Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be sure that you caught the 5 greatest tales to hit our headlines over the previous seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their earnings and scale back their touring prices.
This week, Utopia Music grew to become the newest firm to considerably minimize the dimensions of its world workforce.
The acquisitive Switzerland-headquartered firm confirmed to MBW that it has made various layoffs.
A Utopia spokesperson instructed us that, “Like many progress firms in right now’s macroeconomic setting, Utopia is making adjustments to its inside construction to optimize the enterprise”.
Information of job losses at Utopia follows a wave of layoffs sweeping throughout the tech-leaning aspect of the worldwide music enterprise.
Additionally this week, Warner Music Group reported its monetary outcomes for calendar Q3 2022 (the three months to finish of September).
The corporate instructed buyers that it generated complete revenues of USD $1.497 billion throughout recorded music, music publishing and different actions, up 16% YoY at fixed forex.
This quarterly earnings announcement was the final in Steve Cooper‘s 11-year tenure as Chief Govt of WMG; Cooper will likely be succeeded within the position within the New Yr by YouTube‘s Chief Enterprise Officer, Robert Kyncyl.
Elsewhere, Common Music Group-owned Deutsche Grammophon, which claims to be the world’s oldest file label, unveiled its personal high-res classical music streaming service.
Plus, artist financing platform beatBread closed a $100 million institutional fund, whereas a Senate committee plans to carry a listening to to look at the US ticketing trade.
Right here’s what occurred this week…
Utopia Music has turn out to be the newest firm to considerably minimize the dimensions of its world workforce.
The acquisitive Switzerland-headquartered firm has confirmed to MBW that it has made various layoffs.
Sources recommend these cuts have primarily are available Utopia’s central crew – together with some high-level executives – in addition to its tech-focused workforce.
Thus far, Utopia’s tech workers have been tasked with constructing the agency’s proprietary music monitoring platform, generally referenced because the ‘Utopia Open Platform’ (UOP).
MBW understands that Utopia’s world crew numbers 1,200 folks. That determine contains each contractors and round 800 workers…
Warner Music Group‘s earnings name on Tuesday (November 22) ended on an upbeat be aware – and it’s simple to see why.
WMG posted revenues of $1.5 billion for the three months to finish of September (up 16% YoY at fixed forex), with adjusted EBITDA additionally up by 16% YoY.
Consequently, WMG’s share worth flew upward by 15% on Tuesday, as Financial institution Of America upgraded the agency’s inventory.
Fittingly, this glowing quarterly earnings announcement was the final in Steve Cooper’s 11-year tenure as Chief Govt of WMG; Cooper will likely be succeeded within the position within the New Yr by YouTube’s Chief Enterprise Officer, Robert Kyncyl…
Common Music Group-owned Deutsche Grammophon, which claims to be the world’s oldest file label, simply launched its personal high-res classical music streaming service.
Referred to as STAGE+, the service is described by Deutsche Grammophon in a press launch as “ground-breaking”. The label calls it the “newest milestone in classical music’s digital growth”.
In line with the STAGE+ web site, a subscription for the service will price EUR €14.90 per 30 days, or €149 per 12 months…
Music funding platform beatBread has been making a number of head-turning headlines this 12 months.
In February, for instance, the agency raised $34 million in a seed spherical led by Fintech-focused enterprise capital agency, Deciens Capital.
Over the summer season, beatBread struck what it mentioned was a “seven-figure artist financing deal” with singer-songwriter Elley Duhé – its greatest deal but.
Now, MBW can reveal that beatBread has massive plans to speed up its progress within the artist funding area, and it’s simply closed a $100 million institutional fund with asset supervisor Variant Investments to take action..
US Senators Amy Klobuchar and Mike Lee of the Senate Judiciary Subcommittee on Competitors Coverage, Antitrust, and Shopper Rights, confirmed on Tuesday (November 22) that they are going to maintain a listening to to “look at” what they are saying is a “lack of competitors within the ticketing trade”.
In a press launch, they write that listening to follows the “important service failures and delays on Ticketmaster’s web site that left followers unable to buy live performance tickets”.
Klobuchar and Lee mentioned that the listening to date and witnesses will likely be introduced at a later date…
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