Welcome to Music Business Worldwide’s weekly round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their income and reduce their touring costs.
Anyone following SoundCloud‘s upward trajectory over the past 12 months will be aware of how significant that rise has been.
From the launch of the company’s “fan-powered royalties” (FPR) model, to the recent news that it’s launching a new service that will see it provide creative and financial resources for select indie artists (with some receiving meaningful levels of financial advances and marketing support) – SoundCloud has been carving out a unique position for itself in the industry.
Its 2020 financial results weren’t bad either. This week, MBW got our hands on the FY 2020 fiscal report for SoundCloud Holdings GmbH, Berlin – now the umbrella company for SoundCloud and its subsidiaries worldwide.
The report reveals that SoundCloud posted revenues of EUR €193.5 million (USD $218.7m) in calendar 2020, up 31% year-on-year.
The company’s gross profit in that same year increased by 53% to €61.1 million ($69m), while its operating losses substantially narrowed by 41% YoY to €15.4m ($17.4m).
Also this week, following a string of recent catalog acquisitions completed by BMG, the company revealed on Wednesday (February 16) that it’s struck a deal with the estate of American blues legend John Lee Hooker.
The agreement includes Hooker’s entire publishing catalog co-acquired with BMG’s longstanding partner Fujipacific Music, his entire recorded and performance royalty income, as well as a selection of his recorded catalog spanning Alone, Vol. 1 (1980) through Black Night Is Falling (2020), acquired solely by BMG.
Speaking of music rights investments, we also learned this week that Swedish entertainment company Pophouse, led by former Universal Music Sweden boss Per Sundin, and co-founded by ABBA’s Björn Ulvaeus, is now making moves in this space.
According to a press release announcing the addition of Airbnb and EQT executives to its board, the company – set up in 2014 as a way to create unique live events that promote the ABBA brand – is “moving into IP investments, particularly music rights, through several strategic acquisitions and development projects”.
Elsewhere, Sony Music Publishing has hired Walter Jones as its new Executive Vice President, Head of A&R, while Snoop Dogg sold tens of millions of dollars worth of NFTs in under a week.
SoundCloud posted revenues of EUR €193.5 million (USD $218.7m) in calendar 2020, up 31% year-on-year.
The company’s gross profit in that same year increased by 53% to €61.1 million ($69m), while its operating losses substantially narrowed by 41% YoY to €15.4m ($17.4m).
We know all of this because MBW has gotten our hands on the FY 2020 fiscal report for SoundCloud Holdings GmbH, Berlin – now the umbrella company for SoundCloud and its subsidiaries worldwide….
BMG has acquired the music interests of iconic American blues singer-songwriter and guitarist John Lee Hooker from his estate.
The agreement includes his entire publishing catalog (Boom Boom, One Bourbon, One Scotch, One Beer, Boogie Chillen, among others), co-acquired with BMG’s longstanding partner Fujipacific Music.
The deal also includes John Lee Hooker’s entire recorded and performance royalty income, as well as a selection of Hooker’s recorded catalog spanning Alone, Vol. 1 (1980) through Black Night Is Falling (2020), acquired solely by BMG… (MBW)
Pophouse, the Swedish entertainment company led by former Universal Music Sweden boss Per Sundin, has added some impressive names to its Board of Directors – and says it’s starting to make investments in music rights.
Pophouse was co-founded by ABBA’s Björn Ulvaeus in 2014, principally as a way to create unique live events that encapsulate and promote the ABBA brand.
It’s since build on those beginnings to build a portfolio of properties that include the world’s largest gaming and digital culture hub, Space, in Stockholm, in addition to the Avicii Experience, as well as ABBA The Museum – a Stockholm-based tribute to the record-breaking Swedish band.
Perhaps Pophouse’s most ambitious project to date is London’s ABBA Stadium, which will house a year-round ABBA Voyage concert from May this year…”
Sony Music Publishing (SMP) has hired Walter Jones as Executive Vice President, Head of A&R.
Jones’ appointment is effective February 22. He will be based out of SMP’s Los Angeles office and report to Sony Music Publishing Chairman and CEO, Jon Platt.
In his new role, Jones will oversee Sony Music Publishing’s US A&R efforts, and work closely with the firm’s Stateside creative team to support both emerging and established songwriters…
Along with the release of his new album B.O.D.R (Bacc On Death Row) on Friday (February 11), Snoop Dogg also released the album on the blockchain through a partnership with blockchain gaming platform Gala Games, via “Stash Box” NFTs, sold on Gala’s new Gala Music store.
Snoop Dogg’s NFTs are limited to 25,000 and each ‘box’ costs $5,000. At the time of writing (11:30 AM PT, on Tuesday, February 15), there were 16,137 NFTs remaining, which means that if the other 8,863 were sold at the asking price – then the NFT sale generated at least $44.3 million since it went live on Friday…
