Publishing
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The long-term potential of music streaming has had a growing influence on the price investors will pay for an artist or songwriter’s catalog. That’s according to a new paper titled How Streaming Has Impacted the Value of Music by Larry Miller, clinical professor and director of the music business program at New York University’s Steinhardt School of Culture, Education and Human Development.
Miller, with the help of graduate students Felipe Garrido and Matt Palermo, found that streaming revenues were positively correlated with the multiples paid for music catalogs. Here, the term multiple refers to the acquisition price as a multiple of net publisher share (NPS), a publishing catalog’s annual royalties; or net label share (NLS), a recording catalog’s annual royalties. From 2011 to 2021, the average catalog multiple increased from 8.6 to 20.7, according to data provided by Shot Tower Capital. In that time span, streaming went from virtually nothing to 65% of global recorded music revenue, according to IFPI. Miller found that 61.5% of the value of the average NPS multiple in 2021 came from streaming revenues paid to music publishers. By contrast, just 5% of the NPS multiple came from streaming in 2011.
Importantly, Miller found that investors’ expectations for future streaming growth were also positively correlated with NPS multiples. For those calculations, Miller and his team used MIDiA Research’s forecasts for global music publishing revenue from 2018 to 2021 and transaction data from Shot Tower Capital. When MIDiA’s forecast for four-year cumulative average growth rate was higher — due to heightened assumptions about the streaming market’s growth potential — the average NPS multiple was higher, too.
The correlation between expectations and valuations cuts to the heart of the surge in catalog investments over the last decade. Although acquisitions are usually discussed in terms of a simple multiple — upwards of 29.5 times NPS for Bob Dylan and 30 times NPS for Bruce Springsteen, but lower for the average artist — the purchase price reflects the buyers’ belief about the catalog’s ability to generate royalties in the coming years. In mathematical terms, a catalog’s valuation is the present value of expected future cash flows. Experts such as Citron Cooperman and FTI Consulting value catalogs using financial models that forecast future royalties based on songs’ historical performance and industry-wide growth trends.
Interest rates also impacted what investors were willing to pay for catalogs. Miller found that increases in U.S. Treasury Bond interest rates were negatively correlated with NPS multiples. In other words, when debt became more expensive, catalogs were worth less to buyers. Again, the value of a catalog is the sum of its expected future royalties discounted — divided by a discount rate — to a present value. If the cost of debt increases by two percentage points, the discount rate will increase by an equal amount. And the higher the discount rate, the lower the present value.
Miller is careful to point out that his analysis is “a look in the rear-view mirror” that shouldn’t be used to forecast future values. “But it is certainly useful to understand where we’ve come from,” he says. The paper was commissioned by the Digital Music Association (DiMA), a trade group that represents member companies Amazon, Apple Music, Google/YouTube, Spotify and Pandora. Miller says DiMA neither took part in the analysis nor had a role in writing the paper.
Not only has streaming created revenue growth for labels and publishers, the nature of streaming royalties — steady royalties from recurring subscription fees — has also made music more attractive to investors. To comfortably earn a return for investors, you need “predictability to the cash flow,” Denise Coletta, senior vp at City National Bank, told Miller. Compared to purchases of CDs and downloads, streaming delivers consistent royalties — even during a pandemic when some other segments of the music industry faltered. “Streaming has certainly led to much better transparency over the past 10 years, which has helped support the rationale associated with these multiples,” she added.
Music streaming services have had an undeniable impact on the music business over the last decade. As streaming boomed, record labels and publishers escaped the doldrums of the download era and now routinely post double-digit revenue growth. That momentum reignited investors’ interest in music as an asset class. In recent years, major financial players such as KKR, BlackRock and Blackstone have poured money into funds that purchase music catalogs as long-term investments — mostly because of streaming.
Streaming has also changed music’s life cycle in a way that’s attractive to investors. In the past, an album would make money quickly and fade quickly as fewer people made trips to the cash register. Now, the loss of streaming activity — called the decay rate — is much milder because streams represent repeated listening. That has allowed songs and albums to remain popular longer and changed the way labels market and promote new releases by putting less of a focus on the first few weeks of release.
Miller cites a 2017 article by Will Page, then Spotify’s director of economics, that argued the definition of catalog — a song or album 18 months or older — had become “antiquated” in the streaming era. Purchases tend to happen early in a song or album’s life cycle. On streaming platforms, however, songs can earn royalties more consistently and for longer periods. Page’s analysis showed that Imagine Dragons’ album Night Visions had 177% more streams in its first 18 months as a catalog title than during its 18 months as a current release. The album’s sales, on the other hand, fell 33% in the later 18-month period.
For this paper, Miller recreated Page’s work by comparing the performance of 500 “high-impacting albums” released in 2018 over two, 18-month periods using U.S. streaming data from Luminate. About 5% of those albums performed better in their second 18-month period than their first 18 months of release and 97 of the 500 titles declined less than 25% in the second 18-month period.
“The story here is we had been used to records peaking in the initial year of release,” says Miller. “It’s not just that 5.2% did better in the second 18 months. But the number of records that are declining, they are declining less than we had seen in previous years.”
Primary Wave Music has partnered with Huey Lewis and the News to purchase ownership of all Lewis and the band members’ shares of their musical composition copyrights, including writers’ shares of income. With a $20 million price tag, according to a source close to the deal, this encompasses their full discography from the group’s self-titled debut album up to 1994’s Four Chords & Several Years Ago.
This time period, spanning about 25 years, was the band’s most fruitful run, including hits like “Hip to Be Square,” “The Power of Love,” “If This Is It,” “Workin’ for a Living” and “The Heart of Rock and Roll.” The band’s landmark third album, the 7x-platinum Sports, turns 40 next year.
With a catalog that helped define 1980s rock n’ roll, Huey Lewis and The News’ likely best-known single to date is “The Power of Love” which was written for the Back to the Future soundtrack. After peaking at No. 1 on the Hot 100 chart, it earned the band nominations for a Grammy, a Golden Globe and an Academy Award.
Along with the transfer of ownership of the aforementioned catalog, Primary Wave will provide Huey Lewis and The News with marketing and publishing administration. This also includes digital strategy, licensing, synch opportunities and film & TV production.
The deal follows up the announcement that Primary Wave has received $1.7 billion from the Canadian investment company Brookfield Asset Management, Inc. to fund song catalog acquisitions as well as the announcements of over $300 million worth of other deals in 2022 so far, including the purchase of music and/or estate rights from members of Def Leppard, Alice in Chains, America, The Strokes, Prince, and more.
Outside of the discography included in the catalog agreement, Huey and the band continued on into the 21st century, releasing lesser known albums like Plan B (2001) and their Stax Records tribute, Soulsville (2010). By 2018, Lewis announced that he was losing his hearing due to a battle with Ménière’s, an inner ear disease, but he brought the crew together for their 2020 comeback record, Weather.
Primary Wave Music’s David Weitzman says of the deal, “In the 1980’s, everyone heard Huey Lewis and the News’s many smashes on radio and saw their iconic & fun videos which appeared on MTV in endless rotation. Their incredibly crafted songs still made me smile, remind me of that seemingly more innocent era, and make me want to sing along at the top of your lungs. Primary Wave look forward to working with Huey to create new opportunities for his storied song catalog into the future.”
John Luneau, senior counsel for Primary Wave, added “We’re honored to welcome the music of Huey Lewis and the News to Primary Wave. Our entire team is looking forward to working with them to generate new and exciting opportunities for their iconic catalog.”
Former Warner Music Group executive and the Orchard co-founder Scott Cohen said on Tuesday (Nov. 1) he is taking a new job as chief executive officer of a fintech platform aimed at selling fractional shares in song catalogs.
Cohen, who stepped down from his role as chief innovation officer at WMG in September, said the aim of the new venture is to “fractionalize ownership of music royalties.”
Fractional shares are a familiar concept in finance, and brokerages like Robinhood and Fidelity Investments sell them as a way to buy a slice of a share for less than the price of the whole stock. The market for buying and investing in music publishing rights has traditionally been open to only the world’s largest music companies and, more recently, money managers.
Introducing fractional shares could change that by making it possible for more smaller investors to participate alongside the deep-pocketed private equity funds and major labels.
In an email to Billboard, Cohen said has already secured rights from major artists and catalogs, and his team is now working to build the platform’s technology.
“We have a very aggressive timeline,” said Cohen, declining to provide a specific date when the venture would launch to outside investors.
Prior to joining WMG in 2019, Cohen founded the Orchard with Richard Gottehrer in 1997 and built it into the largest independent distributor on iTunes when the download platform launched in 2003. Cohen and Gottehrer sold the Orchard to Dimensional Associates, the private equity arm of JDS Capital Management, the same year, and subsequently expanded into video, music licensing, marketing & analytics, royalty collections, sports media, neighboring rights and more.
In 2015, Sony Music Entertainment bought out Dimensional Associates for $200 million, and in 2017 merged it with RED into a single global distribution entity operating under the Orchard brand.
While Cohen’s new venture has not yet settled on a name, he described its aspirations and potential as “transformational” for the music industry.
“I am only interested in doing things at scale,” Cohen wrote.
In 2021, collections began to rise again after their all-time low the year before due to COVID-19 and its restrictions on travel and live music, according to the International Confederation of Authors and Composers Societies (CISAC). Still, in its annual report for 2021, CISAC has found music collections for its worldwide membership are still down 5.1% from pre-pandemic levels as live and public performance income struggles to regain footing. For 2021, collections totaled €9.58 billion ($11.33 billion) compared to €9.32 billion ($10.64 billion) in 2020.
However, there is reason to be optimistic for future reports: CISAC has found that concerts and festivals appear to be faring well in 2022 so far, and the tourism industry is eyeing 2023-2024 as a target for a return to normal collections. Japan in particular has become a thought leader in pandemic recovery, offering its citizens discounts, coupons and subsidies for domestic travel to stimulate the economy. This, CISAC says, helped the return of large scale festivals like Fuji Rock and Summer Sonic. In South America, major festivals and tours like Rock in Rio and Lollapalooza are also expected to have a strong impact on 2022’s forthcoming numbers for live music in its region.
Though in-person events were reported as off to a slow start for 2021, streaming and digital music income is “exceeding expectations” with a 27.5% increase in collections from €2.40 billion ($2.74 billion) in 2020 to €3.06 billion ($3.62 billion) in 2021. This makes digital income an unprecedented high 36.1% share of the total music collections for 2021. Futuresource, the company which provides the data for CISAC’s report, anticipates further grow with double digit hikes in music subscriptions year over year and that there will be over 1 billion music subscribers by 2026.
Subscription numbers for streaming video on demand (SVOD) are expected to falter amid inflation, recession and what they call the “cost of living crisis,” but subscriptions for music are expected to be more impermeable because users only need to pay for one service to receive a rapidly growing catalog of songs rather than paying for multiple services, each with exclusive, smaller libraries.
As Marcelo Castello Branco, CISAC chair of the board and CEO of Brazilian collection management organization União Brasileira de Compositores, wrote in his foreword for his report, “subscription prices are already undervalued and need to be raised.” His comments come just after Apple Music announced that it was raising its subscription price, as did YouTube for the price of its family plan earlier this month. More price hikes for music streaming subscriptions are expected in the coming months with some eyeing Spotify’s long awaited hifi tier as a way to up its price.
When speaking to Billboard about the report, Branco said, “as streaming services move into a more mature phase, it is the right time to review pricing policies for the future…We also need to keep the share of revenue paid to the songwriter constantly under review. This is a fundamental concern.”
Another concern flagged by CISAC leadership: data management or “metadata.” As digital becomes a more and more pivotal piece of rights holders’ income for mechanical and performance royalties, CISAC president and ABBA member Björn Ulvaeus says he estimates “hundreds of millions of dollars… is left on the table” when the data needed to identify and remunerate creators is incomplete or missing.
This can stem from ignorance on the part of composers, honest mistakes and typos, or incomplete information for songs that are released before samples and interpolations are properly cleared. Issues with metadata are expected to continue to rise if left unchecked as more and more artists and songwriters hold out on signing deals with companies who can handle these headaches for them, opting for the DIY route. Not to mention the sheer volume of songs being released has risen significantly in the past decade.
This year, Universal Music Group (UMG) CEO Lucian Grainge told a crowd at Music Matters, a conference in Singapore, that 100,000 new songs are added to streaming platforms each day, most of which are likely from do-it-yourself newcomers. While Ulvaeus notes that work to upgrade ISWC, the identifier for musical works, and educational initiatives like “Credits Due” are helping alleviate this problem, there is still a long way to go.
Certain collection societies are independently working on solutions to this issue. The newfound Mechanical Licensing Collective (MLC), which is not a member of CISAC, is attempting to match unclaimed mechanical royalties in the U.S. to their rightful owners. In Japan, rights society JASRAC has founded KENDRIX, a data exchange platform to protect authors from “impersonation and other abuses,” says its president Kazumasa Izawa.
Some countries, like South Korea, were greatly affected by systemic changes — some positive, some negative. KOMCA, the country’s collection society, proved to have a success story this year as changes in its digital collection rules led to increased promotion of music subscriptions by the major music platforms. However, in Bulgaria, authors are faced with continued “poor enforcement” of copyright ownership from its authorities, and in Argentina and Brazil, fluctuations in currency exchange rates left its composers and publishers negatively affected.
Brazil’s collection society found that half of the country’s musicians had lost all of their income due to lockdown restrictions over the last few years, and half of the musicians have been forced to find another professional activity.
Live income for 2021, CISAC found, grossed €1.49 billion ($1.76 billion), only up 0.1% from the €1.49 billion ($1.70 billion) made in 2020. Compared to 2019 levels, which Billboard reported as €$3.04 billion, the aftermath of a global pandemic remains stark.
Television and radio, also known as broadcast, income remains the highest revenue source for music publishing, bringing in €3.19 billion ($3.78 billion) for 2021, but its lead fell by 1.8% from 2020, giving way as users ditched their cable boxes and car radios in favor of on-demand listening and viewing options. This is the fifth successive year of steady decline for this category and weaker advertising rates in some markets have now translated into lower usage fees; still, it accounted for 38% of global collections. Digital only lags two percentage points behind it now.
Systemic shifts also led to two major bright spots in the steadily waning sector of broadcast income. Mexico’s broadcast collections rose by 47.8% after a judicial process concluded in the order for satellite broadcaster, SKY, to pay significant royalties in back payment to musicians. Spain’s broadcast income also rose 47.6% due to agreements signed with the main private TV networks in the country. Unlike many other regions, Spain’s advertising revenues were up in 2021 (though still well-below pre-pandemic levels).
CISAC President Björn Ulvaeus: “Digital royalties collected by CISAC societies are growing impressively, but the streaming world is still unfinished business when it comes to ensuring a fair environment to earn a living.” Read the Global Collections Reporthttps://t.co/rI6rB2PRFn pic.twitter.com/42hcnGcAeJ
— CISACNews (@CISACNews) October 27, 2022
CDs, video and vinyl experienced gains this year, up 3.1% from 2020’s €348 million ($397.21 million) to 2021’s €359 million ($424.66 million). Though it’s only 4.2% of total music collections, this small but gaining subset of the business is expected to grow as the vinyl boom continues. As Billboard recently reported, Nashville, Tennessee is ramping up production on new, higher capacity vinyl pressing plants to meet consumer demand after superstars like Adele and Taylor Swift sell massive swathes of vinyl to mostly American and European consumers.
CISAC also included a number of more minor forms of income for mechanical and performing royalties for the music business in its 2021 report as well:
Private Copying Assessment: this category rose an impressive 15.3% for 2021, from $283.0 million in 2020 to $338.31 million in 2021. This represents just 3.4% of the total CISAC society music collections for the year.
Sync: this is up 6.9% this year, from $30 million in 2020 to $33.12 million in 2021. This represents just 0.3% of the total CISAC society music collections for the year.
Rental and Public Lending: collections are down 16.4% this year, from $14 million in 2020 to $33.12 million in 2021. This represents just 0.1% of the total CISAC society music collections for the year.
Publication: collections are up 6.2% this year, from $6.45 million in 2020 to $7.10 million in 2021. This represents just 0.1% of the total CISAC society music collections for the year.
Repography: collections are up 38% this year, from $2.48 million in 2020 to $3.55 million in 2021. This represents less than 0.01% of the total CISAC society music collections for the year.
Looking at the largest countries by music collection size, the U.S. ranked No. 1 again for 2021 with a 23.6% market share, down from 2020’s 27% market share. It has grown collections by 3.5% and increased collections to €2.004 billion from €2.21 billion in 2020.
France, ranked No. 2 with a 11.2% market share, grew 5.4% to €951 million from €902 million in 2019
Japan, ranked No. 3 with a 9.6% market share, declined 2.8% to €818 million from €842 million in 2020.
The U.K., ranked No. 4 with a 9.6% market share, grew a whopping 33.1% to €813 million from €611 million in 2019
Germany, ranked No. 5 with a 9% market share, grew 4% to €766 million from €736 million in 2020
Italy, ranked No. 6 with a 3.6% market share went down -0.2% to €308 million from €310 million in 2020. That year the report showed Italy had fallen a precipitous 35.1% from €477.66 million in 2019
Canada, which switched with Australia to rise to No. 7 with a 3.2% market share, rose 14.0% to €268 from €242 million in 2020
Australia, which swapped with Canada to fall to No. 8 with a 3.1% market share, rose 9.1% to €264 million from €235 million in 2020
South Korea, which from No. 10 to No. 9 this year with a 2.4% market share, grew by 16% to €201 million up from €173 million in 2020
Spain, which rose to No. 10 with a 2.3% market share, rose 26.6% to €199 million from €184 million in 2020
A notable gain below the top ten countries is Scandinavia. Denmark, ranked No. 12, grew by 10.2%, Sweden, ranked No. 13, grew by 21.5%; Norway, ranked No. 18, grew by 33.5%; and Finland, ranked No. 19, grew by 9.4% for 2021. CISAC attributes this to the region’s high share of digital income compared to other countries which helped them weather the continued pandemic effects.
Below features a list of additional emerging markets that gained double digit growth in 2021. Though CISAC does not explain why each of these nations have experienced such success in the last year, the report does include that Indonesia, Thailand, and India’s growth can thank digital and streaming gains and that Mexico benefitted from the aforementioned settlement with broadcaster SKY.
Mexico, ranked no. 17, which gained 10% to achieve a 1.1% marketshare for 2021
China, ranked No. 22, rose a significant 12.3% to hold 0.6% marketshare for 2021
Czech Republic, ranked No. 24, grew 19.1% to achieve 0.5% marketshare for 2021
South Africa, ranked No. 26, grew 10.1% to hold 0.4% marketshare for 2021
India, ranked No. 28, grew a whopping 73.8% to hold 0.4% marketshare for 2021
Chile, ranked 32, grew 23.8% to hold 0.3% marketshare for 2021
Turkey, ranked No. 33, gained 37.1% to hold 0.3% marketshare for 2021
Malaysia, ranked No. 38, grew 31.3% to hold 0.2% marketshare for 2021
Thailand, ranked No. 39 grew 68.8% to hold 0.1% marketshare for 2021
Greece, ranked No. 43, grew 46% to hold 0.1% marketshare for 2021
Indonesia, ranked No. 46, grew 59.4% to also hold 0.1% marketshare for 2021
Visit cisac.org for more.
Robert Louis Gordy, Sr., younger brother of Motown Records founder Berry Gordy and chief executive for many years of the company’s successful music publishing division, died Oct. 21 at age 91. He passed away from natural causes, according to his family, at his home in Marina del Rey, Calif.
The youngest of eight siblings, Gordy enjoyed a little-noticed music career as a recording engineer and songwriter before taking command of Motown’s Jobete Music in 1965.
“His ability to succeed at whatever he attempted or that I threw his way amazed me over the years,” said Berry Gordy in a statement, noting that he was “deeply saddened” by his brother’s death. “He was absolutely the best lil’ brother anyone could ever hope for.” Gordy added, “I will miss his love, his support, and his loyalty.”
Born July 15, 1931 in Detroit, Robert Gordy followed his elder brother into boxing, then moved into music circles such as the city’s Flame Show Bar. Sister Gwen held the popular club’s photo concession, where he operated the darkroom. In his autobiography, Berry Gordy recalled visiting the Flame with Robert to see Billie Holiday perform; 20 years later, the younger Gordy played a character in Lady Sings The Blues, Motown’s production of the Holiday biopic.
In 1958, Gordy co-wrote and recorded “Everyone Was There” under the name of Bob Kayli. Leased to Carlton Records, the lightweight pop song referencing recent hits such as “Peggy Sue” and “Yakety Yak” became a minor chart success.
After his brother started Motown Records, Gordy left a post office job to join the venture, initially working for in-house engineer Mike McLean. “At that time, he was building the first eight-track machine in the east,” Gordy later explained. “I put together the electronics, learned how to read the schematics, helped with the writing and so on.”
He went on to become the company’s first stereo engineer, before working for the Quality Control department.
Reflecting its founder’s songwriting roots, Motown operated its own music publishing arm from the start. When Jobete manager, Loucye Wakefield, died prematurely in 1965, Robert Gordy sought the job. “When Loucye died, in fact, Berry first rejected my offer to go into Jobete,” he recalled in 1980. “‘What do you know?’ was his reaction, but I said, ‘Believe me, I’ll learn.’ ”
Motown’s explosive success from 1964 onwards with the Supremes and other acts made Jobete a substantial revenue source, capitalizing on the talents of writers Smokey Robinson, Holland/Dozier/Holland, Norman Whitfield and Barrett Strong, among others. Jobete opened its own professional department in 1966, securing covers and expanding the catalogue’s reach. Among its most popular titles to this day: “My Girl,” “Dancing In The Street,” “I Heard It Through The Grapevine,” “The Tears Of A Clown,” “You Are The Sunshine Of My Life,” “What’s Going On” and “For Once In My Life.” Earnings continued to grow as stars such as Stevie Wonder and Marvin Gaye evolved into self-sufficient, influential songwriters.
By 1971, with Robert Gordy promoted to vice president/general manager, the division had 5,000 copyrights under its roof and 100 writers under contract. He joined the board of the National Music Publishers’ Association, and actively participated in industry seminars and conferences. He retired from the post in 1985.
“One of the main values of our catalog,” Gordy once said, “is that it has stood the test of time.” When Britain’s EMI Group acquired half of Jobete in 1997, the sale price of $132 million proved that to be true (EMI bought the balance seven years later for $187 million).
In his 1994 memoir, To Be Loved, Berry Gordy wrote, “So Robert, I’d like to thank you for moving Jobete from a holding company for our copyrights into a highly profitable, competitive international publishing company, keeping us No. 1 for many years. And also for being my little brother.”
The Mechanical Licensing Collective held its second annual membership meeting this week in Nashville. In the presentation, the organization shared key insights into its second year of operation, including that it had distributed almost $700 million in blanket royalties to its members.
According to the meeting, the MLC, which has been operational since Jan. 1, 2021, now has 22,000 members, with 6,000 new additions in 2022 alone, and has over 17 million works registered to date, processing more than 98% of those registrations. To date, it has collected nearly $1 billion in mechanical royalties on behalf of songwriters and publishers, and rights holders have received more than $800 million in royalties, nearly $700 million of which were blanket royalties distributed directly by The MLC. About $120 million royalties were processed by The MLC but paid by digital service providers like Spotify, Apple Music, YouTube, and more, pursuant to voluntary licenses.
Since it began operations, The MLC says it has finished 19 monthly royalty distributions, all of which were completed on time or early. For the last six months in particular, the non-profit organization reported that its current match rate for all royalties processed through September’s royalty distribution is 89% and has exceeded 85% for six straight months.
“We are incredibly proud of these accomplishments,” says CEO Kris Ahrend. “Our team has worked hard to build robust data processing systems that allow us to distribute royalties accurately and on time. We have also released a suite of tools for our Members that enable them to manage their catalog data effectively and correct any missing or inaccurate data they find. While there is still more work to do, we are pleased with our progress and are deeply appreciative of all the support we have received from our Members and from the broader industry at large.”
During the meeting, the MLC also shared that Tim Cohan and Scott Cutler were elected to serve as board directors for a second three-year term, and Kara Dioguardi was elected as songwriter director of the board for a second three-year term.
The MLC was formed in response to the Music Modernization Act of 2018 to be exclusively responsible for administering blanket compulsory licenses for music compositions to streaming services.
The MLC was formed with designation from the the U.S. Register of Copyrights in response to the Music Modernization Act of 2018 to be exclusively responsible for administering blanket compulsory licenses for music compositions to streaming services. Operations began at the start of 2021, and it has been paying out royalties since April of that year, including money from Spotify, Apple Music, Pandora, and more.
Reservoir Media has acquired the catalog of Louis Prima from the Gia Maione Prima Foundation, the company announced Thursday (Oct. 20). The deal encompasses rights to both his publishing and recorded music.
One of the greatest artists, trumpetists and songwriters of the big band era, New Orleans-born Prima’s catalog includes decade-defining songs like “Sing, Sing, Sing,” which he both wrote and recorded. His catalog also includes famous renditions of standards like “I’m Just a Gigolo (I Ain’t Got Nobody),” “Pennies from Heaven,” “Let’s Call the Whole Thing Off” and “Buona Sera (Good Night).” “Pennies from Heaven,” in particular, has had a recent renaissance thanks to TikTok users, with nearly 300,000 short videos having been created to the song to date, reestablishing it with a new generation of music fans.
Prima’s prominence in popular culture was also immortalized through his voice role as King Louie, the orangutan from Disney’s 1967 animated film The Jungle Book, which features Prima’s classic track “I Wan’na Be Like You (The Monkey Song).”
In the intervening years, Prima’s songs have been covered and re-recorded countless times, including by the Charlie Calello Orchestra (“Sing, Sing, Sing”), Reba McEntire (“Sunday Kind of Love”) and The Brian Setzer Orchestra (“Jump, Jive an’ Wail”). In 2018, Kids See Ghosts — the rap project comprised of Kanye West and Kid Cudi — sampled Prima’s “What Will Santa Claus Say (When He Finds Everybody Swingin’)” on their song “4th Dimension.”
Rell Lafargue, Reservoir president and COO, commented of the acquisition, “Louis Prima composed and recorded some of the most iconic swing music of all time – his name and the genre are practically synonymous. We are honored to represent his catalog, working to drive deeper recognition of his legacy for generations to come.” He added, “Born and raised in Louisiana myself, I am proud to partner with Tony Sylvester from the Gia Maione Prima Foundation, particularly to further support their impactful work in the city of New Orleans.”
Omar Apollo has signed a global publishing deal with Concord Music Publishing. The new partnership comes after the Latin singer-songwriter’s major label debut album, Ivory (2022) via Warner Records, and a juggernaut soulful single “Evergreen (You Didn’t Deserve Me At All),” which recently landed at No. 51 on the Hot 100.
The contract with Concord will cover his complete music catalog, which includes Ivory and future works.
“Omar has already proven himself to be one of the most exciting artists, pushing music forward,” Jeremy Yohai, senior vp of A&R at Concord, said in a statement. “It’s been amazing working Omar together with Dylan [Shanks, management] and his current music success is only the beginning.”
“Working with Jeremy and the Concord Music Publishing team has been great,” adds Apollo.
The independent music publishing company also houses the works of acclaimed songwriters like The 1975, BIA, Daft Punk, and Duff McKagan, and represents the catalogs of legends such as Benny Blanco, Phil Collins, and Joan Sebastian among others.
Prior to Ivory, the Mexican-American artist was already a force to be reckoned with. He carved out a space as a prolific, millions-streaming SoundCloud creator; entered the top 20 of Heatseekers Albums for both 2019’s EP Friends and 2020’s mixtape Apolonio releases; and earned two Latin Grammy nominations in 2021. Plus, he’s been building a fervid, cult fan base that’s now ready for a mainstream breakthrough.
With a heady mix of pop-punk (“Talk”), delectable funk (“No Good Reason”), Spanglish trap (“Tamagochi”), and plenty of bluesy cuts in the new album, Apollo further testifies his genre-spanning prowess and song-crafting eminence and that’s equipped for global consumption. Proof? For starters, Ivory debuted at No. 1 of the Heatseekers Albums chart, and singles like “Evergreen” racked up about 66 million plays across streaming channels.
This year, the bilingual star made memorable appearances in major festivals like Coachella, Lollapalooza, and ALC Fest. He also guested on Good Morning America, The Tonight Show Starring Jimmy Fallon, and Jimmy Kimmel Live!, and is preparing for another headlining tour Stateside that includes stops at Brooklyn’s King Theatre and Los Angeles’ Greek Theatre.
Music publishing can sometimes be a drag, but today, that’s not a bad thing: Producers Entertainment Group (PEG) officially launches PEG Music Publishing on Thursday (Oct. 20), in collaboration with Warner Chappell Music (WCM), Billboard can reveal.
The LGBTQ+ talent management company’s newly created music publishing arm has an administration deal with WCM, which is a subsidiary of Warner Music Group. The freshly inked deal involves some of the biggest names in contemporary drag culture: Alaska Thunderfuck, Bob the Drag Queen, Ginger Minj, Jujubee, Manila Luzon, Miz Cracker, Peppermint, Sherry Vine and Trixie Mattel are the first signings as part of this arrangement. Additionally, country singer-songwriter Brandon Stansell, whose sophomore album This Must Be the Place was released over the summer, is also part of PEG’s deal with WCM. PEG says more signings from the company’s roster are to come.
“Throughout my career, I’ve been passionately dedicated to amplifying the voices of LGBTQ+ artists,” says Ryan Aceto, PEG Records head of A&R. “I’m thrilled that with this partnership, our artists and songwriters will have even more opportunities and resources to get their art out into the world. PEG Records is committed to putting our artists on the same level as other mainstream artists.”
“We’re excited to partner with Ryan and the PEG team to amplify the voices of LGBTQ+ music creators – finding new ways to market their music and tell their stories through playlisting and strategic partnerships, as well as creating new opportunities for them to collaborate with other Warner Chappell songwriters,” says Ashley Winton, WCM svp of creative services.
The admin deal between PEG Music Publishing and Warner Chappell Music applies to the aforementioned artists’ catalogs and future compositions. At the top of 2022, Warner Chappell Music – which has offices in more than 20 countries — made headlines when it was announced that WCM had acquired the rights to David Bowie’s catalog, including every song written by the late icon.
PEG Records’ Aceto has previously overseen partnerships with ADA/Warner Music Group, the Recording Academy, Epic Games, Peloton and the Grammy Museum. PEG Records is a member label of Warner Music Group’s Alternative Distribution Alliance.
Songclip has announced a partnership with Hipgnosis. Known as the “world’s only patented music clip company,” Songclip helps the music industry get clips of songs uploaded and properly licensed for apps like TikTok. The deal will allow Songclips to work with 100,000 new songs administered by Hipgnosis. This news arrives months after the 2022 NMPA Annual Meeting in which its CEO and president, David Israelite, announced that the organization will be partnering with Songclip to help remedy the issue of unlicensed music on emerging apps. To date, Songclip also has deals in place WMG, UMG, BMG, Kobalt and more.
Sony Music Publishing U.K. has signed producer and artist Lostboy to a global publishing deal. Known for his work with Tiesto and Ava Max’s “The Motto” as well as cuts with Bebe Rexha, Zedd, Kehlani, Why Don’t We, and more, he is considered by the Sony team to be one of brightest talents straddling pop, dance and electronic music. “He is without a doubt one of the world’s most exciting songwriters,” says Saul Fitton, senior a&r manager at SMP U.K.
Concord Music Publishing has signed Russell Dickerson, a multi-platinum country artist and songwriter. The deal includes Dickerson’s back catalog of songs — including “Yours,” “Every Little Thing,” and “Blue Tacoma” — as well as works made moving forward. Dickerson says of the deal, “I love that they are an independent company with worldwide reach. They value songwriters and today I’m humbled to be joining their roster of incredible talent.”
Bosworth Music (Wise Music Group) has announced its new worldwide publishing deal with Grandbrothers. The German-Swiss duo, made up of Erol Sarp and Lukas Vogel, release records via indie label City Slang and also work on respected film compositions, including a score for Hors Normes which debuted at the Cannes International Film Festival.
Warner Chappell Music has signed up-and-coming Nashville talent Jon Kraft to a publishing deal. A songwriter and artist in his own right, he will be represented by the company worldwide.
BDi Music has signed Aimée to a global publishing deal. The up-and-coming Irish pop writer and singer has been releasing music since 2018, and she now joins talents like Novo Amor, Amy Wadge, and more on BDi’s roster.