On Monday (September 11), Believe – like Deezer, a Paris-headquartered company – issued its response to the news.
Believe expressed some applause for the model – but also expressed some concerns…
3) DISTROKID ACQUIRES WEBSITE HOSTING AND E-COMMERCE COMPANY BANDZOOGLE
A dramatic family feud is playing out over the rights to the works of Motown songwriter and producer Ron Miller – with a music industry publishing giant caught in the middle.
The proposed price for this transaction is USD $25 million, taking the full amount of catalog sales proposed by HSF this week to $465 million…
2) BELIEVE APPLAUDS DEEZER’S ACTION ON ‘NOISE’ – BUT QUESTIONS NEW ‘ARTIST-CENTRIC’ ROYALTY MODEL’S IMPACT ON ‘RISING ARTISTS’
As predicted by MBW earlier this year, UK-listed Hipgnosis Songs Fund (HSF) has issued its shareholders a proposal to sell 29 catalogs from its portfolio for USD $440 million to another Hipgnosis fund – the private, Blackstone-backed Hipgnosis Songs Capital (HSC).
Hipgnosis Songs Fund would retain ownership of seven of its ten largest catalogs post-the deal, says the company.
Elsewhere, independent music distributor DistroKid acquired website hosting company Bandzoogle, which offers various e-commerce tools for musicians.
In 2022, Sony Music Publishing reportedly signed a deal with one of Miller’s children, Lisa Dawn Miller, to administer the rights for 130 of the late songwriter’s compositions.
Hipgnosis Songs Fund’s primary motivation for selling the 29 catalogs to HSC, according to an announcement to investors on Thursday (September 14), is that it will act “as a catalyst for a re-rating of (HSF’s) share price”.
Bandzoogle offers various e-commerce tools allowing musicians to market and sell products directly to their fanbases.
Miller, known best for co-writing For Once In My Life – a track that became a Hot 100 hit for Tony Bennett, a No.2 hit for Stevie Wonder, and was also recorded by Diana Ross, Frank Sinatra, The Temptations and others – died in 2007, but his heirs have become embroiled in a complicated dispute over his royalties.
Here’s what happened this week…
1) HIPGNOSIS’ BLACKSTONE FUND SET TO SPEND $440M BUYING 29 CATALOGS FROM HIPGNOSIS’ UK-LISTED FUND; COMPETITORS HAVE 40 DAYS TO TRY AND OUTBID ITS OFFER.
Song royalties trading platform JKBX is officially live.
The JKBX platform, co-founded by CEO Scott Cohen, (co-founder of The Orchard and formerly Chief Innovation Officer at Warner Music Group), will offer its users the ability to invest in Royalty Shares for compositions and sound recordings of hit songs….
5) MOTOWN SONGWRITING LEGEND RON MILLER’S FAMILY IN LEGAL FIGHT OVER ROYALTIES
Welcome to Music Business Worldwide’s weekly round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximize their income and reduce their touring costs.
This week, UK-listed Hipgnosis Songs Fund (HSF) issued a proposal to its shareholders to sell 29 catalogs from its portfolio for USD $440 million to another Hipgnosis fund – the private, Blackstone-backed Hipgnosis Songs Capital (HSC).
Hipgnosis Songs Fund has also proposed to its shareholders that it sell a second portfolio of catalogs – incorporating 20,000 ‘non-core’ songs – this time not to Hipgnosis Songs Capital, but to a third party on the private market.