Welcome to Tune Industry Worldwide [157 articles]”>Tune Industry Worldwide’s weekly round-up – where we guarantee you caught the five biggest tales to hit our headlines over the last seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the sphere’s very most sensible-selling artists maximise their profits and decrease their touring charges.
Does Spotify [2,551 articles]”>Spotify imagine the market is currently undervaluing its stock?
That will likely be one motive SPOT this day (August 20) announced that its board has well-liked a stock repurchase program by the company as a lot as the value of $1 billion.
Spotify’s market cap on the Original York Inventory Alternate fell by 43% – or a smidgen over $30 billion – from its 2021 peak on February 19 ($69.35bn) to the shut of the day earlier than this day ($39.24bn).
By buying encourage stock, Spotify’s management are having a guess on an upswing within the second half of the 365 days and beyond.
SPOT’s share ticket has bounded up by over 6% this ruin day the encourage of the tips.
Talking of fluctuations within the valuation of tune commerce sources: How would possibly presumably well a headline files scandal maintain an value on the value of Bob Dylan’s tune catalog?
That’s a mountainous ask this week, after the legendary singer/songwriter denied a original allegation that he sexually abused a lady when she became once 12 years extinct in 1965. That lady, identified as “J.C.” in precisely papers, claims that the alleged abuse took situation in Original York’s Chelsea Resort over a six-week length.
In step with Rolling Stone, Dylan consultants are suggesting that the artist would possibly presumably additionally fair were performing in a single other country for at the least about a of the time in ask. Universal Tune Neighborhood [2,373 articles]”>Universal Tune Neighborhood – which paid between $300 million and $400 million for Dylan’s tune catalog last 365 days – will likely be staring at proceedings very carefully.
In so a lot of areas this week, Downtown announced a prime commerce to its management, as DistroKid [26 articles]”>DistroKid took on original funding… at an gaze-popping valuation.
Behold beneath for the biggest tune biz headlines of the past five days…
Spotify [2,549 articles]”>Spotify announced this day (August 20) that it’s starting off a stock repurchase program starting within the third quarter of 2021 (i.e. the three months to terminate of September).
Spotify’s board has well-liked repurchases as a lot as the amount of $1.0 billion, while a repurchase of as a lot as 10 million of the firm’s long-established shares were well-liked at a overall assembly of shareholders.
The motive an organization would possibly presumably well vow a share buyback are varied, nonetheless one key motivation is always when a firm believes its stock is undervalued by the market, and has the functionality to grow in future.
Bob Dylan is being sued by a lady who says the Blowin’ In The Wind broad name sexually abused her in 1965 when she became once 12.
The lawsuit claims that the alleged abuse took situation at Dylan’s dwelling in Original York’s Chelsea Resort.
Dylan’s spokesman said “the 56-365 days-extinct disclose is faux and would possibly presumably additionally fair be vigorously defended”.
It’s been an eventful few months for Downtown Tune Holdings [218 articles]”>Downtown Tune Holdings. In April, the Original York-basically basically based totally firm sold its total owned tune rights catalog to Harmony [190 articles]”>Harmony for $400 million. Then, it re-launched its flagship subsidiary as Downtown Tune Products and services, working with companions in both publishing and recorded tune.
This week, one other major original chapter for the company: Downtown Tune Holdings [219 articles]”>Downtown Tune Holdings (DMH) announced that its founder, Justin Kalifowitz [48 articles]”>Justin Kalifowitz, will vacate his role as CEO to absorb a original situation as DMH’s Govt Chairman.
Kalifowitz will likely be succeeded as CEO by DMH’s latest COO, Andrew Bergman. Bergman will buy all day-to-day duties as CEO positive September 1.
DistroKid [25 articles]”>DistroKid is a unicorn.
The US-basically basically based totally DIY distribution platform confirmed this week that it has popular an funding from Insight Partners which values it at $1.3 billion.
Silversmith Capital Partners, a Boston-basically basically based totally exclaim equity firm that led DistroKid’s first exterior funding in 2018, will spend “a prime ownership situation” and stay on DistroKid’s board.
SESAC [105 articles]”>SESAC, the US-headquartered Performing Rights Group, has majority-obtained streaming royalties series agency Audiam.
A controlling stake in Audiam has been sold to SESAC for an undisclosed payment by Canadian licensing society SOCAN.
The acquisition of Audiam by SESAC brings the extinct company into the identical real because the Harry Fox Company (HFA), the rights licensing platform that became once obtained by SESAC from the National Tune Publishers’ Affiliation ( National Tune Publishers’ Affiliation (NMPA) [140 articles]”>NMPA) in 2015.
MBW’s Weekly Round-Up is supported by Centtrip, which helps over 500 of the sphere’s very most sensible-selling artists maximise their profits and decrease their touring charges.Tune Industry Worldwide