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Welcome to Music Enterprise Worldwide’s weekly round-up – the place we make certain 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 maximise their earnings and cut back their touring prices.
Common Music Group isn’t the one important music rights firm going public this 12 months.
New York-based Reservoir introduced this week that it’s to record on the NASDAQ through a merger that can safe it a $788m valuation, and supply near quarter of a billion {dollars} in gross proceeds.
In the meantime: Are Warner Music Group (WMG) and Spotify getting too cozy for consolation? The likes of Common and Sony won’t be delighted to see Spotify announce it’s co-creating podcasts with WMG – the primary time SPOT has partnered with a serious on this approach. Spotify has additionally snuggled up with Warner on the previous firm’s livestreaming listings, that are partly powered by WMG-owned Songkick.
This rising proof of company canoodling is a far cry from the times when Warner boss Steve Cooper used to publicly needle Spotify over its falling ARPU. Or when Warner and Spotify had an almighty bust-up about SPOT launching in India with out a directly-licensed Warner Chappell catalog.
The previous 5 days have additionally seen Sony Music Group dad or mum, Sony Group Company, make investments $200m into Fortnite maker Epic Video games, whereas large management shakeups occurred at Triller and Tencent Music.
Right here’s a recap of what occurred…
1) RESERVOIR TO LIST ON THE NASDAQ VIA SPAC MERGER WITH $788M VALUATION
It’s confirmed: New York-based music rights firm Reservoir goes public on the NASDAQ through a merger with a SPAC (Particular Goal Acquisition Firm).
The enterprise mixture is predicted to shut within the third quarter of 2021.
The results of the deal is that Reservoir – through the brand new mixed firm, Reservoir Media Inc – will go public on the NASDAQ underneath the ticker “RSVR.”
The transaction provides the mixed firm an enterprise worth of $788 million and is predicted to supply roughly $246 million in gross proceeds to the agency.
2) WARNER MUSIC GROUP AND SPOTIFY STRIKE PODCAST DEVELOPMENT DEAL
Warner Music Group (WMG) and Spotify have entered into a brand new partnership that can see the 2 corporations develop a sequence of authentic podcasts constructed round WMG’s artists’ and songwriters’ catalogs.
In accordance with WMG, the deal will see podcasts made that inform tales “behind among the largest hit songs and get an inside take a look at the work of their favourite artists and songwriters”.
The brand new settlement comes a 12 months after Spotify and Warner Music Group agreed a brand new international licensing deal.
It additionally marks the primary time the music streaming firm has introduced a podcast deal resembling this one with a serious.
3) SONY PUMPS ANOTHER $200M INTO FORTNITE MAKER EPIC GAMES AS PART OF $1BN FUNDING ROUND
Sony Group Company, dad or mum of Sony Music Group, has invested one other $200 million into Epic Video games, the US firm behind Fortnite.
Tokyo-based Sony’s funding arrives inside a brand new $1 billion funding spherical for Epic. On account of the brand new funding, Epic Video games says it has achieved an fairness valuation of $28.7 billion.
Sony’s $200 million fairness funding can have netted the Japanese firm round 0.7% of the Fortnite maker.
4) TENCENT MUSIC GETS NEW CEO AS CUSSION PANG TAKES NEW ROLE
A significant management shakeup has been introduced this week at Tencent Music Leisure Group (TME).
TME CEO Cussion Pang is transitioning to the function of Govt Chairman of the Board of Administrators, whereas Zhu Liang (or Ross Liang) has been appointed as the corporate’s Chief Govt Officer and Board member.
As the corporate’s new Govt Chairman, TME says that Cussion Pang will likely be accountable for “setting the corporate’s long-term technique, general coordination and administration of the Board and the Firm”.
He’ll proceed to work carefully in collaboration with Ross Liang…
5) TRILLER HAS A NEW CEO… HAVING JUST ACQUIRED 3 COMPANIES IN 5 WEEKS
Triller’s dad or mum, TrillerNet, has introduced the acquisition of not one, however two companies: AI-Powered ‘buyer engagement platform’ Amplify.ai, and occasion streaming platform FITE.
These two acquisitions comply with final month’s information that Swizz Beatz and Timbaland had offered their Verzuz platform to Triller.
There was extra large information from TrillerNet this week, too: it’s appointed a brand new CEO, Mahi de Silva, as former Chief Exec Mike Lu strikes to a brand new function.
Music Enterprise Worldwide’s weekly round-up makes positive 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 maximise their earnings and cut back their touring prices.Music Enterprise Worldwide
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