All articles tagged with #music business
Sony Music is in talks to purchase Queen's music catalogue for up to $1 billion, which would include hits like "Bohemian Rhapsody" and "We Will Rock You." The deal, if finalized, would be the largest of its kind, surpassing previous high-value acquisitions like Bruce Springsteen's catalogue. Negotiations are ongoing and may not result in a sale.
Billboard's 2024 Top Music Lawyers list features attorneys guiding superstars and industry-driving companies, with a focus on legal issues related to generative artificial intelligence (AI) and music streaming platforms. Notable lawyers include Christine Lepera, Jeff Harleston, Paul Robinson, Julie Swidler, and Eve Konstan, who are addressing pressing issues such as protecting artists' rights from AI companies, enhancing the value of music, and reforming royalty payment structures. These legal professionals are also working on expanding opportunities in new sectors like gaming and social media, while advocating for transparency and fair compensation for artists and creators in the music industry.
Universal Music Group has expanded its strategic relationship with Spotify, allowing for new promotional and social tools for UMG artists on the platform, as well as the distribution of music videos in the US through a new agreement with Universal Music Publishing Group. This comes after Universal's licensing dispute with TikTok, which led to the loss of UMG's catalog on the app. The new deal with Spotify aims to enhance engagement and monetization opportunities for artists and songwriters, with features such as teasers for upcoming music releases and plans for additional tools to drive fan interaction and discoverability.
Sony Music Group has reportedly purchased half of Michael Jackson's music catalog for at least $600 million, valuing the King of Pop's music at $1.2 billion, potentially the largest valuation ever of a musician's music assets. The deal includes tracks by other artists acquired by Jackson's Mijac publishing group and comes as an upcoming biopic about Jackson's life and career is set to hit the big screen. This deal marks a significant move in the music business and highlights the enduring popularity of Jackson's music, particularly in the streaming era.
Taylor Swift is on the verge of making history in the music industry as it undergoes significant changes, with streaming services reshaping the landscape. Swift's re-recorded version of her album "Red" is expected to break records, highlighting the ongoing shift in how music is consumed and the challenges faced by traditional record labels. The industry is experiencing a "hangover" as it adapts to these changes, and Swift's success is emblematic of this transformation.
Universal Music Group is set to remove its song catalog from TikTok on January 31 after failing to reach a new licensing agreement with the platform. In an open letter, UMG cited issues of fair compensation for artists and songwriters, protection from AI-generated content, and online safety. TikTok responded, accusing UMG of prioritizing greed over the interests of their artists and songwriters, while UMG criticized TikTok for not addressing its obligations as a social platform. This move will impact TikTok users and their ability to use songs from top-tier talent in their videos.
Universal Music Group (UMG) is set to remove its entire music catalog from TikTok as its contract with the platform expires, citing concerns over artist compensation, AI-generated content diluting royalties, and inadequate measures to combat infringement and hate speech. UMG accuses TikTok of attempting to bully them into accepting a deal undervaluing music, potentially impacting artists like Taylor Swift, Drake, BTS, and others. This move follows failed licensing negotiations, with UMG emphasizing its commitment to fair compensation and a safe, artist-respecting platform environment.
Country music artist Morgan Wallen expressed frustration on social media about his former management's plan to release old songs he recorded in 2014 without his consent, stating that the songs were of low quality and not representative of his current work. Wallen emphasized that he had signed deals without legal representation at the time and regretted the decision. He announced his donation of $100k to the Volunteer Lawyers & Professionals For The Arts program and warned aspiring musicians about the potential pitfalls of the music business.
Morgan Wallen re-recorded an older fan favorite, "Spin You Around," to counteract the release of a 10th-anniversary edition of his 2015 EP, "Stand Alone," by his former colleagues against his wishes. He expressed regret over signing deals without legal representation and emphasized that the re-release is not his new music. Wallen also donated $100,000 to the Volunteer Lawyers & Professionals for the Arts program and reassured fans that new music will come directly from him.
Jack Antonoff, Grammy-winning producer and co-writer of Taylor Swift's hit song "Cruel Summer," appeared on The Tonight Show with Jimmy Fallon and expressed optimism about the state of the music business, crediting fans as the driving force behind the success of songs. Antonoff discussed the rise of "Cruel Summer" and how it gained popularity organically, highlighting the power of fan enthusiasm. He also engaged in a songwriting session with Fallon and later performed his band Bleachers' single "Modern Girl."
Coldplay is countersuing their former manager, Dave Holmes, for $17 million, claiming that he mismanaged their Music Of The Spheres Tour, resulting in financial issues. The band alleges that Holmes spent $10 million on unusable bespoke stage pylons and an oversized video screen. They also accuse him of borrowing $20 million from tour promoter Live Nation for a property development project in Canada. Holmes maintains that Coldplay is refusing to honor their contract and owes him unpaid commission.
Rapper Nelly has secured a $50 million deal with HarbourView Equity Partners, selling 50% ownership of his music catalog, which includes his biggest hits and Grammy-winning songs like "Ride Wit Me," "Dilemma," and "Hot in Herre." The deal marks a significant financial gain for Nelly, who is also thriving in other business ventures and continuing to make music.
Beyoncé's Stockholm concert contributed to Sweden's inflation rate in May, causing a "Beyoncé blip" due to fans buying up hotel rooms and spending money in restaurants. The combination of relatively cheap tickets and a strong U.S. dollar made Sweden an attractive alternative for Beyoncé fans priced out of concerts closer to home. This presents an opportunity for music tourism, as medical tourism is a long-standing tradition. Live music companies are already looking to capture a share of music fans' travel budgets, with promoters increasingly interested in grabbing a share of the hotel and hospitality spending when fans travel for concerts and festivals.
Bang Si-hyuk, the founding chairman of HYBE, discusses the future of K-pop, his vision for global expansion, and the recent acquisition of Quality Control. Despite declining K-pop exports, Bang remains optimistic and plans to strengthen K-pop's future by acquiring foreign companies, consistently producing superstars, and expanding platforms to monetize fan-artist interaction. HYBE is also looking to acquire top labels in each genre, prioritize attractive intellectual property in the gaming business, and acquire hidden champions in technology for metaverse and platform businesses. Bang believes that HYBE can repeat its remarkable results with the help of talented artists and accumulated expertise in managing and producing acts that consist of multiple members.
Metallica has purchased Virginia-based plant Furnace Record Pressing, which has worked to keep the band within the top 10 best-selling acts on vinyl for a decade. The band remains committed to providing high-quality products to their fans and their partnership with Furnace benefits the industry as a whole. Metallica pressed almost 100 thousand pieces of vinyl for over 620 thousand packages last year, roughly half of which were sold in the U.S.