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Business News Deals Labels & Publishers
Cooking Vinyl Group launches new royalty management business
By Chris Cooke | Published on Thursday 27 November 2014
The Cooking Vinyl Group is backing a new music royalties company called, well, the Music Royalty Co. So that’s nice and simple. Which music royalties rarely are, something the company aims to help with.
A joint venture with Ray Bush, who has been Head Of Finance for the CV Group’s Essential Music & Marketing business for the last four years, the new company says it will help “labels and publishers cope with the exponential growth in data associated with music streaming” adding that its team’s “accountancy nous enables MRC to look beyond just auditing to understand whether the data received in the first place is correct – a valuable insight given the number of accounting errors originating earlier in the supply chain.
Run by Bush with a team including former CVers Tegan Sims and Sam Difford, plus Gerri Geraghty, Cooking Vinyl MD Martin Goldschmidt and Essential MD Mike Chadwick will also serve as directors of the new firm. The company will provide royalty and related services to the various businesses in the CV Group, and to third parties including R&S Records at launch.
Confirming all this, Bush told reporters: “The explosion in data analysis caused by streaming means there’s never been a more important time for companies to get their royalty processes straight. We believe that there’s a real gap in the market for a company like MRC, which truly understands how those work, and we’re excited to show people what we can do”.
