Welcome to Music Business World’s weekly roundup – where we make sure you catch the 5 biggest stories that have made our headlines over the past seven days. MBW’s review is supported by China Travel Servicehelping more than 500 of the world’s best-selling artists maximize their income and reduce touring costs.
It’s been a week filled with a lot of big personnel changes in the music industry—so many, in fact, that we can barely fit them all into a roundup. This is a super condensed version:
First, Warner Music Group declare 300 Erica Entertainment CEO Kevin Lyles will leave the label and its parent company WMG at the end of this month. A day later, WMG announced Warner Music Japan boss Kobayashi Kazu will resign as president and chief executive later this year.
It was subsequently announced that Randy Goodman would resign as chairman and CEO Sony Music Nashville (One of many recent leadership changes in Nashville). Finally, we received news about WMG layoffs atlantic music grouppart of a major restructuring of the company under new CEO Elliot Grange.
Also this week, MBW First to report Irving Azoff US-based PRO, Global Music Rights (GMR)has concluded a multi-billion dollar private equity deal in which GMR is valued at US$3.3 billion.
at the same time, universal music group Capital Markets Day event held in London this week, Chairman & CEO gentlemenLucian Grange sheds light on why streaming will continue to be a major source of growth for the music industry in the coming years.
elsewhereand rhythm music sued miley cyrusand seemingly half the music industry, are paying attention to her tracks flowersTempo claims it was stolen Bruno Mars‘ when I was your man.
Separately, the North Carolina man was charged $10M Streaming Fraud A plea of not guilty has been entered in the case. Finally, with news that Pink Floyd are in talks to sell their discography to Sony Music for a total price believed to be around £400m, MBW looks at the iconic rock band’s latest move income.
Here’s what happened this week…
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1) IRVING AZOFF’s GMR just closed $3.3 billion private equity deal, MBW sources say
look. We’ve broken some pretty big news recently. The right message. But this? From a transaction size perspective, this is the most important.
MBW Confirmed by reliable sources Irving AzoffUS-based PRO, Global music rights (giant magnetoresistance), on Wednesday (September 18) struck a multibillion-dollar deal with new private equity partners. As far as we know, this transaction values GMR at US$3.3 billion.
It is understood Azoff still retains a stake in the company, but TPG – his long-time co-owner in GMR – has cashed out.
It is also understood that the buyer is a private equity company. Herman and Friedmanincluding $120 billion Assets under management as of the end of 2023…
2) Read the full text of Sir Lucien Grange’s opening speech at Universal Music Capital Markets: “Streaming will continue to drive growth in the industry for many years.”
universal music group Capital Markets Day 2024 took place on Tuesday (17 September) at the iconic London Abbey Road Studios (Owned by UMG).
The marathon four-hour event featured detailed presentations by leaders from the company’s global operations, focusing on UMG’s success, current positioning and creative and commercial opportunities in the global music industry.
The event was kicked off by UMG Chairman and CEO Sir Lucian Grangewho began his talk with a brief history of Abbey Road itself, which, as Grange pointed out, has been the home of the Abbey Road Recordings. The Beatles arrive where does it feel, Amy Winehouseand many more superstars…
3) Pink Floyd’s discography could soon be on sale for $400 million to $500 million. But how much does it make today?
Friday (September 13) MBW A breaking news alert has been issued: We heard pink floyd Working with sony music at prices believed to sell their catalog in the area £400 million.
a few hours later financial times Further corroborating the story, its own sources suggest the deal is worth US$500 million.
The expected acquisition is believed to include the band’s catalog of recorded music, as well as neighboring rights and “name and likeness rights”.
But how did Sony (or any other potential buyer) hit that reported half-billion-dollar price tag…?
Brian Friedman/Shutterstock
4) TEMPO MUSIC sues Miley Cyrus (and half the music industry) for allegedly plagiarizing BRUNO MARS’ “WHEN I WAS YOUR MAN”
rhythm music A lawsuit has been filed miley cyrus Suspected of plagiarism Bruno Mars‘ when I was your man Creating her hit song of 2023 flowers.
Tempo, the music copyright acquisition fund launched by private equity giant providence In 2019, the company said it had acquired some copyrights when I was your man from philip lawrenceone of the song’s co-writers, in 2020.
The lawsuit not only names Miley Cyrus as a defendant; Sony Music Entertainmentwhich has the label flowers was released, but a number of music publishers were allegedly involved flowersas well as the retailers and streaming services that sell or host the song.
flowers According to statistics, the song is the best-selling single in the world in 2023 International federation of food industry. It spent a total of eight weeks on the charts billboard hot 100 57 weeks at top level advertising billboard adult contemporary chart…
Yevgeny Drablenkov/Shutterstock
5) Musician accused of $10M AI streaming fraud pleads not guilty (Report)
Earlier this month, a musician was indicted by the U.S. government on suspicion of committing a crime $10M Streaming Fraud Scam pleads not guilty.
It is reported Law 360, Michael SmithThe 52-year-old North Carolina resident entered the plea “during a brief proceeding” before U.S. District Judge John Coltel in Manhattan on Thursday.
According to court documents reviewed MBWOn Thursday (September 18), Judge Coltel issued an order setting Smith’s bail at $500,000.
Smith is accused of fraudulently generating more than US$10 million Royalties collected through the program between 2017 and 2024…
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