Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be sure you caught the 5 largest tales to hit our headlines over the previous seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximize their earnings and scale back their touring prices.
This week, Common Music UK introduced that it’s altering its firm construction from October 1. This may embody the merger of two famend London-based frontline labels: Island Data UK and EMI.
In the meantime, on the opposite facet of the pond, songwriter teams hailed the US Copyright Workplace‘s ruling that songwriters are entitled to gather mechanical royalties from streaming platforms like Spotify after their termination rights have been invoked, that’s, after they reclaim their rights from one other occasion, often a writer.
We additionally obtained phrase this week that longtime HYBE exec Lenzo Yoon might be leaving the corporate on the finish of this 12 months. Yoon most lately held the title of Co-CEO of HYBE America, a job he shared with Scooter Braun.
Again in Europe, France-headquartered Imagine introduced it had taken a 25% stake in Romania-born World Data, which describes itself as the largest indie music firm in Central and Jap Europe.
Talking of investments: Having received its bidding conflict in opposition to Harmony, Blackstone cleared the final hurdle this week in its acquisition of Hipgnosis Songs Fund, as HSF shareholders accepted its takeover bid with 99.97% of voting shares saying sure to the deal.
Right here’s what occurred this week…
1) UNIVERSAL MUSIC UK RESTRUCTURES, MERGING ISLAND AND EMI LABELS WHILE LAUNCHING NEW AUDIENCE AND MEDIA DIVISION
Common Music UK is altering its firm construction from October 1. This may embody the merger of two famend London-based frontline labels: Island Data UK and EMI.
Louis Bloom would be the president of the newly-named Island EMI Label Group; Bloom will transfer into the position from his present place as President of Island Data UK.
The Island EMI Label Group will type considered one of two “powerhouse frontline label teams”, Common Music UK’s Chairman/CEO, David Joseph, introduced in an inner memo on July 9.
The opposite might be Polydor Label Group, led by Ben Mortimer as President…
2) SONGWRITER GROUPS HAIL ‘LANDMARK VICTORY’ AS US COPYRIGHT OFFICE ISSUES RULE CONFIRMING HOW TERMINATION RIGHTS APPLY TO STREAMING ROYALTIES
A variety of organizations representing artists and songwriters in america have applauded the US Copyright Workplace’s ruling reaffirming termination rights underneath the Music Modernization Act (MMA).
The rule clarifies that songwriters are entitled to gather mechanical royalties generated from streaming platforms like Spotify, Apple, and Amazon after their termination rights have been invoked (i.e., after they reclaim their rights from one other occasion, on this case, a music writer).
Within the US, songwriters have the appropriate ‘to terminate the unique or nonexclusive grant of a switch or license’ after 35 years for works written after 1978 (or 56 years for works written/copyrights granted previous to 1978).
The ruling, which was printed on July 9, confirms that the so-called “spinoff works exception” doesn’t apply to the blanket license underneath Part 115 of the Copyright Act…
3) LENZO YOON, ONE OF THE KEY EXECS BEHIND THE RISE OF BTS, IS LEAVING HYBE (REPORT)
Lenzo Yoon is leaving South Korea-headquartered leisure large HYBE on the finish of 2024.
That’s in accordance with a report printed in South Korea’s Maeil Kyungjae enterprise paper, which stories that the exec’s contract comprises a non-compete clause that expires on the finish of 2024. The report provides that Yoon will go away the corporate ‘instantly thereafter’.
The exec most lately held the title of Co-CEO of HYBE America, a job he shared with Scooter Braun till January 2023, when the latter exec grew to become sole CEO of HYBE America.
Lenzo Yoon has been a key exec at HYBE since he joined the corporate in 2010 as Head of Strategic Planning, and when it was generally known as Huge Hit Leisure…
4) BELIEVE BUYS 25% STAKE IN GLOBAL RECORDS, WHICH CLAIMS TO BE THE BIGGEST INDIE MUSIC COMPANY IN CENTRAL AND EASTERN EUROPE
Imagine has signed a strategic partnership with Romania-born World Data, which is claimed to be the largest unbiased music firm in Central and Jap Europe.
As a part of the deal, Imagine has acquired a 25% stake in Bucharest-headquartered World Data, which has places of work in Romania, Germany and the US.
Imagine mentioned on Monday (July 8) that this strategic partnership “falls in line” with its “blueprint technique to give attention to music genres the place artist improvement and music consumption are digital”…
5) DONE DEAL: BLACKSTONE IS THE NEW OWNER OF HIPGNOSIS SONGS FUND, AS
GIANT’S BID WINS SHAREHOLDER APPROVAL
It’s official: Blackstone is about to turn into the brand new proprietor of Hipgnosis Songs Fund.
Blackstone’s USD $1.584 billion bid for the UK-listed music firm received overwhelming approval amongst HSF shareholders who voted at a Court docket Assembly and Normal Assembly on July 8.
The method noticed 99.97% of the Scheme Shares voted by HSF shareholders approve the Blackstone deal.
Blackstone wanted a minimum of 75% of voting shares to get the deal over the road…
MBW’s Weekly Spherical-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their earnings and scale back their touring prices.Music Enterprise Worldwide