Welcome to Music Enterprise Worldwide’s weekly round-up – the place we make sure that you caught the 5 greatest 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 maximise their revenue and cut back their touring prices.
This week, Common Music Group launched what it calls a “worldwide goodwill program for sure legacy featured recording artists and songwriters”.
This system will see UMG disregard unrecouped balances on advances for eligible artists and songwriters.
The initiative was revealed inside UMG’s Atmosphere Social Governance (ESG) report, included in its Annual Report 2021, which was revealed this week.
Additionally this week, MBW reported on a narrative revealed by Swedish newspaper, Dagens Nyheter (DN), which has run an exposé on Swedish indie label Firefly Leisure.
In accordance with DN, Firefly Leisure is doing a roaring commerce in what some would name “pretend artists” on Spotify.
Elsewhere, newly-published monetary figures from BMG mum or dad Bertelsmann, revealed that the music firm generated €663m (approx. $784m) in annual revenues final yr.
That was up 10.1% on BMG’s equal determine from 2020.
Additionally this week, Pophouse Leisure acquired the grasp recordings and publishing catalogs of Swedish Home Mafia (together with their author’s shares), whereas music funding platform beatBread launched a brand new Artists Advocacy Council that features Mike Caren
Right here’s what occurred over the previous seven days…
In February, MBW advised you that Common Music Group was planning to introduce a coverage that may see unrecouped balances disregarded for eligible catalog songwriters and artists on its books.
We had been advised on the time by senior sources within the music business that this coverage could be confirmed publicly by UMG within the coming months.
Sweden’s Firefly Leisure have to be one of the profitable younger unbiased document corporations on this planet.
The label, headquartered in Karlstad, Sweden, is producing over 65 million SEK – or round $7 million at annual alternate charges – per yr, based on its newest annual outcomes, revealed in 2020.
That’s ten occasions greater than what Firefly was producing three years earlier.
These stats come from Swedish newspaper, Dagens Nyheter (DN), which has simply run an exposé on how Firefly makes at the very least a few of this cash. It’s a narrative that might be very acquainted to long-time MBW readers…
BMG turned over greater than three quarters of a billion {dollars} in 2021.
In accordance with newly-published monetary figures from BMG mum or dad Bertelsmann, the music firm generated €663m (approx. $784m) in annual revenues final yr. That was up 10.1% on BMG’s equal determine from 2020.
BMG’s key revenue measure, working EBITDA, elevated by 5.4% YoY in 2021 to €144m ($170m).
(MBW has used the IRS’s common annual alternate charges for 2021 for the above EUR-USD calculations.)..
In February, we advised you that Pophouse, the Swedish leisure firm led by former Common Music Sweden boss Per Sundin, was planning to put money into music rights.
This week, the corporate introduced its entrance into the rights acquisition house by totally buying the grasp recordings and publishing catalogs of digital music stars Swedish Home Mafia (together with their author’s shares).
The settlement, for an undisclosed sum, additionally contains the complete acquisition of the masters and publishing of Axwell^Ingrosso…
Music funding platform beatBread has launched a brand new Artists Advocacy Council.
Among the many founding members are Mike Caren (Artist Associate Group) and Dave Dederer (Label proprietor and founding member of The Presidents of the US of America).
The launch of the Advocacy Council follows beatBread’s $34 million seed spherical in February led by Fintech-focused enterprise capital agency, Deciens Capital…
