Music Business News: Europe

Promusicae reported that paid subscription streaming generated €121 million ($141m) in the six months to the end of June, up 15.1% YoY.

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It will be UMHL's first hotel in the UK, and its second in Europe after UMusic Hotel Madrid, with Madrid the only UMusic Hotel currently operating.

Ufenau intends to back the initiative as investor and majority shareholder, and says it is already reviewing initial investment opportunities.

Smółka, who joins from Spotify after eight years at the company, will take up the newly created role on Monday (September 7).

The platform is aimed at labels ranging from independents managing a small roster to organizations managing thousands of artists and releases.

Londa, who has worked on releases by Coldplay, Ed Sheeran, and Linkin Park, reports to Jean-Sebastien Permal, SVP of A&R, EMEA and Central Europe.

The new company will be owned approximately 67% by Bertelsmann and approximately 33% by affiliates of Great Mountain Partners