Welcome to Music Enterprise Worldwide’s weekly round-up – the place we make certain you caught the 5 greatest 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 revenue and cut back their touring prices.
In Steve Cooper‘s eleven years as CEO of Warner Music Group, the corporate’s annual revenues have almost doubled.
Cooper joined Warner in 2011 with the fame of a company turnaround specialist. Nothing on his résumé contained the phrase ‘music’. (His previous jobs included being the CEO of Krispy Kreme Doughnuts and Enron Corp.)
However since Cooper took cost of Warner, as a part of Len Blavatnik’s $3.3 billion buyout of WMG simply over a decade in the past, the corporate has made a sequence of sensible strikes that has helped propel ahead its – and the report trade’s – beautiful progress story.
These sensible strikes have included Warner’s game-changing acquisition of Parlophone Label Group in 2013, plus the primary main report firm licensing pact with Tencent Music in China (2014). Extra just lately, Warner has acquired firms like EMP (in Germany), 300 Leisure (within the US), Qanawat Music (in
Warner is now formally looking for Cooper’s successor, a course of by which Cooper will play an energetic function earlier than he exits the corporate subsequent 12 months.
Elsewhere this week, Reservoir Media posted its first full-year financials as a public firm, revealing that it had spent $224 million on 110 offers (the overwhelming majority of which had been catalog acquisitions) within the interval.
We heard the information that Glassnote Data was leaving its cope with AWAL to accomplice with one other Sony Music-owned firm – The Orchard.
And MBW had its personal little announcement to make: Our UK-focused A&R Awards occasion returns to London on Tuesday, November 8 this 12 months – as soon as once more in affiliation with Abbey Street Studios. Tables are already promoting quick.
Right here’s what occurred within the music biz this week…
1) Steve Cooper is leaving Warner in 2023. The seek for his successor has begun.
Steve Cooper, the CEO of Warner Music Group, has formally introduced he’s stepping down from the management place.
Cooper gained’t be going anyplace for a while but, although.
The US-based government has instructed workers in an e mail that he has instructed the WMG board to start a seek for his successor.
This course of is anticipated to be full within the second half of 2023 (subsequent 12 months).
2) Reservoir generated $107.8m in its first 12 months as a public firm
Reservoir Media simply closed its first fiscal 12 months as a publicly traded firm.
In keeping with Reservoir’s SEC submitting, the corporate’s whole revenues (together with recorded music and publishing) in fiscal 2022 grew 34% to $107.8 million, versus $80.2 million in fiscal 2021.
On an natural foundation (i.e. discounting acquisitions), Reservoir says that its total revenues grew by 15% within the 12 months.
Why the massive distinction? As a result of Reservoir has additionally disclosed that it deployed over $224 million in capital throughout 110 offers throughout its first 12 months as a public firm, of which 87% had been targeted on catalog acquisitions.
3) Common Music Group simply launched a ‘secret’ pattern service
Common Music Group, through its Common Music Manufacturing Music division, has quietly launched a brand new pattern service referred to as Usample.
The foremost music firm filed for a US trademark software for Usample in October 2021.
In keeping with the Usample web site, the service gives a catalog of round 7,000 “uncommon” tracks, that, Common says, come “from the depths of the [UMG] archive, digitised for the primary time for the reason that unique pressings”.
4) Glassnote Data inks world distribution cope with The Orchard
Indie music firm Glassnote Data, famed for signing and growing Grammy Award-winning acts like Mumford & Sons and Phoenix, has a brand new distribution accomplice.
Glassnote has entered into a worldwide distribution partnership with The Orchard, which is owned by Sony Music.
5) Oh, sure: The A&R Awards is again, November 8, in London
The A&R Awards, the annual occasion recognising the perfect of the UK music trade’s artistic group, will return to central London on the night of Tuesday, November 8, 2022.
- Venue: The Grand Connaught Rooms, Holborn/Covent Backyard space.
- Tables: A restricted variety of tables are on sale now.
As soon as once more, the A&R Awards will see a mixture of songwriters, producers, labels, publishers and artist managers celebrated for his or her achievements within the prior 12 months.
And as soon as once more, each the ‘main’ and ‘impartial’ sectors of the enterprise will get their dues.
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