paramount Global has decided against selling a majority stake in its BET Media Group, The Hollywood Reporter has confirmed.
The move to take down the “for sale” sign for the unit — which includes the BET channel, streamer BET+ as well as VH1 and BET Studios — follows publicly expressed interest from the likes of moguls Tyler Perry, Byron Allen, Sean “Diddy” Combs and others in acquiring a majority interest. The Wall Street Journal earlier reported Paramount’s decision to end the bidding process for BET.
Perry is already in business with Paramount via a multiyear content partnership struck in 2019, while Allen has been aiming to expand his TV station empire that counts The Weather Channel and Combs has a TV presence with his Revolt network.
During Paramount’s latest earnings call, on Aug. 7, CEO Bob Bakish was asked about the status of the potential sale and didn’t address BET by name, but replied: “We’re always looking for ways to maximize shareholder value. And as we said before, that might involve divesting, acquiring or potentially partnering on assets all of which we’ve done. But other than that, I’m not going to comment on anything specifically.”
The company has owned BET since 2000, when the Sumner Redstone-led firm then named Viacom snapped up Black Entertainment Television for $2.3 billion in stock and $570 million in debt. At the time, the BET channel was carried in 62.4 million households domestically.
For the past several years, Paramount has been looking to slim down its collection of assets in order to scale up in streaming and burnish its core entertainment portfolio (Paramount Pictures as well as CBS, Showtime, Nickelodeon, Comedy Central, MTV, BET and streamers Paramount+ and Pluto TV). That effort has boosted Paramount+ to about 61 million subscribers globally, but the streaming division still isn’t profitable, tallying $424 million in losses in the second quarter.
Earlier this month, the company struck a $1.62 billion deal with private equity giant KKR to sell off major book publisher Simon & Schuster. That sale (a yearslong effort after its first attempt was blocked by a judge over antitrust concerns) followed Paramount selling tech site CNET for $500 million in 2020, CBS’ New York BlackRock headquarters building for $760 million and CBS’ Studio City lot for $1.85 billion in 2021.
Paramount, with its large collection of linear channels, has been subject to headwinds in the industry amid the march of cord-cutting as consumers look beyond pay-TV packages to subscription streaming offerings. In the last quarter alone, more than 1.7 million subscribers were shed by the major pay-TV and cable companies (including Comcast, Charter and DirecTV), per a tally from Leichtman Research.
Affiliate and subscription revenue at Paramount’s TV Media unit was off 2 percent in its most recent quarter, the company disclosed Aug. 7, noting that the decline was “primarily reflecting the impact from subscriber declines, partially offset by pricing increases.”
This article was originally published by The Hollywood Reporter.
Over the past week, Oliver Anthony has summited the music charts, thanks to his viral hit “Rich Men North of Richmond,” which highlights working-class frustrations (and, in some of its most controversial lyrics, the country’s welfare system) and has been met with both intense praise and backlash.
The song first gained national attention late last week, when RadioWV’s YouTube live video for the song began gaining millions of views (that YouTube post now has more than 16 million views). By the end of Aug. 11, “Rich Men North of Richmond” topped the iTunes country chart, and since then, “Rich Men” has soared to the top of the all-genre iTunes chart. According to Luminate, the daily official on-demand U.S. streams for “Rich Men North of Richmond” grew to over 3 million on Tuesday (Aug. 15). The song also resides at No. 1 on the Spotify Top 50-USA chart, as of Wednesday afternoon (Aug. 16).
The song and YouTube video gained traction initially, in part, through various media personalities who shared the video, including John Rich, Joe Rogan and Matt Walsh, as well as Barstool Sports and conservative outlet Breitbart posting it on social media.
The consumption of Anthony’s music extends beyond “Rich Men.” His song “Ain’t Gotta Dollar” is currently No. 1 on Spotify’s Viral 50 chart, with five of his other songs resting in the chart’s top 10 on Wednesday afternoon, as of publishing.
These numbers have swiftly led to an industry feeding frenzy for Anthony, with one label head telling Billboard, “I don’t think I’ve ever seen anything like this before.”
Anthony acknowledged the rush of record labels trying to sign him on Wednesday, when he posted on social media to let his followers know about a show this coming Saturday at Eagle Creek Golf Club and Grill in Moyock, North Carolina.
“We are working on a full line up of shows with bigger accommodations in the near future,” Anthony wrote on his official music Facebook page. He also noted, “Everyone in the ‘industry’ is rushing me into signing something, but we just want to take things slow right now. I appreciate your patience.”
While the Radio Music Licensing Committee awaits an appeals court decision in its so-far unsuccessful attempt to combine rate court proceedings with ASCAP and BMI under a single judge, the trade group has filed federal petitions to begin the processes separately in the Southern District of New York.
Usually, such rate proceedings petitions are initiated after negotiations between the performance rights organizations and the RMLC prove fruitless. Under these petitions, the PROs will each make the case for what rate it thinks their songwriters and publishers are entitled to receive when their songs are played on the radio. This time out, for the period of 2022-2026, the RMLC is seeking to maintain the same rates it had under the prior agreement which covered 2017-2021.
In July 2022, the RMLC tried to get ASCAP and BMI combined into a single rate proceeding, thus showing its hand that it felt rate negotiations had failed. For decades, each PRO had its own separate rate proceeding, but about seven or eight years ago, the RMLC began a new rate court strategy of trying to assign market share to the four U.S. PROs — ASCAP, BMI, SESAC and Global Music Rights — in attempt to keep the rates in parity with market share, irrespective of each PRO’s song catalog. In filing its petition to consolidate the rate proceedings to the Southern District of New York, which oversees both rate proceedings and the ASCAP and BMI consent decrees, the RMLC said the act was justified by the Music Modernization Act of 2018 that changed how the the Southern District assigns the rate court proceeding.
The step to combine the rate proceedings into one was seen by some music industry executives as a further attempt to pursue that rate strategy. Having a single judge, instead of bifurcated rate court proceedings, could benefit the RMLC because it would likely pit BMI and ASCAP against each other, vying for a higher rate than the other with both PROs arguing over market share.
But in May this year, Southern District Court Judge Stanton ruled against the RMLC’s consolidation petition so the radio trade group subsequently appealed that decision. The Second District Appeals Court has yet to issue a ruling on the RMLC motion, but in the meantime, the RMLC is getting the ball rolling with the rate court by filing amended petitions on BMI on Aug. 10 and on ASCAP on Tuesday.
Despite filing petitions for the two rate court proceedings, the RMLC petition for the ASCAP rate court proceeding says that if the Second Circuit Appeals Court ultimately agrees with the RMLC position to combine the two rate court proceedings into one, “it reserves all rights at the appropriate time” to pursue a unitary action against ASCAP and BMI.
The ASCAP rate proceeding covers the current five-year term which began on Jan. 1, 2022. In the prior term (2017-2021), RMLC said it paid a combined 3.51% of net revenue as a royalty pool for the two PROs, with ASCAP getting 1.73% of that based on market share claims it made at the time — which the RMLC now says was “a representation that turned out to be false.” Meanwhile, BMI received 1.78% of radio stations’ net revenue.
Nevertheless, in May 2022, according to the petition, the RMLC asked ASCAP and BMI if they would be willing to roll forward the combined 3.51% of net revenue royalty pool, provided that ASCAP and BMI would agree on a mechanism for assessing each of their market shares.
Although the rate level would be the same, the RMLC implies it is actually an increase because the combined ASCAP and BMI share of total performances on RMLC stations likely has diminished since when the prior agreements began, the RMLC argues in its petition.
Meanwhile, it looks like BMI is requesting a rate increase from 1.78% to 2.95%, according to what the RMLC states in the BMI petition; while the RMLC ASCAP petition doesn’t disclose the rate ASCAP is seeking.
The RMLC didn’t immediately respond to a request for comment.
“The RMLC would rather continue to waste time and money on expensive litigation than simply paying songwriters a fair royalty for the use of their music,” ASCAP CEO Elizabeth Matthews said in a statement. “It’s not that complicated. Simply treat music creators who support your successful and profitable businesses with dignity and respect and everyone wins.”
While the PROs and the RMLC wait for the rate court proceedings to make a determination, all parties have agreed to an interim rate that allows radio to continue to play music without copyright infringement.
Boosted by K-pop’s growing popularity and artists’ return to concert stages, the four publicly traded South Korean music companies — HYBE, SM Entertainment, YG Entertainment and JYP Entertainment — posted average revenue growth of 71% in the second quarter of 2023, according to Billboard’s analysis of their recent earnings reports.
Sky-high growth rates in recent quarters have helped make the K-pop companies a wise investment in 2023: Through Wednesday (Aug. 16), the four share prices increased an average of 63.6% year to date, adding more than $4.7 billion in market capitalization cumulatively to the companies’ stocks. In contrast, stocks of the two largest standalone music companies, Universal Music Group and Warner Music Group, have gained 3.6% and lost 6%, respectively, year-to-date through Tuesday (Aug. 15).
In terms of revenue growth, the leader in the second quarter was JYP Entertainment, home to the groups Stray Kids and Twice. JYP’s revenue grew 124% to 151.7 billion won ($115.2 million), with new albums by Stray Kids, Twice and NMixx driving a 298% increase in physical sales to 74.1 billion won ($56.3 million). Republic Records, JYP’s partner in the United States, accounted for 14.5 billion won ($11 million) of physical sales, or about 20% of the total amount. Elsewhere, JYP’s concert revenue grew 44% year-over-year to a record 14.4 billion won ($10.9 million) while merchandise sales climbed 151% to 21.7 billion won ($16.5 million). Domestic streaming revenue grew 18% to 2.2 billion won ($1.7 million) while overseas streaming revenue jumped 82% to 10.3 billion won ($7.8 million).
YG Entertainment boasts the greatest share price gain among the group at 75.6% year to date. The company behind breakthrough girl group BLACKPINK, YG posted revenue of 158.3 billion won ($120.2 million) in the second quarter, up 108% from the prior-year period.
JYP Entertainment’s operating income grew 88% to 45.6 billion won ($34.6 million) but missed its 51-billion won estimate, causing the company’s share price to fall 8.2% the following day. Although its revenue grew 124% in the quarter, JYP was hurt by what it called a “temporary increase in content product costs.” As a result, its cost of goods sold rose 162% while gross margin percentage — gross profit as a percent of sales — declined 1.6 percentage points to 47.7%.
Expenses also grew faster than revenue at HYBE, where cost of sales grew 25% while sales, general and administrative expenses climbed 32%. HYBE’s operating profit declined 8% as a result, while net income improved 19% despite a 21% growth in revenue. HYBE’s share price declined just 0.9% the day after the results were released; with a 38.9% gain year-to-date, its stock boasts the lowest appreciation of the four K-pop companies.
Carin Leon’s former manager is suing distribution company Oplaai and two of its executives for copyright infringement over allegations of underpaid royalties.
In the lawsuit, Javier “El Tamarindo” González, CEO of Tamarindo Rekordsz, alleges that he has not been properly paid by Oplaai – his indie label’s distributor since 2018 – for revenues from Leon’s music. González owns all copyrights for songs recorded by Leon during the term of their recording deal that started in 2018 through last December.
According to the claim, Oplaai has “infringed, and continues to infringe” upon González’s copyrights in the sound recordings and compositions by “reproducing, distributing, selling, promoting, advertising, performing by means of digital audio transmission, and otherwise commercially exploiting without authority or consent.” Oplaai’s CEOs Marylu Ramos and Victor Zambrano are also named as defendants.
González and Oplaai’s partnership began in 2018 through an oral distribution agreement where he says he “granted” Oplaai a two-year license to distribute new Tamarindo Rekordsz recordings delivered to Oplaai during that period. According to the complaint, the deal would be renewed for subsequent one-year terms if both parties agreed.
Initially, the deal was that Oplaai would collect all revenue derived from Tamarindo Rekordsz’s catalog and retain 30% of the net revenue (as a distribution fee) and pay 70% of the net revenue to Tamarindo Rekordsz (as a royalty). Following Leon’s massive success during 2019 and 2020 – Oplaai “agreed” in 2021 to lower its distribution fee to 14% and to pay Tamarindo royalties in the amount of 86% of the net revenues collected by Oplaai from the catalog.
By the end of 2022, Leon and González announced they had mutually agreed to part ways after the five-year relationship, during which Leon earned his first Latin Grammy win, plus 11 entries on the Hot Latin Songs chart and 10 top-10 songs on the Regional Mexican Airplay chart.
After Leon and González negotiated a release agreement – ratifying González as the owner of all rights (including copyrights) pertaining to Leon’s recordings from February 2018 until the date of the release agreement – González formally notified Oplaai that he was terminating their pact effective April 11, according to the lawsuit. He also requested Oplaai provide him with a simple catalog delivery file so that Tamarindo Rekordsz could “commence alternative distribution.”
After the termination, “neither Oplaai, Ramos, or Zambrano had the right to copy, sell, distribute, license, or publicly perform any of the Sound Recordings. Nor did they have a license or right to exploit the Compositions.” Yet, according to the lawsuit, “even after confirming that the Distribution Agreement was terminated and representing that it had instructed its distributor to take down all Tamarindo-controlled content, Oplaai, at Ramos’ and Zambrano’s direction, has continued to distribute and exploit the Sound Recordings without license or authorization, in violation of Tamarindo’s exclusive rights.”
Furthermore, Oplaai has collected revenue from DSP’s including YouTube, Apple Music, Spotify and Amazon, among others, “as a result of its unauthorized distribution and exploitation of the Sound Recordings,” according to the claim. The lawsuit also states that Oplaai has “improperly” charged the indie label a 30% distribution fee for March and April 2023 and failed to pay Tamarindo royalties for that period. And that Oplaai has failed to provide Tamarindo with the requested migration files, thereby requiring González’s new distributor to “manually upload the data, codes, music, and other necessary information to the DSPs to migrate the catalog.”
González claims that he has suffered damages in a “specific, identifiable amount to be proven at trial” and is seeking “all gains, profits, and advantages derived by Defendants from their infringements of Tamarindo’s and Tons’ copyrights.”
Billboard reached out to Oplaai but did not hear back at press time.
Tencent Music Entertainment Group’s (TME) quarterly net profit surged by more than 50% for the quarter ending in June on the strength of its online music business, sending its stock up 5% in mid-day trading on Wednesday.
Net profit for TME’s second quarter was RMB1.30 billion ($179 million), up 51.6% from second quarter last year, the Chinese company reported on Tuesday. Total revenues rose 5.5% to RMB7.29 billion ($1.01 billion) in the quarter ending June 30, as a more paying subscribers helped the online music business contribute more than half of TME’s earnings for the first time since the company’s launch in 2016.
TME is growing increasingly focused on its music business, and its company promotions which resulted in a record high of 99.4 million paying users this quarter, are paying off, executives say.
“As we continue driving the healthy development of China’s online music industry, we have seen users become increasingly accustomed and willing to pay for copyrighted music, whether for songs they want to listen to or for premium listening features they enjoy,” TME executive chairman Cussion Pang said on Tuesday. “This marks a significant step along TME’s growth trajectory.”
Quarterly revenue from online music services jumped nearly 50% to RMB4.25 billion (US$586 million) on strong music subscription revenue growth and advertising services and contributed more than 58% of the company’s total revenues.
The number of monthly active users for online music fell nearly 5% to 594 million in the second quarter this year from 623 million in the year-ago quarter, but the number of paying online music users rose more than 20% to 99.4 million from 82.7 million a year ago.
Revenues from music subscriptions grew 37% to RMB2.89 billion ($399 million).
TME’s social entertainment business, which it has de-emphasized for the last several quarters in a row, saw mobile monthly active users fall 18% to 136 million from 166 million, while paying social entertainment users also declined 5% to 7.5 from 7.9.
Monthly average revenue per paying user (ARPPU) rose 14% to RMB9.7 ($1.33) for online music, while monthly ARPPU for social entertainment declined 20% to RMB135 ($18.50).
Tencent Music executives said they are in the process of deploying several service enhancement and risk control measures that will promote music-centric live streaming, which they expect to put pressure on TME’s social entertainment services revenues throughout the rest of 2023.
“TME remains confident about delivering year-over-year net profit growth for 2023, driven by the continued strong performance of online music services, laying a much more solid foundation for the company’s healthy and resilient development in the long run,” a spokesperson said.
Smokey Robinson has won a protracted legal battle with a former manager who claimed he was owed nearly $1 million in touring profits from the legendary Motown singer. Explore Explore See latest videos, charts and news See latest videos, charts and news Following a three-day trial that saw extended testimony from the star himself, an […]
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In the relentless pursuit of innovation that defines today’s financial landscape, few events stand like Triller’s public listing. As a company at the intersection of AI technology, influencer marketing, combat sports, and entertainment, Triller’s announcement of its filing for a public listing on the NYSE represents a defining moment in investment history. With Cantor Fitzgerald as its bank and Citadel as its market maker, it has attracted leaders in the financial industry to ensure the brand is successful.
Here’s an in-depth look into why Triller’s listing is one of the most exciting of 2023:
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Triller’s AI, initially called Amplify.AI, has redefined user experience. Tailoring content to individual preferences, this innovative tech not only improves user experience but also opens up avenues for monetizable interactions, breaking 750 million every quarter. With comparisons to Open.AI and a valuation north of $23 billion for OpenAi’s similar technology, Triller’s AI machine stands as a significant pillar of growth.
Leveraging influencers has been a transformative element for Triller. Starting with deals with virtually all of the top 100 influencers in the world, Triller followed up by acquiring and building Julius, connecting over 25,000 brands with 2.2 million influencers as one of the largest influencer marketing platforms today.
Julius used by many of the largest companies in the world is effectively an EBAY for influencers and other brands alike. Triller has created a unique ecosystem, allowing it to navigate a crowded market with finesse, and have a very unique offering to brands, influencers and users.
While it may not seem natural, Triller’s journey into combat sports further deepend its offering, user base and connectivity. When Triller put on the Tyson V. Jones pay per view extravaganza, it was considered a very risky move. Many didn’t believe it would work and were quick to dismiss it as a soon to be failed experiment.
Triller, however, seemed to understand that its unique AI, which finds users or customers from its patterns across the various social media networks, connecting them with relevant brands, products or offerings, could also apply to digital products, not just physical.
As Combat Sports both crossed into influencer marketing and the core audience was used to paying for it as a product, Triller was able to capitalize on these trends. By using its AI to push digital PPV’s it was able to create what went on to become the most successful Digital PPV event of all time, of its kind. It followed this up with a number of events including the Jake Paul, Ben Askren, The Trillerverz events, setting numerous records, including Verzuz being 8 of the top 10 live Instagram events of all time; and eventually its acquisition of BKFC and FiteTV.
Although Triller presented itself as a pre-revenue company in 2020 it recognized $3.7 million in 2020. Its growth from 2020 to 2021 was approximately a 7x increase, and it has double both from 2021 to 2022 and projects to double again from 2022 to 203 reaching over a projected $100 million+ in 2023. The numbers narrate a tale of unprecedented growth, driven by strategic planning, innovation, and adaptation to market trends.
Triller’s story is a financial odyssey that started as a platform for short music videos. The proposed TikTok ban first catapulted Triller into a global sensation, when it became the only app to ever reach number one app in the app store in 80 countries. Since that time the company has steadily been building its user base which now stands tall with over 500 million registered users and it effectuates more than 750 million interactions per quarter, driven by an understanding of market dynamics and agility.
Triller’s public listing on the NYSE is a momentous occasion that could resonate throughout the financial and tech worlds. In the era of relentless innovation, Triller is leading the way. The Triller story illustrates that when the right components align, not only can 1 + 1 equal more than 2, it can equal more than 10. A lesson for entrepreneurs, investors, and businesses alike, the Triller phenomenon is a masterstroke in financial innovation, and its reverberations may be felt for generations to come.
SoundExchange is suing SiriusXM over allegations that the satellite radio giant has been “gaming the system” in order to withhold more than $150 million in royalties owed to artists.
In a lawsuit filed Wednesday in Virginia federal court, the royalties group claimed that SiriusXM has been using bookmaking trickery – namely, manipulating how it bundles satellite services with web streaming services – as part of a scheme to “grossly underpay the royalties it owes.”
“Through its contrived and improper apportionment, Sirius XM has engineered a windfall for itself and deprived artists of the important compensation to which they are legally entitled and desperately need,” wrote lawyers for SoundExchange in the complaint.
The allegations concern the royalties paid under so-called statutory licenses – government mandates that automatically give certain streaming services the ability to broadcast songs for a set price. Crucially, that system sets different rates for revenue from satellite broadcasts (like SiriusXM’s traditional satellite radio) versus that from so-called webcasting services, which are transmitted through the internet.
In Wednesday’s complaint, SoundExchange says SiriusXM has intentionally bundled the two products together as a single offering in recent years, allowing the company to mix the revenue in order to improperly lower its royalty bill.
“Sirius XM is gaming the system: to grossly underpay the royalties it owes, Sirius XM has unreasonably characterized revenue from its bundled product as ‘webcasting revenue’ that in actuality is “[satellite] revenue’,” SoundExchange wrote. “Sirius XM’s revenue apportionment is beyond the pale, and harms music creators.”
According to SoundExchange, that maneuver has allowed SiriusXM to shortchange artists to the tune of $150 million. The company has also allegedly refused to comply with an indepdent audit that found millions in such shortfalls.
“Sirius XM has not paid its bills,” SoundExchange wrote. “By purporting to comply with the statutory license without paying what it owes under the license, Sirius XM has unjustly enriched itself to the detriment of recording artists and copyright owners upon whose music Sirius XM has built its business.”
A representative for SiriusXM did not immediately return a request for comment.
In a statement, SoundExchange CEO Michael Huppe said the group had only resorted to litigation as a last resort. “In recent years we have viewed SiriusXM as a willingly lawful and compliant company that shares our desire for a robust streaming marketplace. But SiriusXM has and continues to wrongfully exploit the rules to significantly underpay the satellite royalties that it owes.”