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CMU Digest
CMU Digest 02.03.18: Spotify, PPL PRS, Robomagic, iHeartMedia, Time Inc UK
By Chris Cooke | Published on Friday 2 March 2018
The key stories from the last week in the music business…
Spotify finally filed the paperwork for its stock market listing. As expected, the streaming service will arrive on the New York Stock Exchange via an unusual direct listing rather than a more conventional IPO. The filing included plenty of stats about users and revenues, confirmation of ambitions to grow the firm’s advertising business, and musings on the potential threat posed by Apple, Google and future new entrants in the digital music market. [READ MORE]
UK collecting societies PPL and PRS formally launched their new joint venture which will offer a combined licence covering both recording rights and song rights for those seeking to play recorded music in public spaces. Previously a licensee would need separate licences from PPL, representing labels and artists, and PRS, representing publishers and songwriters. [READ MORE]
Rob Hallet and his UK-based music company Robomagic joined Live Nation. Hallet used to head up the UK side of Live Nation’s main competitor AEG. Live Nation top bloke Michael Rapino said via Twitter of the deal: “Great news for us. Finally we work together”. [READ MORE]
Liberty Media, which controls US satellite radio firm Sirius XM, proposed a bid to rescue flagging American AM/FM broadcaster iHeartMedia which would give it a 40% stake in the business. Sirius is also a key shareholder in Pandora, which is the main competitor of iHeart’s personalised radio service iHeartRadio. [READ MORE]
NME publisher Time Inc UK was bought by private equity outfit Epiris in a reported £130 million deal. It follows the recent acquisition of parent company Time Inc by rival American magazine publisher Meredith. The new owners are likely to now review Time Inc UK’s eclectic portfolio of magazines, which also includes Uncut, and could look to offload under-performing titles. [READ MORE]
The big deals from the last seven days in the music business…
• Tencent bought into Indian streaming firm Gaana [INFO]
• Sena Live acquired Iceland Airwaves [INFO]
• MJF took over the Rainbow Arena in Birmingham [INFO]
• Concord Music signed Justin Parker [INFO]
• Absolute signed The Magic Numbers [INFO]
• Warner/Chappell signed Felix Jaehn [INFO]
• Sony/ATV signed Russ [INFO]
