Welcome to Music Business Worldwide’s weekly roundup, where we make sure you’ve caught up on the five biggest stories that have hit our headlines over the last seven days. The MBW roundup is supported by Centtripwhich helps over 500 of the world’s best-selling artists maximize their revenue and reduce their touring costs.
This week MBW spotted a data point that further reinforces the observation that independent music companies are thriving: 60% Top 10 World Songs on TikTok this summer were distributed independently.
In the meantime, Black stonethe takeover of L’hipgnose of its public shareholders continues to be a closely watched event in the music industry. Some expected Blackstone to cut its workforce Hipgnosis Song Management following Merck Mercuriadis » departure, but that turns out not to be the case: HSM is in the midst of a hiring frenzy.
Elsewhere in the industry this week, Sony Music announced a new CEO for its Germany, Switzerland and Austria (GSA) division, with Christoph Behm take the helm Sony Music GSA Since Patrick Hair-Lookeffective September 1.
Speaking of new bosses, there has been a lot of talk about Warner Music GroupThe appointment of relatively young Elliot Grainge as CEO of Atlantic Music Group by MBW. In a new analysis, MBW notes that, despite all his youth, Grainge has an impressive track record as a hitmaker.
Finally, Edgar Bronfman Jr.known in the music industry for his time at the helm of Warner, this week launched a bid for control of Paramount Globalthrowing a grain of sand into the planned merger between the studio and SkydanceParamount has extended its deadline to evaluate Bronfman’s offer for Skydance.
Here’s what happened this week…
1) MORE THAN HALF OF THE GLOBAL TIKTOK MUSIC OF THE SUMMER IS INDEPENDENTLY DISTRIBUTED
The rise of the “middle class” of independent artists has been one of the biggest talking points in the music industry this year.
This trend has been highlighted in recent months by Bright statistics showing that the self-employed are nibbling away at the majors’ market share in streaming.
We also told you about the K-Pop giant MOVESto launch an artist services business in the United States, citing “the growing demand for change in the traditional business structure in the U.S. market due to its fragmentation.”
We have now discovered that more than half (60%) of the top 10 global songs on the social media giant TikTok this summer were distributed independently…
2) BLACKSTONE’S HIPGNOSIS IS PREPARING FOR ITS NEXT PHASE…
It was like the end of the story. Black stone officially acquired Hipgnosis Song Funds of its public shareholders last month for 1.584 billion US dollars.
The post-acquisition plan was obvious: Blackstone would combine HSF’s businesses 40 000 songs with Blackstone’s private property Hipgnosis Capital Songshouses the copyright associated with Leonard Cohen, Justin Timberlake, Justin Bieber, Nelly Furtadoet Kenny Chesney.
What was perhaps less clear following the Blackstone/HSF deal was what would happen to Hipgnosis Song Management (HSM) – the investment advisor to Hipgnosis’ private fund and the (previously) public entity Hipgnosis Songs Fund.
Merck Mercuriadis » Blackstone’s exit led some to speculate that Blackstone could downsize HSM as the financial giant seeks to play a more discrete role in music industry rights ownership. That assumption now appears questionable, as Hipgnosis Song Management is on a hiring spree…
3) PATRICK MUSHATSI-KAREBA, BOSS OF SONY MUSIC GERMANY, TO LEAVE HIS POST; CHRISTOPH BEHM APPOINTED NEW CEO FOR GSA REGION
Patrick Hair-Look, Sony MusicThe CEO of GSA in Germany, Switzerland and Austria will leave the company at the end of August.
Sony Music announced the executive’s departure on Monday (August 19).
Hair-Look sera replaced par Christoph Behmwho was promoted to the position of CEO of Sony Music GSAeffective September 1, 2024.
Report to Daniel LieberbergPresident, Sony Music Continental Europe and AfricaChristoph Behm will continue to be based in Berlin and will now oversee strategy and operations for the GSA region…
4) Former Warner Music Group CEO Edgar Bronfman Jr. makes $4.3 billion bid for Paramount
Edgar Bronfman Jr. submitted a $4.3 billion acquisition offer Paramount Globalaimed at derailing the company’s impending merger with Skydance.
This is what several media outlets are claiming, including Le Wall Street Journalwho was the first to report this offer on Monday (August 19).
Bronfman’s proposal includes a $2.4 billion payment to Shari Redstone‘s National entertainmentwhich controls Paramount Global, and a $1.5 billion injection into the company’s balance sheet to reduce debt and maintain investment status, Date limite reported.
In addition, a $400 million Breakup Fee to Be Paid to Skydance, Report Says…
5) ON… ELLIOT GRAINGE, THE GREAT MUSIC LIBRES, THE MEGASTARS AND A NEW ERA AT ATLANTIC MUSIC GROUP
Elliot GraingeYouth is clearly no obstacle to the faith placed in him by Warner Music Group CEO Robert Kyncl and the WMG board of directors, which announced the other week that he would become CEO of Atlantic Music Group in October.
The 30-year-old AMG boss is drastically reducing the number of headliners at the American majors. Grainge is half the age of some of his competitors.
Yes, there is a baby-nepo discussion to be had. But Grainge has good reason: at the time, WMG invested in Grainge 10K Projects As of September 2023, his independent label has racked up over 30 platinum-certified hits – from artists like XXXTentacion, Spice ice cream, John Dioret Trippie Redd.
10K has since achieved success at WMG such as Artemas (current Spotify monthly listeners: 33,2 millions) et Frank Forest (5,9 m)…
MBW’s Weekly Round-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximize their revenue and reduce their touring costs.
