Welcome to Music Business World’s weekly roundup – where we make sure you catch the five 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.
this week, Universal Music UK announced that it will change its corporate structure effective October 1. british island records and electromagnetic interference.
Meanwhile, on the other side of the pond, songwriter groups cheer U.S. Copyright Officeruled that the songwriter is The right to charge machinery usage fees From streaming platforms such as Spotify After their termination rights have been invoked, that is when they reclaim their rights from another party (usually the publisher).
This week we also received a message move implement Renzo Yoon Will leave the company at the end of this year. Yoon most recently served as Co-CEO HYBEUSAthe role he played Scooter Brown.
Back in Europe, based in France believe Announcement has been taken 25% equity born in romania global recordwhich claims to be the largest independent music company in Central and Eastern Europe.
Speaking of investing: Winning the bidding war with Concord, black stone Final hurdle to acquisition cleared this week Hipgnosis Song FundHSF shareholders approved its takeover bid 99.97% Voting shares give consent to the deal.
Here’s what happened this week…
1) UNIVERSAL MUSIC UK restructures and merges ISLAND and EMI record labels, while launching new audience and media departments
Universal Music UK will change its corporate structure effective October 1. british island records and electromagnetic interference.
Louis Bloom will serve as the newly appointed Chairman Island EMI Label Group; Bloom will take over this position from his current position as president. british island records.
Island EMI Label Group will become one of two “powerful frontline label groups”, Chairman/CEO of Universal Music UK david josephannounced in an internal memo on July 9.
the other one will be Polydor Label Groupled by Ben Mortimer As president…
Image source: ISOVECTOR/Shutterstock
2) U.S. Copyright Office issues rules confirming how termination rights apply to streaming royalties, songwriter community hails ‘milestone victory’
Many organizations representing American artists and songwriters applauded the event. U.S. Copyright OfficeRuling reaffirms termination rights Music Modernization Act (mixed martial arts).
This rule clarifies that songwriters The right to charge machinery usage fees Generated from a streaming platform, e.g. Spotify, appleand Amazon after them The right of termination has been invoked (i.e. when they take back the rights from another party, in this case the music publisher).
In the United States, songwriters have the right to “terminate an assignment or license granted exclusively or non-exclusively” 35 years old For works written after 1978 (or 56 years old for works/copyrights granted before 1978).
The ruling, issued on July 9, confirmed that the so-called “derivative works exception” does not apply to blanket licenses under Section 115 of the Copyright Act…
3) LENZO YOON, one of the key executives behind the rise of BTS, is leaving HYBE (Report)
Renzo Yoon Is leaving South Korea-based entertainment giant move The end of 2024.
This is according to reports published by Korean media Celebrate talents every day Business documents reported that the executive’s contract contains a non-compete clause that expires at the end of 2024.immediately thereafter‘.
The executive’s most recent title as Co-Chief Executive Officer HYBEUSAthe role he played Scooter Brown Until January 2023, the latter became the sole CEO of HYBE America.
Lenzo Yoon has been a key executive at HYBE since joining HYBE in 2010 as head of strategic planning, when the company was known as Hot entertainment…
4) BELIEVE acquires 25% of Global Records, which claims to be the largest independent music company in Central and Eastern Europe
believe Signs strategic partnership with Romanian-born company global recordSaid to be the largest independent music company in Central and Eastern Europe.
As part of the transaction, Believe acquired 25% equity The Bucharest-based global record label has offices in Romania, Germany and the United States.
Believe said on Monday (July 8) that the strategic partnership is “in line” with its “blueprint strategy to focus on music genres, where artist development and Digitizing music consumption”…
Photo credit: Clara Balzary/Warner Music Group/Publishing
5) Transaction completed: BLACKSTONE becomes the new owner of HIPGNOSIS SONGS FUND
Photo credit: Clara Balzary/Warner Music Group/Publishing
It’s official: black stone About to become new owner Hipgnosis Song Fund.
Blackstone Bid $1.584 billion The British-listed music company’s proposal won overwhelming support from HSF shareholders who voted at a court meeting and general meeting on July 8.
craft saw 99.97% of planned shares voted by HSF shareholders to approve the Blackstone transaction.
At least blackstone is required 75% Voting shares to complete the deal…
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