Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be sure 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.
It’s been one other quiet summer time week within the music trade – however with simply sufficient motion to maintain our curiosity piqued.
For one factor, MBW found this week that TikTok had efficiently gained a US patent for ‘Music Station’ tech that “will allow customers to simply purchase, hearken to and handle music on transportable wi-fi computing gadgets”.
As well as, we noticed that TikTok is hiring for positions to work inside its ‘TikTok Music’ group in the USA.
Might a standalone TikTok Music app – separate and/or merged with Bytedance’s Resso – be on the way in which?
Elsewhere within the information this week, it was reported that BMI, the US-based assortment and licensing society large, had quietly scrapped plans for a sale after receiving underwhelming presents within the market.
Bloomberg reported that BMI was seeking to entice bids of USD $1.5 billion or above.
Elsewhere, Beggars Group revealed some spectacular financials for 2021, bolstered by the truth that full management of recording rights to Adele albums returned to the corporate within the US that very same yr.
Right here’s what occurred prior to now few days…
MBW has unearthed an previous US patent filed by Singapore-based TikTok Pte. Ltd in Might 2018, and granted in January 2021, for a “Methodology of enabling digital music content material to be downloaded to and used on a conveyable wi-fi computing machine”.
The corporate claims that its invention is a “mature, dependable and handy resolution which is able to allow customers to simply purchase, hearken to and handle music on transportable wi-fi computing gadgets”.
The submitting claims additional that “this invention,” referred to as the ‘Music Station’, has the promise of being genuinely transformative of the way in which individuals purchase and hearken to digital music”. (MBW)
BMI (Broadcast Music Inc.) has pulled the plug on a deliberate multi-billion greenback firm sale, saying the transaction “is now not an avenue we’re contemplating,” Bloomberg Information reported.
Sources conversant in the matter mentioned events like non-public fairness corporations and expertise suppliers tabled presents for the corporate however some backed out, whereas different presents didn’t meet BMI’s necessities. (MBW)
3) Beggars Group income jumped 55% in 2021 – as rights to Adele’s first 3 albums reverted to XL within the US
Now we all know how UK-headquartered Beggars Group carried out as a enterprise in 2021: In keeping with a recent submitting on UK Corporations Home, Beggars Group generated GBP £79.98 million final yr, up by 29.7% YoY.
That determine consists of Beggars’ share of varied three way partnership companies together with XL Recordings, Matador and Tough Commerce, in every of which Beggars owns 50%. (MBW)
TikTok rival Triller is being sued by celebrity producers Timbaland and Swizz Beatz.
The pair are demanding $28 million in lacking funds associated to Triller’s acquisition of their music battle model Verzuz, which Triller acquired in early 2021. (MBW)
Kobalt is increasing into the NFT enterprise, revealing plans to launch a ‘music lyric NFT’ assortment referred to as An Electro Revival.
In doing so, Kobalt says it would turn into the “first world music writer to launch a set of totally licensed direct-to-fan NFTs”.
In a media assertion, Derek Cournoyer, Kobalt’s VP, World Digital Partnerships, mentioned that “after licensing many NFTs for numerous initiatives”, the corporate now desires “to dive deeper into this rising market and experiment alongside our purchasers”. (MBW)
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