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Pandora CEO May Be Stepping Down, Apple Music Wants Lower Royalty Payments, TuneCore Nears $1B Revenue

Posted by Glen Sears | June 26, 2017 10:56 am | No Comments

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Story of the Week

Pandora CEO Tim Westergren May Be Stepping Down, According to a New Report
According to Recode, Pandora hasn’t selected a replacement for Westergren, sources say; he will likely stay on at the company he founded 17 years ago until a new CEO is in place.

Top Music News Highlights

Pandora [P] Stock Up On Report Of CEO Westergren’s Exit. Wall Street seemed to approve of the potential changes at Pandora, with Pandora stock up 2.78% to $8.51 by mid-day trading.

Apple Wants To Reduce Royalty Rate It Pays Record Labels. According to a report from Bloomberg, the Cupertino giant’s long-term licensing deals with the labels for both Apple Music and iTunes are due to expire at the end of this month.

TuneCore Artists Nearing $1 Billion in Revenue. The company said that as of May 31, artists have earned more than $920 million on the strength of over 75 billion streams and downloads.

Elon Musk’s Tesla Looks Set To Launch Its Own Music Streaming Service. Tesla is reportedly looking at launching multiple tiers of pricing, starting with a ‘Pandora-like web radio offering’.

The BPI Has Now Sent 312M Takedowns To Google. In the last month alone, the BPI has requested 11.2m URLs to be removed from Google’s public search listings, with Google’s transparency report revealing that 99.8% of URLS reported by the body are ultimately removed.

YouTube & ASCAP Announce Landmark Data Sharing Agreement, SOCAN Beats Royalty Records, Believe Digital Seeking Sale

Posted by Glen Sears | June 19, 2017 8:58 am | No Comments

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Story of the Week

YouTube, ASCAP to Share Data in First-Ever Voluntary Deal
In what is the performance rights group’s first-ever fully-negotiated, voluntary licensing deal with the decade-old video hub not prompted by a rate-court proceeding, ASCAP will combine its database of 10.5 million musical works with YouTube’s data exchange, a move that ASCAP’s CEO Elizabeth Matthews says will result in bigger payouts.

Other Music News Highlights

Canada’s SOCAN Collected Record-Setting $249M In Royalties For 2016. The PRO said it recorded “new highs on almost every front,” with nearly 4,500 businesses that use music became “licensed to play” with SOCAN and 6,500 additional songwriters, composers and music publishers signed up for membership.

Merlin Deals Paying Out The Equivalent Of Nearly $1M A Day To Independent Labels. Before the end of March, Merlin’s admin fee for these members was 2% of total revenues – it proudly reduced this to 1.5% in April – suggesting its total collections in the 2016/2017 period stood at around $360M.

Believe Digital Actively Seeks Sale, Major Players Show Interest. Global independent distributor, label services provider, and TuneCore owner Believe Digital is for sale, sources tell Hypebot, and a two to three week deadline has been set for initial bids.

Sony/ATV’s Martin Bandier Calls on Spotify, Apple Music, And YouTube To Credit Songwriters. While he acknowledged that songwriters and publishers are beginning to benefit from the uptick in revenues with the rise of streaming, he was quick to note that “songwriters and music publishers, while we’re headed in the right direction, the fruits of our labor are not being equitably rewarded and we are not benefiting from the streaming revolution as meaningfully as we should.”

Spotify Revenues Hit $3.3B In 2016 – But Net Losses Soared To $597M. The streaming giant’s revenues saw healthy growth of 52%, but the ongoing cost of debt and widening operations costs ballooned its net losses over 133%.

Digest: SiriusXM Buys $480M Stake in Pandora, Pandora Unloads Ticketfly, 3 Takeaways from Midem 2017

Posted by Glen Sears | June 12, 2017 10:07 am | No Comments

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Story of the Week

SiriusXM to Buy $480M Stake in Pandora
Under the terms of the agreement, a subsidiary of SiriusXM will purchase news convertible preferred stock of Pandora, while SiriusXM has already bought $172.5 million of preferred stock representing a stake of 19 percent in Pandora’s, or a 16 percent stake when converted.

Other Music News Highlights

Pandora Sells Ticketfly To Eventbrite For $200M, A $250M Loss. The Ticketfly transaction is expected to close in the third quarter of 2017 — Eventbrite is funding the acquisition using a combination of $150 million in cash and a $50 million note payable to Pandora.

Analysis: What Pandora’s Ticketfly Sale and SiriusXM Investment Means. The money from the deals, coupled with the $199 million that the company disclosed in 2016 year-end report, gives the company a total of $856 million in cash—buying Pandora time to prove it can build a successful, profitable on-demand music service.

3 Big Takeaways From Midem 2017. Zach Fuller of MiDIA Research shares his top three takeaways from the annual conference addressing the latest developments in the music industry.

YouTube Has A New Label Relations Boss: SoundCloud’s Stephen Bryan. Cohen, Global Head of Music at YouTube, said: “At YouTube, we have over a billion viewers and thousands of label partners and Stephen is going to be the bridge that brings them together.

Taylor Swift’s Catalog Now On Other Streamers As Apple Music Loses Key Exclusive. Recently Spotify eliminated a key Taylor Swift objection to streaming, adding the ability to window releases.

Concord Acquires Imagem, Sony Merges Red & The Orchard, MiDIA Releases “State of Streaming” Report

Posted by Glen Sears | June 5, 2017 9:44 am | No Comments

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Story of the Week

Concord Bicycle Music Acquires Imagem In $600 Million Deal, Sources Say
The acquisition of Imagem, first reported by the New York Times, would make Bicycle Music the sixth largest music publisher in the world, Billboard estimates.

Other Top Music News

Concord’s Imagem Buy Marks The Birth Of A Major Player In Music. The last music industry acquisition of a comparable size would have been Sony Corp’s $750m acquisition of the 50% in Sony/ATV it didn’t already own, which completed in August last year.

Sony Merges The Orchard and Red Essential Into Single Division. Based in central London, the new enterprise will take The Orchard name and be led by Red Essential co-managing directors Ian Dutt and Mike Chadwick.

Announcing MIDiA’s State Of The Streaming Nation 2 Report. MIDiA’s 2nd annual benchmark of the global streaming business presents a definitive assessment of the global market, combining an unprecedented breadth and depth of supply side, demand side and market level data, as well as revenue and user forecasts out to 2025.

What Will Spotify’s $43 Million Class Action Settlement Mean For Publishers? Since it’s an opt-out settlement, songwriters and publishers who own works registered with the U.S. Copyright Office are assumed to be included unless they say otherwise.

SoundCloud’s Stephen Bryan Headed To YouTube, Say Sources. As Chief Content Officer at SoundCloud, Bryan was instrumental in closing deals with Universal, Sony, and Warner – agreements which enabled SoundCloud to launch on-demand streaming tier SoundCloud Go.

Napster Makes 20M Indie Tracks Available In Japan With Rakuten Partnership. “Today, we’re excited to partner with Rakuten, a world-class brand, to extend the Napster experience into Asia and bring the Japanese music community access to over 20 million tracks through our partnership with Rakuten Music.”

Warner/Chappell Strikes Multi-Territory Deal With France’s SACEM. The deal specifically covers the administration and licensing of mechanical rights to YouTube, Deezer and French streaming service Qobuz.

Canadians Listen to Way More Radio Than Americans, Study Finds. Edison Research results showed that AM/FM radio stations account for 61 percent of all Canadian listening, whether over-the-air or via streaming, with the U.S. at 50 percent.

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