From Live Nation’s $416m acquisition to Spotify’s comedy battle: It’s MBW’s Weekly Round-Up

From Live Nation’s $416m acquisition to Spotify’s comedy battle: It’s MBW’s Weekly Round-Up

Welcome to Music Business 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.

The stay music trade shouldn’t be having fun with information of the unfold of the brand new Omicron variant of Covid-19 – and tightening of restrictions in sure markets because of this. But there was no less than one very constructive signal for the resurgent well being of the concert events enterprise this week.

Live Nation introduced on Monday (December 6) that it had lastly closed its long-awaited acquisition of 51% of Mexico-headquartered OCESA Entretenimiento.

A number one drive in Latin America and past, OCESA is the third greatest live performance promoter on the earth, in accordance to Live Nation.

The deal appeared prefer it was going to go forward in 2019, however was scrapped final yr amid the uncertainty of the pandemic and associated lockdowns (and the impression on Live Nation’s money movement).

Earlier this yr, a brand new settlement was pulled collectively… and now it’s a executed deal.

Elsewhere this week, Primary Wave wrapped up one more catalog acquisition deal – this time, MBW’s sources inform us, for round $20 million.

The firm has acquired a bundle of rights from Jim Peterik, the co-writer and co-producer of Eye Of The Tiger. Primary Wave says it’s nabbed the “majority stake in the royalties from the Grammy winner’s entire music publishing catalog, and rights to many of its legendary songs”.

The previous few days has additionally introduced information {that a} evaluate of the Australian music trade – specifically of “sexual harassment and systemic discrimination” within the nation – has launched with the backing of entities together with Warner Music.

Plus we discovered why a brand new rights battle for Spotify, involving the takedown of comedy albums from the service, may feasibly finish in big-money lawsuits coming Daniel Ek‘s way.

Here are some of the biggest stories from this week…

1) Live Nation buys OCESA for $416 million

It was a mega-money deal that was last year thrown off course by the pandemic, and the uncertainty surrounding live music concerts in general.

But Live Nation has now finally closed the acquisition of a 51% stake in Mexico-headquartered OCESA Entretenimiento.

Live Nation says OCESA is the world’s third largest live performance promoter.

2) Primary Wave’s sizzling streak continues with newest $20 million deal

Primary Wave is making it rain.

After elevating a $375 million funding from Oaktree Capital in June, in accordance to MBW calculations, the acquisitive writer has already spent greater than half of that sum on music rights in lower than six months.

MBW revealed this week that the fim has struck one more large deal, this time with Jim Peterik – a band member of Survivor, The Ides of March, and 38 Special, and the co-writer/producer of Eye Of The Tiger.

MBW sources recommend that the transaction was price roughly $20 million.

3) Australian music trade beneath evaluate for ‘sexual harassment and systemic discrimination’

The Australian music trade is present process a six-month evaluate by two consultants trying into incidences of “sexual harm, sexual harassment and systemic discrimination”.

The National Music Industry Review is being led by two consultants, Alexandra Shehadie and Sam Turner, who will start the preliminary phases of the investigation this month, and plan to full their work in June 2022.

Recommendations will then be made to corporations within the Australian trade, designed to “ensure [the] music industry has a safe, respectful and inclusive culture”.

4) Could Spotify face $100m-plus lawsuits for its comedy fake pas?

This week on Talking Trends, MBW founder, Tim Ingham, explains why Spotify deleted a vary of comedy albums from its service over the Thanksgiving weekend – and why it is likely to be on the mercy of big-money lawsuits within the weeks and months forward.

Ingham explains that two outstanding corporations now working on the earth of comedy royalty assortment and administration – Word Collections and Spoken Giants – are every respectively run by two music trade veterans who’re consultants within the intricacies of licensing within the US: Jeff Price (Word Collections), the founding father of Audiam and TuneCore; and Jim King (Spoken Giants), a former senior determine at US assortment society BMI.

5) Universal to develop ‘virtual identities’ and NFTs for artists by way of tie-up with Genies

Universal is moving into NFTs in an enormous means.

UMG has inked an expansive international partnership with “avatar technology company” Genies to develop avatars and digital wearables for UMG’s  artist roster, constructing on what it says are the “companies’ early collaborations to bring recording artists into the metaverse”.

The deal marks Genies’ second main label partnership this yr, following its deal with Warner Music Group in April.

MBW’s Weekly 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.Music Business Worldwide

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