Publishing
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Imagine Dragons, one of the most successful rock bands of the past decade, has signed a global administration deal with Warner Chappell Music (WCM). “Songwriting has always been at the heart of everything we do as a band,” Imagine Dragons frontman Dan Reynolds said in a statement. “We’re excited to have great partners with our […]
With film and television production shut down for the foreseeable future, the Hollywood writer and actor strikes are ravaging all the businesses that touch the movie industry, from catering to editing to flower delivery — including music synchs. After generating $382 million for record labels and nearly $1.5 billion for publishers in 2022, the sector is beginning to struggle as the strikes proceed.
“That’s been quite a dark thing,” says Stephanie Diaz Matos, head of music supervision for writer-actress Issa Rae’s Raedio, a music company that includes a publisher and label. “We have several shows that, once the actors went on strike, they stopped production.”
Adds a music publishing source: “It could be bumpy if this goes on for a really long time.”
Since the Writers Guild of America strike began in early May — and the Screen Actors Guild joined earlier this month — labels and publishers report receiving fewer requests for pitching songs. “The amount of film and TV briefs I get have gone way down,” says Mara Kuge, founder and president of Superior Music Publishing. “Briefs for trailers [some of the most highly paid placements] have also been in more mild decline as well,” adds Jack Ormandy, co-founder and CEO of SILO: Music, a publishing, management and synch house.
The Writers Guild of America, East and West, represent 11,500 movie and TV writers and have been unable to agree on a new contract with Hollywood studios and streaming services over issues like higher compensation in the streaming economy, protection from the effects of artificial intelligence, more contributions to health and pension funds and improvements in workplace standards. Thousands of actors in the SAG-AFTRA union joined the writers’ picket line July 14 after negotiations broke down with studios over a new contract of their own.
While there’s hope the strikes could be resolved by the fall, some sources fear they could drag on into 2024, frequently citing a chilling quote from an unnamed studio executive in a recent Deadline article: “The endgame is to allow things to drag on until union members start losing their apartments and losing their houses.”
“I don’t know what that’s going to look like in three months or six months. I’m hopeful this will come to a resolution and [the striking actors and writers] get the benefits they hope for,” says Esther Friedman, senior vp of creative film and television licensing for Sony Music Publishing. “We felt it in the late-night TV shows. Those stopped right away.”
Synch revenue is a major, and growing, source of income in the music business. According to the RIAA, synchronization licensing — the right required to use music along with visual media — increased by 24.8% in 2022, and the synch business made up 26% of all publishing royalties, says the NMPA. Placements in studio film and TV projects can earn artists up to six figures, and prominent synchs can lead to even greater financial ripple effects after a show’s release. Perhaps the greatest recent example is Kate Bush’s “Running Up That Hill (A Deal With God),” which catapulted to No. 3 on the Billboard Hot 100 after an appearance in Netflix’s Stranger Things repopularized the original 1985 single.
The strikes have shocked the multimillion-dollar synch system of movie and TV music supervisors sending briefs to music publishers and labels. “Usually, if we are not getting a ton of briefs, or it’s a slower time, we’re wining-and-dining clients, checking in,” says Jessica Vaughn, head of sync for Venice. “But it’s hard to justify going to music supervisors right now and being, like, ‘Hey, how are you doing, looking for any music?’ Because some supervisors might be out of work or about to finish up one project and not sure what they’re doing next.”
For labels and publishers, the key to surviving the Hollywood strikes may be diversification — many are looking to advertisements, reality and unscripted TV shows, documentaries and overseas films to bolster synch revenue. Also: video games. According to MIDiA Research’s 2022 study on music and gaming, the gaming industry earned $138 billion in 2020, and games make up a sizable portion of the synch business. After the Hollywood strikes, Ormandy hired a new employee at his company to focus specifically on video-game licensing. Adds Vaughn: “I see this as an opportunity right now to focus in on gaming. Some people overlook gaming, but it really is huge.”
For now, labels and publishers are focusing on shows and films made before the strikes that are in post-production, and will still contribute to the synch business in the short term. But it’s tricky. “You sometimes can’t finish episodes without your writers or actors because things like voiceovers need to be added in,” Diaz Matos says.
Plus, if the strikes drag on, actors won’t be available for crucial film and TV promotion. Because of this problem, some studios are beginning to push back release dates, including the Luca Guadagnino film Challengers, starring Zendaya, which has moved from its Sept. 15 release to April 26, 2024. Because synch payments are made around three to six months after the date of a film’s release, these delays will be a pain point for music licensors, even if the placement was completed before the actors’ strike. “Down the line is where you start to feel it — three to six months out,” says the publishing source.
Superior Music Publishing’s Kuge adds that synch revenue is known to vary widely quarter by quarter. “It’s very up and down regardless,” she says. “People who deal with the world of synch are so used to it that they’re not going to feel the effects too much unless the strikes drag on for two or three quarters straight — that’s the point when it starts getting past the normal ups and downs.”
If this kind of diversification helps synch departments withstand losses from the strikes, music supervisors — those who compile soundtracks for film and TV and act as the go-between for productions and licensors — are not able to wait as long. Most supervisors are freelance contractors, working on a project-by-project basis. Sources say a number of notable music supervision firms have laid off staff members, citing the lack of projects in the pipeline.
“I actually furloughed my coordinator yesterday. I have one project I think is going to get a waiver [granted by the unions to certain independent films] — once that goes back, I think I can get her back,” says Lindsay Wolfington, a veteran music supervisor for streaming shows such as Virgin River, Monster High and the upcoming movie Love at First Sight. “We’ve all had to figure out healthcare on our own. The bank account’s not fun to look at.”
Music supervisors are not unionized, but the roughly 150-200 of them who work at Netflix are awaiting a National Labor Relations Board decision on a union-certification motion they filed last October. They’re seeking representation with the International Alliance of Theatrical Stage Employees, and their demands overlap with those of the striking writers and actors: more reliable payment deliveries, cost-of-living increases and healthcare and retirement and pension plans. “The rates haven’t changed in years, and it’s the same with writers and actors,” Wolfington says.
Julie Glaze Houlihan, another veteran music supervisor who has worked on Glass Onion: A Knives Out Mystery and other hit shows and movies, predicts the strikes will cause pain for the music business. “Clearance is going to slow down, record labels and publishers are going to lose revenue because music isn’t being licensed. It is a domino effect,” she says. “Nobody wants this to go on.” But SILO: Music’s Ormandy is more optimistic. “Though COVID was completely different for many reasons, it was also a time when the film industry just stopped, too,” he says. “What I’m banking on is that we know how to weather a similar storm.”
Universal Music Publishing China has signed Tia Ray to a global publishing deal. Ray is a superstar in her home country and made history in 2018 with her song “Be Apart,” which sold enough worldwide to earn the No. 7 spot of IFPI’s Top 10 Global Singles Chart that year. She was the only Chinese artist to crack the top ten that year.
Reservoir has acquired the rights to rock talent Greg Kilhn. This includes publishing, recording, and distribution rights to Kihn’s Beserkley Records-era catalog. Songs from this time period include “Jeopardy” and “The Breakup Song (They Don’t Write ‘Em),” both of which charted on Billboard’s Hot 100 chart in the early 1980s.
Cutting Edge Media Music has acquired a majority interest in White Stork, a publishing company founded by film/tv composer Tom Howe (Ted Lasso, Daisy Jones and The Six, The Great British Bakeoff). As part of the deal, CEMM has invested in growing the publisher as a joint venture. Tamsin Dove, Chief Commercial Officer, has been selected to expand the business and drive global sync strategy.
Raedio has signed three new acts: Patrick Paige II, Ego Ella May, and Flwr Chyld. Each act will work with Raedio’s record label, music supervision and podcast ecosystem as part of their new agreements with the Issa Rae-founded firm.
Position Music has signed artist and songwriter KANNER to a worldwide publishing deal. Though she has earned credits on songs released by Katy Perry, Royal & the Serpent, Krewella, Siiickbrain, Rebecca Black and more, KANNER is also an artist in her own right. Her next single “MEGAPHONE MOUTH” will be released Friday, July 21.
Concord Music Publishing signs country artist and songwriter Tyler Halverson to his first-ever publishing deal. The worldwide agreement includes all of his future works.
Daytripper Music Publishing, the creative division of CCS Rights Management, has signed Ron Gallo to a worldwide co-publishing deal. On the label side, the Philadelphia-based singer songwriter is signed to Kill Rock Stars.
MNRK Music Group has partnered with Steel Sessions and its producers Francis “Buda Da Future” Ubiera, Dan “Grandz Muzik” Garcia, and Michael “Mike Kuz” Kuzoian. As part of the new partnership, the producers — along with the rising talent from Steel Sessions — will develop artists in the studio, sign them to MNRK, and provide production services for MNRK Urban’s releases.
HarbourView Equity Partners has acquired selected recorded and publishing assets of Blackbear, the hit songwriter and artist whose credits include “Hot Girl Bummer,” “Do Re Mi” and songwriting collaborations like Justin Bieber‘s “Boyfriend.” In the U.S., Blackbear’s catalog has generated 4.45 million album consumption units, according to Luminate. While the deal announcement doesn’t specify what […]
Rising reggaetón star Yng Lvcas has signed a global publishing deal with Warner Chappell Music Mexico, the company tells Billboard. The signing comes on the heels of Yng Lvcas’ massive success with the “La Bebe” remix featuring Peso Pluma. The reggaetón song has so far spent 17 weeks on the Billboard Hot 100 chart, peaking at No. […]
“There is a myth that at the SACEM restaurant, there are people serving food with white gloves and an orchestra playing,” the organization’s CEO, Cécile Rap-Veber, says with a hint of amusement in her voice. “It is a good story, but it is not true.”
Rap-Veber, who joined SACEM in 2013 and got the top job in 2021, is referring to what she calls its “old-fashioned” reputation. SACEM, which stands for Société des Auteurs, Compositeurs et Éditeurs de Musique, was founded in 1851 after composers Ernest Bourget, Victor Parizot and Paul Henrion refused to pay their bill at the Paris cafe Les Ambassadeurs until they got paid for the use of their compositions there. It became the first music collecting society, as well as the model for those that followed, and over the years, it grew into something of a French cultural institution: important, successful and perhaps overly aware of it.
Rap-Veber is not running your père’s SACEM, however. As a result of European Union (EU) legislation, collective management organizations (CMOs) in Europe now compete to represent and license online rights throughout the continent (and in some other countries) on behalf of songwriters and publishers. “We are now a global society,” she says.
SACEM still licenses public performance rights in France, but it now competes with other societies, most significantly ICE — a licensing hub owned and operated by the U.K. CMO PRS, the German GEMA and the Swedish STIM — to license works to online services in many international markets. (The United States is not one of them, but SACEM represents online rights in many markets for ASCAP and Universal Music Publishing Group, among others.)
Rap-Veber has pursued a “SACEM 3.0” strategy that she describes as “maximizing rates and minimizing costs,” plus offering new services like URights, which can track the use of music internationally, and MusicStart, which lets creators register their works on a blockchain-based system.
A statuette celebrating the diamond certification of the soundtrack to the 2006 movie musical Le Soldat Rose.
Matthew Avignone
These strategies appear to be working. In June, SACEM announced that 2022 was its best year ever. CMOs across Europe are benefiting from the return of live music and growth in streaming. But SACEM grew more than its peers — its collections increased 31% in 2022 to 1.4 billion euros ($1.5 billion). Even as growth boosts the entire sector, “I have to prove that we deliver the best services at the best cost,” she says. “And honestly, I think we can prove that.”
Congratulations on setting a record for SACEM.
It might be a worldwide record as well. And there is nearly 300 million euros [$328.8 million] more on top of it. In France, we collect neighboring rights [royalties for sound recordings] and private-copy levies [on blank media, which are distributed among rights holders in various businesses] for all the culture industries. So if I talk about the performance of our team, it’s not 1.4 billion euros — it’s 1.7 billion euros [$1.9 billion]. And when I look at the first quarter of 2023, that’s also very good.
Why so good?
In the first quarter of 2022, France still had some COVID-19 restrictions, and then the summer and the rest of the year were great. We also have new agreements — with Hipgnosis, with [Hungarian CMO] Artisjus to collect online, and with ASCAP — plus renewed agreements with better rates, especially for online. And now we collect [for online uses] in more than 150 countries directly.
You talk about running SACEM like a business. Is that a reflection of the competition among the various societies?
There was a time when there was a kind of monopoly in each country. There was no consciousness of the cost because there was no competition. Then the European Commission said any rights holder can withdraw his rights for online uses, and suddenly we were in competition. And we have the highest tariffs in the world.
Rap-Veber’s husband made this painting from a photo he took at a private 2007 Amy Winehouse concert booked by former Universal managing director Valery Zeiton.
Matthew Avignone
How do they compare with U.S. royalties under the new Copyright Royalty Board settlement?
They have reached 15.1%, and it will rise. We already had 15% when Apple Music released its service in 2015. And it’s not just the rate — it’s the minimum per subscriber. Ours is higher since it’s independent of discounts. When you see our effective net rate, it’s above 15%. I’m sure it’s easier for us than for a small Eastern European society: It’s the strength of your repertoire, and it’s unbelievable the repertoire we represent.
What’s your reaction to claims that streaming payouts are less fair for songwriters and publishers than recorded-music rights holders?
The highest tariff we had on CDs was 9% of the gross price. Then iTunes forced the community to agree on 8% on each download. Now we’re above 15%. Digital has become our biggest source of revenue. I think the main issue is that [the revenue is] going to very few people. There are people, especially in urban music, who are very happy.
CMOs are coming under pressure from some of the big publishers and platforms, both of which would rather strike direct deals than go through organizations like SACEM.
To go direct with one publisher? What does that mean? We represent [the publisher-led mechanical rights organization] IMPEL, [Canadian rights organization] SOCAN, Artisjus, ASCAP and Universal Music Publishing [among others], so we mutualize our cost [of operations] and we decreased our commission on digital for our members to 9%. That’s what I’m most proud of in the last [few] years. I want to use technology to process more at a lower cost. I think it’s the wrong way to think to go direct: It’s one thing for the majors, but what about the others?
You got the top job at SACEM in an interesting way. The tradition at CMOs is that the chief executive retires with a gold watch, but you basically replaced Jean-Noël Tronc as CEO in 2021.
Jean-Noël had been here for 10 years, and I was about to quit because — honestly, I had a job opportunity, OK? So I left SACEM, and Jean-Noël and the board had a discussion, and they decided to stop their relationship. The board asked me to take the interim job, but I already had this new job. And the team here said, “Are you kidding? You’re not going anywhere!” So I went back to the board and said, “I’m interested if you agree with my plan [for] SACEM 3.0,” and they did.
For a long time, there were no women running CMOs. Now there are many: Beth Matthews at ASCAP, Andrea Martin at PRS, Jennifer Brown at SOCAN and Cristina Perpiñá-Robert at SGAE. What took so long?
There was a lot of ego. It was a small circle of people: “We are so smart, ho ho ho! Let’s have lunch and a cigar.” CEOs then were more focused on an institutional view, and now we’re more focused on day-to-day matters and how to reduce costs. Women know how to reduce costs.
What’s your favorite song?
There are so many, it depends on the mood. The songs of the moment…
That’s cheating.
Serge Gainsbourg’s “Initials B.B.,” for sure. Songs by David Bowie, “Goodbye Yellow Brick Road” by Elton John, The Beatles, “Live and Let Die” from Wings. When you want to feel better, listen to “Sunny” by [German disco act] Boney M. Or Queen of the Night [the aria in “The Magic Flute”] from Mozart.
Rap-Veber says she discovered this photo of Jane Birkin and Serge Gainsbourg, which was taken for their 1969 joint album, when she was looking for ways to monetize Universal Music Group’s archives. “It had never been exploited before I found it,” she says.
Matthew Avignone
SACEM operates in a very different legal environment from the United States. France has stronger copyright laws to protect creators but also regulations that require SACEM to set aside money to fund culture.
It’s part of our DNA because that’s what a “collective” is. With SACEM, you have the highest rates in the world: concerts, more than 8%; broadcasters, more than 3%. If we take tiny amounts [for cultural funding], you will still get paid more than from any other CMO.
Some Americans hate this idea on principle.
Many of these cultural funds come from private copy levies that don’t exist in the Anglo-American system. By law in France, and this is typically French, 25% of this revenue must be allocated to cultural action. So we pay out the 75% that no one else in the world pays, except GEMA. The publishers benefit from it, too, because it helps them develop new creators.
According to EU regulations, I am required to ask you about artificial intelligence.
Last year, it was the metaverse, but this will last much longer. We see opportunities and dangers. Opportunities: As a tool, it can help musicians create music. The main issue for us is how we know whether or not our works have been used in a new product [and] how we can get paid. It’s a worldwide discussion, but I think Europe — and I hope France — will be at the center of it. We already have 120,000 songs uploaded a day, and 60% of the 100 million tracks on Spotify have less than 100 streams a year. Why do the platforms take all of this nothing music?
A lot of songwriting talent in Africa is turning to SACEM or other European societies to license their online rights internationally. How are you handling that?
African creators are usually with their local societies for their home countries, but many are SACEM members for the rest of the world. One problem is that many of these societies in Africa are controlled by the government. The only thing I can do is partner with them to help them improve their systems. In Senegal and Côte d’Ivoire, we just entered worldwide digital agreements so we can represent their repertoire for the world. We’re working with Morocco, too, and PRS is doing partnerships in some English-speaking countries. The idea is to be a bridge between the continents. I don’t wantto be seen as a colonialist — I want to be a partner.
Merck Mercuriadis‘ publicly-traded Hipgnosis Songs Fund Ltd reported a gross revenue decline for its fiscal year ended in March due to one-time charges and a tough year-ago comparison, but said adjusted revenues in 2022 grew on strong growth in streaming revenues and the return of live performances.
Gross revenues for Hipgnosis Songs Fund declined by 11.5% to $177.3 million for the year ending March 2023 compared to the year-ago period, mainly due to two large, non-recurring adjustments related to usage accrual and other factors. Net revenues also declined to $147.2 million from $168.3 million a year ago.
Stripping out those one-time items and taking into consideration a $16.1 million benefit Hipgnosis expects to gain from the CRB III retroactive accrual, the fund’s underlying revenues rose $12.9 million, chief financial officer Chris Helms said during an investor presentation discussing the results.
The fund’s pro-forma annual revenue (PFAR), which reflects revenue earned from royalty statements and strips out impacts from new catalog acquisitions and one-time items — the metric executives say best reflects the fund’s revenue performance — rose by 12.1% to $130.2 million for the year ending December 2022, rising strongly for catalogs aged younger and older than 10 years.
Overall, streaming income rose 14.8% to generate $52.1 million for the fund, while syncronization income rose 24.7% to make up $19.4 million and performance income rose 9% to $30.8 million, all compared to the year ago period. Mechanical income edged 2% lower to 4.9 million, while digital downloads made up $2.5 million and other publishing income comprised $3.9 million of revenues.
The fair value of the fund’s portfolio rose 4% to $2.8 billion, and the operative net asset value broken down by share price rose 3.6% to $1.9153, driven by revenue exceeding the fund’s independent valuer’s forecast.
Nonetheless, Hipgnosis Songs Fund’s operative EPS for the period is negative 7.41 cents, and adjusted earnings per share is 4.12 cents, down nearly 43% compared to the year leading up to March 2022.
Mercuriadis said this was the company’s “best revenue performance since coming to market in 2018,” reflecting the fund’s high-quality catalog and active song management.
“The songs in our portfolio we’ve bought carefully and we’ve bought well,” Mercuriadis said during the investor presentation. “We have a relatively small portfolio with a very high rate of success. We optimize revenues and collect them as efficiently and cost-effectively as we can.”
Mercuriadis pointed to major synch wins Hipgnosis had from four songs Rihanna sang during the SuperBowl Halftime Show, including “Birthday Cake,” “All of the Lights,” and “Umbrella,” which Hipgnosis from its acquisition of rights held by The-Dream, J eff Bhasker and Tricky Stewart. Other major placements included some on The Masked Singer, where Bon Jovi’s Richie Sambora performed Fleetwood Mac’s “Go Your Own Way” and “Brass In Pocket” by The Pretenders.
Billboard and The Financial Times reported on Wednesday that Hipgnosis has selectively shopped around a portfolio of non-core assets, possibly with the aim of raising money to buy back shares and shore up the fund’s stock price.
Mercuriadis declined to comment on whether a portfolio was being shopped or what assets it could contain, saying the fund is exploring its options with shareholders and the board.
The fund’s adjusted operating costs were 21.2% lower for the period to $29.5 million, due to lower advisory fees “as a function of the company’s lower share price during the year,” reduced administration, legal and professional fees, and lower aborted deal costs, the CFO Helms said.
The company also recognized a $43.8 million catalog performance provision or bonus relating to 6 catalogs. The provision will be paid out contingent on performance hurdles being met by the catalogs, Helms said, declining to detail the targets, which were detailed in the acquisition agreements.
Here are the key points from HSF’s disclosure:
Gross revenues declined by 11.5% to 177.3 million for the year ending March 2023 compared to 2022, due to two large, one-off adjustments. Stripping out those two non-recurring costs, underlying revenues rose by 10.9%.
PFAR rose 12.1% to $130.2 million.
Hipgnosis operative net asset value per share rose 3.6% $1.9153
Syncronization revenues rose 24.7% to 19.4 million.
Streaming revenues rose 14.8% to 52.1 million
Performance income increased by 9% to 30.8 million
A flurry of senior executives and staff members have left posts at Hipgnosis Song Management in recent months, as the company credited with popularizing songs as an asset class explored selling assets to shore up investor confidence ahead of a key vote this fall.
Since March, employees including Hipgnosis’ chief music officer Ted Cockle, along with the global heads of sync operations and song management and an executive vp of digital and innovation, have announced plans to leave the company, according to posts employees shared on LinkedIn and a statement from Hipgnosis.
The staff turnover comes as sources say the roughly 5-year-old Hipgnosis Songs Fund Ltd. has been shopping a package of assets that it apparently hopes to sell before its first continuation vote, where investors will be asked to decide whether the publicly traded trust should continue to operate under the management of founder Merck Mercuriadis or liquidate all assets.
SONG, the fund’s ticker on the London Stock Exchange, is down about 14% year to date and down 28% since it went public in July 2018. The stock was worth 0.75 British pounds ($0.97) on Wednesday (July 12).
At that price, SONG is worth less than half of its $2.2 billion operative net asset value, a discount that sources say has prompted Mercuriadis to explore selling some of the fund’s non-core assets.
For months, analysts at Jefferies and other investment banks have called on Hipgnosis to sell some of the fund’s non-core songs to raise cash to shore up the share price. The Financial Times reported Wednesday (Juy 12) that some Hipgnosis Songs Fund investors also want the fund to sell non-core assets to generate cash for buying back stock.
In addition to providing the fund’s managers with an arbitrage opportunity to boost the stock price, it could leave the company with enough extra cash to issue shareholders a special dividend — a sweetener issued ahead of the fund’s continuation vote at its next annual meeting in September.
If investors vote not to continue with the fund and to liquidate its assets, Mercuriadis and Hipgnosis Song Management — which is majority owned by private equity firm Blackstone — would likely have the right to bid on the assets in the fund; or if it goes up for auction, Mercuriadis, with Blackstone, likely has matching rights. Sources speculate that Mercuriadis and Blackstone would want to buy back the portfolio’s most iconic music assets, minus the non-core assets — the package of assets that has been selectively shopped around and which sources say includes copyrights from The-Dream and The Outfield — for their private, Blackstone-backed fund, Hipgnosis Songs Capital.
Hipgnosis Songs Fund will report results for the year ending March 31 on Thursday. In December, the company reported a 7.5% rise in revenues amid a “challenging environment” that “fundamentally undervalues the company,” founder Mercuriadis said during a shareholder meeting discussing the results.
On Wednesday, Hipgnosis announced Cockle, its chief music officer will be leaving the company. A former Universal Music Group executive known for nurturing the careers of Scottish superstar Lewis Capaldi, Bastille, Emeli Sandé and others, Cockle joined Hipgnosis Songs in 2020 as president.
“Given our decision to focus our marketing in the US, Ted Cockle, our Chief Music Officer, will not be moving long term with the Company,” Mercuriadis said in a press release. “He’ll work on the transition to America over the coming weeks. I would like to thank Ted for all he has done for Hipgnosis and I hope there will be opportunities for Ted and Hipgnosis to work together again in the future.”
Last week, Tom Stingemore, Hipgnosis Song Management’s global president of sync & creative, wrote on LinkedIn he was leaving the company after joining in 2021 to build its sync and creative operation. Hipgnosis’ synch team has played a key role in getting the songs that it acquires to generate more money than the often-high price Hipgnosis paid for them, and the team has been successful. In December, Hipgnosis Songs Fund reported sync revenues for the first half of the company’s reporting year rose 32% to 9.78 million compared to $7.41 million a year ago.
“As the division is now fully up & running, my mission is complete,” Stingemore wrote, adding that he may “go & do it all over again” as he works to “plot my next adventure.”
Cockle and Stingemore’s departures follows several other senior staff members. In late May, Nick Jarjour announced on LinkedIn he had left his role as global head of song management at Hipgnosis Songs Fund (a source who declined to speak on the record says his departure occurred six months ago); and in March, Tony Barnes’ announced he would be leaving his role as executive vp of digital & innovation at Hipgnosis Songs Fund in the coming months to lead the metaverse gaming company he co-founded, Karta. Barnes is currently still employed by Hipgnosis.
Stingemore, Jarjour and Barnes did not respond to requests for comment for this story.
Hipgnosis continues to hire, announcing two new hires in Hipgnosis Song Management, a separate company from the publicly traded fund, on Wednesday.
Danny Bennett, son of iconic singer Tony Bennett, joined as executive vp leading global marketing and audience development. Bennett joined Hipgnosis from the Verve Label Group, a Universal Music Group company, where he was chief executive officer.
Sara Lord was hired as executive vp content creation from Concord Music, and Patrick Joest, who joined Hipgnosis in 2021, was promoted to the role of head of synchronisation.
In the press release announcing the hires, Mercuriadis said Hipgnosis has continuously invested in new hires and upgrading systems over the past 18 months.
“These appointments demonstrate our commitment to investing in our capabilities and team in order to grow the value of our catalogues, and, most importantly, bring our songs to new audiences around the world,” Mercuriadis said.
Continuation Vote
At Hipgnosis Songs Fund’s annual meeting in September, Mercuriadis’s young company will face one of its biggest tests yet.
In the United Kingdom, publicly traded trusts are required to hold regular continuation votes, where shareholders vote on whether an investment trust should continue in its current form. At this continuation vote, shareholders can choose to stay the course, change managers or liquidate the fund.
Analysts at the investment bank Jefferies issuesd a buy rating on SONG last month, upgrading from their previous “hold” rating, because they said they believe Hipgnosis may sell some non-core assets from its catalog, which would provide a catalyst to narrow its current discount to net asset value ahead of the vote.
However, the continuation vote comes at an inopportune time, only a couple months after Hipgnosis Song Management and Mercuriadis were publicly rebuked by Rod Stewart, who said he called off a deal to sell some his music assets to the company.
In an unusual move, Stewart issued a statement that said, “It’s become abundantly clear after much time and due diligence that this was not the right company to manage my song catalog, career or legacy.”
Additional reporting by Ed Christman
LONDON — “I still feel like that little girl who started out in music publishing,” said Universal Music Publishing Group chairman and CEO Jody Gerson as she accepted the Ralph Peer II Award for Outstanding Contribution to Global Music Publishing. It was presented by the award’s namesake at the July 10 annual meeting of the International Confederation of Music Publishers, or ICMP, held at Abbey Road Studios in London.
Gerson was, of course, being modest: She’s one of the most accomplished publishing executives in the world. But in front of dozens of European publishing and collective management executives, she shared the story of how she got started in the business.
The Pennsylvania native grew up in a music family that owned nightclubs in Philadelphia, and she had always been interested in getting into the music business. But when she first applied for label jobs, she didn’t have much luck. Eventually, she scored an interview with Chappell Music (later Warner Chappell) and her first job there was as the archivist, where she ran the tape library and became interested in the demos submitted by songwriters.
“I started thinking about marching songs with artists,” she remembered.
At the time, she pointed out, the music publishing business was much smaller, both in absolute terms and in comparison with recorded music, which dwarfed it in terms of both revenue and, it seemed to many at the time, wow factor. Now publishing is thriving, and a series of big song catalog purchases are generating plenty of excitement and attention.
The award was presented by Ralph Peer II, executive chair of peermusic and the initial recipient of the ICMP award that’s now named after him. “This wasn’t my idea,” he joked about the name of the prize. “It was foisted on me.” But he praised Gerson’s dedication to the publishing business. “On an everyday level she helps make the industry better,” he said. “She has acumen in business and music that’s very deep.”
Gerson was introduced by Mumford & Sons singer-songwriter Marcus Mumford, who praised her as well as the publishing business at large. “I don’t think artists are the best at protecting their songs, and managers aren’t always much better,” he joked. “We need publishers!”
The ICMP meeting itself, held at Abbey Road before the awards dinner, was more about business — royalties, metadata and the other details that make sure publishers and songwriters get paid as fast and accurately as possible. Trombonist Eric Crees, who plays at the Royal Opera House in Covent Garden spoke about making film soundtracks, as did composer Stephen Warbeck.
SYDNEY, Australia — Indie rockers the Rions have struck a global publishing deal with Sony Music Publishing Australia, Billboard can exclusively reveal.
It’s full steam ahead for the Sydney band, whose debut EP Minivan is due out Aug. 11. Featuring fan fave “Scary Movies” and the title track, Minivan was recorded with producer Chris Collins (Matt Corby, Skeggs, Middle Kids) in the Byron Bay hinterlands.
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“They’re a brilliant young band with a lot of heart and soul, writing great songs and we have no doubt they will be captivating audiences for a long time,” comments Sony Music Publishing managing director Damian Trotter, the publishing veteran who signed Tame Impala’s Kevin Parker.
Hailing from the Northern Beaches, the Rions was formed in 2016 by schoolmates Noah Blockley (lead vocals, bass guitar), Harley Wilson (guitar), Asher McLean (guitar) and Tom Partington (drums).
The lads got their break with first prize in Triple J’s 2021 Unearthed High competition, for their song “Night Light”. The track would land at No. 51 on triple j’s Hottest 100 countdown for 2021, and they’d follow it up with “Anakin,” which appeared at No. 64 in the national youth network’s annual countdown for 2022.
Support slots came with Lime Cordiale and Boy & Bear, then festival spots at Grapevine Gathering, Party In the Paddock and Festival of the Sun, and, more recently, a sold-out 10-date national tour in support of “Scary Movies.”
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Coming up, a spot on the bill for the two-day Yours & Owls Festival 2023 this October, headlined by Bakar, Broods and Chet Faker.
The Rions are managed by Steve de Wilde at UNIFIED Artist Management. “We’re really excited to partner with Sony Publishing in the next phase of this incredible band’s career,” he enthuses. “Damian and the team have such an impressive track record, and I can’t wait to see what this pairing of creative minds can unlock on a global scale.”