Welcome to Music Business Worldwide’s weekly round-up – where we make sure you’ve caught the five biggest stories that hit our headlines over the past seven days. MBW’s round-up is supported by centretripWhich helps over 500 best-selling artists in the world to maximize their income and minimize their travel costs.
It has been an important week in the field of global rights acquisitions.
On Thursday (September 29), we learned that Concorde has acquired the published and recorded music catalogs of Phil Collins and his Genesis bandmates Tony Banks and Mike Rutherford.
Citing sources, wall street journal informed of ‘Megadeal’ will be valued at over $300 million.
The deal follows the recent acquisition of Hitco Entertainment’s assets by Concorde and Eight Points’ acquisition of Australia-based music publisher Native Tongue.
Elsewhere, Stockholm-based pop house Entertainment announced a deal with the family and the estate of Avicii (Tim Bergling) to purchase 75% ownership of the late superstar’s master recordings and publications.
In addition to forming a joint venture with the pop house, the Burling family will remain closely involved in Avicii’s music as a minority owner of a 25% stake.
The week also brought news of a new fund from Singapore, which has been launched with an initial raise of $100 million to buy catalogs in Asia.
Managed by Prime Asia Asset Management, and based in Singapore, the fund is led by widely respected music industry veteran Chi Meng Tan (Founder and Group CEO).
The leadership team of the new firm also includes Garand Wu (President, Greater China), former Managing Director of Universal Music (China).
Also this week, Apple pulled Russia’s VK apps from its App Store, while BMG booked one of Berlin’s most famous theaters every night until the end of 2024.
what happened here…
1) Phil Collins, Mike Rutherford, and Tony Banks of Genesis Sell Consent Rights in $300M Deal
Concorde has taken over again.
This time, the company has discontinued the publishing and recorded music catalogs of Tony Banks, Phil Collins and Mike Rutherford, as well as the published and recorded music catalogs from their years in the band Genesis.
Citing ‘people familiar with the transaction’, The Wall Street Journal reports that ‘Megadeal’ is valued at ‘over $300 million…’
2) Pophouse Entertainment buys 75% of AVCII Master Recordings and Publishing
Pophouse Entertainment, a Swedish entertainment company led by Per Sudin, former managing director of Universal Music Sweden, has acquired a 75% interest in Avicii’s masters and publications catalog.
The deal follows the launch of the Avicii Experience interactive tribute museum in Stockholm in February, born out of a partnership between the family and estate of Avicii (Tim Bergling), and Pophouse CEO Sundrin, who first brought Avicii to Universal Sweden. Signed on as CEO of 2010.
Pophouse, without disclosing the financial terms of the transaction, disclosed the latest agreement in a joint release with the Tim Bergling Foundation on Wednesday (September 28)…
3) Launch of a $100 million new fund to buy catalogs in Asia
The largest players in the global music rights acquisition space to date have been primarily based in the US and Europe.
But in Asia, new big-money funds have started to make some serious noise over the past few months.
In June, for example, Seoul-based Beyond Music, which claims to be Asia’s largest single music IP asset management company, laid out plans to “conquer the global music IP market.” The firm said it expects to have 1 trillion South Korea Won ($800 million) in assets under management by the end of this year.
Now, MBW can reveal that a new Asia-focused fund has just arrived and has been launched with an initial raise of $100 million…
4) Apple pulls Russian tech giant VK-owned apps from the App Store, including music service VK Music
Apps run by Russia-based tech giant VK have been removed from Apple’s App Store globally, including VKontakte, Russia’s answer to Facebook.
In addition to VKontakte, The Verge reports that VK-owned music app VK Music has also been pulled by Apple, along with VK apps Mail.ru and Youla Classifieds.
Quoting an Apple spokesperson, The Verge reported that the apps have been removed in response to the UK’s new restrictions on Russian-owned companies.
5) BMG Books One of Germany’s Most Prestigious Theaters Every Night Until the End of 2024
This is interesting: BMG has taken another big step towards becoming a serious player in live entertainment in Germany.
The Bertelsmann-owned company announced on Thursday (September 29) that it has booked the 1,600-seat Théâtre des Westens (TdW), one of Berlin’s most famous theatres, every night until the end of 2024.
BMG says this is done to “provide a home for its growing live events business”.
Notably, the music company says it is going to use the theater to host both its “growing roster of stage musicals” and a Vegas/Broadway-style residency ( ए la Springsteen on Broadway) from artists…
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