Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be sure that 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 scale back their touring prices.
In Steve Cooper‘s eleven years as CEO of Warner Music Group, the corporate’s annual revenues have practically doubled.
Cooper joined Warner in 2011 with the repute 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 document business’s – gorgeous progress story.
These sensible strikes have included Warner’s game-changing acquisition of Parlophone Label Group in 2013, plus the primary main document firm licensing pact with Tencent Music in China (2014). Extra lately, Warner has acquired firms like EMP (in Germany), 300 Leisure (within the US), Qanawat Music (in
Warner is now formally trying to find Cooper’s successor, a course of wherein Cooper will play an energetic position 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 have been catalog acquisitions) within the interval.
We heard the information that Glassnote Data was leaving its cope with AWAL to companion 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 Highway 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 wherever for a while but, although.
The US-based govt has instructed employees in an e mail that he has instructed the WMG board to start a seek for his successor.
This course of is predicted 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 response to Reservoir’s SEC submitting, the corporate’s complete 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 general revenues grew by 15% within the 12 months.
Why the large 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% have 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 known as Usample.
The key music firm filed for a US trademark software for Usample in October 2021.
In response to the Usample web site, the service affords a catalog of round 7,000 “uncommon” tracks, that, Common says, come “from the depths of the [UMG] archive, digitised for the primary time because the authentic pressings”.
4) Glassnote Data inks international 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 companion.
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 easiest of the UK music business’s inventive neighborhood, 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 ‘unbiased’ sectors of the enterprise will get their dues.
MBW’s Weekly Spherical-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their revenue and scale back their touring prices.
Music Enterprise Worldwide