| We've covered the music business each day since 21 Jun 2002 Today's email is edition #5267 |
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| | | In today's CMU Daily: UMGâs Q2 earnings call was an unusually sombre affair, with good reason. With UMGâs market cap dropping by billions of dollars, the majorâs CEO Lucian Grainge saw the prospect of his massive bonus turn from a near cert to a distant dream. And all because a couple of DSPs arenât pulling their weight
One Liners: Primary Wave x Totoâs Steve Pocaro, Downtown x Lady Blackbird, new Deezer CEO, Italian PRO stats, Philip Glass battles pro-Putin ballet director, Stormzyâs tinted Lambo windows, plus releases + tours news from Aitch, Porter Robinson, Jorja Smith, BABii, Muni Long, Raleigh Ritchie + more
Also today: The record industries of Italy and France have been clocking up web-blocking orders like they are going out of fashion; Martin Shkreli says he should be allowed to keep the copies he made of Wu-Tang Clanâs single-copy album
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| đ„ Yesterday we released 50 discount codes our new CMU Masterclass mini-bundle: Songs + Recordings: Rights, Revenues + Deals with an incredible 85% discount off the bundle price of ÂŁ129. Click here and enter the code Q7GL67J to pay just ÂŁ19.35 inc VAT.
That promo code has been incredibly popular, so earlier today we released more codes - but they are going fast.
This bundles includes two of the most popular CMU Masterclasses from our new series: Recording Rights + Record Deals looks at how recording rights work and how the industry generates revenue around these rights; Song Rights + Publishing Deals looks at how song rights work, the crucial role of collective licensing, and how songs generate revenue.
Whatever role you have in the music industry, these sessions will ensure that you have a full understanding of the music rights and deals landscape in the modern music ecosystem.
âĄïž This batch of codes will probably run out over the weekend, so if you want to take advantage of this special price to get a taster of the CMU Masterclasses, book now. | | |
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| Lucian Grainge is back on the win-win, but which DSP is off his christmas card list? Itâs not hard to guess. | | Poor Lucian Grainge. Itâs got to be a funny feeling, waking up one morning and knowing that, no matter what you do or say, youâre probably going to end the day wiping out billions of dollars from your companyâs value. Even stranger knowing that youâve probably just kissed goodbye for the foreseeable future - or maybe forever - an enormous bonus that youâd come within a whisker of being able to claim.
Universal Musicâs Q2 earnings call this week was a sombre affair. Coming the day after Spotifyâs positive news - firing people has been a huge success! pulling a fast one on songwriters is paying off! - many people expected Universalâs quarterly update to be similarly positive, but - alas - it was not to be so.
Within minutes of the UMG earnings report being published as the Amsterdam Euronext market - where the company is listed - closed, Warner Musicâs share price dropped sharply as it played proxy for frustrated investors unwinding their positions in music companies. By the next day, Universalâs share price fell off a cliff, dropping by as much as 30% and erasing nearly âŹ16 billion in shareholder value.
The signs were all there. An unusually stiff invitation, edged in black would not have been out of place. Was that a panpipe cover of Chumbawambaâs âTubthumpingâ playing quietly through a tinny Bluetooth speaker? Low lighting, a quiet murmur of other guests damped by heavy velvet drapes. âWelcome to UMGâs Q2 resultsâ, whispers a steward as stony-faced analysts file silently in. âPlease be kindâ.
It was an unusually awkward start for the normally ebullient Grainge. âThank you⊠and hullo to everyone and, uhhh, big greetings live... from us⊠in Hilversonâ.
Gone was the trademark garrulous Grainge charm, gone were the frenetic hoots of âwin-winâ punctuating every other sentence. As William Bell once sang - in a recording owned, handily enough, by Universal - âEveryone loves a winner, but when you lose you lose aloneâ. Fortunately for Lucian his trusty compadres Boyd Muir and Michael Nash were standing by, ready to help him couch the numbers.
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| LATEST JOBS | CMU's job ads are a great way to reach a broad audience across the industry and offer targeted exposure to people at all levels of seniority who are looking for new jobs. Our job ads reach tens of thousands of people each week, through our email, and our dedicated jobs pages.
| CMU's job ads are a great way to reach a broad audience across the industry and offer targeted exposure to people at all levels of seniority who are looking for new jobs. Our job ads reach tens of thousands of people each week, through our email, and our dedicated jobs pages.
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| | | | | | | | | | | | Horizon is CMU's new weekly newsletter - published each Friday - that brings you a hand-picked selection of early-stage career opportunities from across the music industry.
Whether you're looking for your first job in music or you're ready to take a step up, Horizon is here to help you find your dream job faster.
đ Click through to see the current selection. | | |
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| | Deals Erik Ron has signed a worldwide publishing deal with Position Music, covering his catalogue of over 500 songs. Downtown Neighbouring Rights has signed a global deal with American singer-songwriter Lady Blackbird. Primary Wave Music has partnered with Steve Porcaro, co-founder of Toto, in a multi-million-dollar deal covering his music publishing catalogue, artist royalties and neighbouring rights. Appointments Deezer has appointed Alexis Lanternier as its new CEO, effective 2 Sep. Helena Kennedy has been appointed Chair of the Creative Industries Independent Standards Authority. Labels SCF, the performing rights organisation for the Italian record industry, has reported positive results for the first half of 2024, with distributions to rightsholders growing 3%. Digital Apple is likely to introduce AI generated imagery for Apple Music playlists in iOS 18, powered by its Apple Intelligence on-device artificial intelligence. Legal Philip Glass has accused the Sevastopol Opera And Ballet Theatre in Russian-annexed Crimea of âan act of piracyâ by planning to stage a production of the ballet âWuthering Heightsâ which will use his music without permission. Ross Davidson, a former lead singer of Spandau Ballet who replaced Tony Hadley in the band, has been convicted of multiple sex offences against three women. Stormzy has pleaded guilty to driving a Lamborghini Urus with illegally tinted windows in Kingston Upon Thames. Metaâs Oversight Board has called for updates to the companyâs policies on non-consensual deepfake images, citing a lack of clarity in current wording. Live & Events DHP Family has acquired Nottinghamâs iconic 2500-capacity venue formerly known as Pryzm and plans to reopen it as The Palais in September. BBC Introducing has announced its flagship music discovery event, BBC Introducing LIVE 2024, will take place across seven UK cities throughout October. Londonâs Boxpark Shoreditch has announced its impending closure due to planning requirements, despite efforts to collaborate with local authorities and landlords in a bid to allow the pop-up retail and street food complex to continue operating at its current site for longer. Other industry news Pioneer DJ has released Deckades, a limited-edition fanzine celebrating 30 years of the CDJ. Brighter Sound and the British Council have announced the twelve participants for their Global Music Leaders programme, supporting music industry professionals from eight countries. John Eliot Gardiner has stepped down as leader and artistic director of the Monteverdi Choir And Orchestras following an incident where he allegedly hit a singer. Live Nation and the Music Forward Foundation have awarded scholarships worth $10,000 each to five college students pursuing careers in live entertainment and the music industry in the US. The K-pop industryâs overseas sales surpassed 1 trillion won ($722.28 million) for the first time in 2023, according to a report by the Korea Culture & Tourism Institute. Artist News Kool DJ Red Alert - credited with inventing the mixtape while working with Afrika Bambaataa - has been honoured with a statue in New York Cityâs Montefiore Park. King Crimson guitarist Jakko Jakszyk has announced his autobiography, âWhoâs The Boy With The Lovely Hair? The Unlikely Memoir Of Jakko M Jakszykâ, to be released on 10 Oct through Kingmaker Publishing. Blur bassist Alex James has announced a new book, âOver The Rainbow: Tales From An Unexpected Yearâ, set for release on 5 Dec via Penguin Random House. Releases & Tours Aitch has collaborated with D-Block Europe on new single âGold Mineâ. Porter Robinson has released his new album âSMILE! :Dâ. Jorja Smith has released her new single âHighâ. BABii has released her new single âScarfaceâ. Her new album âDareDeviil2000â is out 11 Oct. Muni Long has released her new single âRuined Meâ. Her new album âRevengeâ is out 30 Aug. Raleigh Ritchie has released his new album âDEAD ENDS AND DIVERSIONSâ. Poppy Ajudha has released her new single âGirl Next Doorâ. Written By Wolves have released their new album âTHE LIGHTHOUSEâ alongside the video for the title track here. Central Cee has released his new single âgen z luvâ. Twin Atlantic have released their new albumâs title-track single âMeltdownâ. The new album is out 9 Aug. COBRAH has released her remix EP âSUCCUBUS XXXTENDEDâ. Featuring remixes from Amanda Lepore, Only Fire, MCR-T and more. Sam Tompkins has released his debut album âhi, my name is insecureâ. Razorlight have released their new single âScared Of Nothingâ, alongside the announcement of a UK headline tour; including a show at O2 Academy Brixton on 21 Nov. Tickets are available here. Blur have released their new live album âBlur: Live At Wembley Stadiumâ. The feature-length film of the Wembley concert will be showing in cinemas across the UK and Ireland from 6 Sep. The trailer is live to watch here. Cults have released their new album âTo The Ghostsâ. grentperez and Lyn Lapid have collaborated on new single âRoom For Youâ. Bastille have released their new EP ââ&â (Ampersand) Part Oneâ. Jake Isaac has released his new single âEVER YOURSâ. His new album âBENJAMINâ is out 25 Oct. Boys Noize has released his new single âFVKVRVNDâ. | | đ Read today's One Liners in full | | | French and Italian record industries secure new web-blocks | | The music industry has been busy getting some new web-blocks in place this week, with the French record industry securing an injunction from the courts in Paris ordering internet service providers and search engines to block 40 domains. Meanwhile the Italian industry has welcomed the blocking of a number of stream-ripping sites within the country.
In Italy web-blocking orders can be secured against copyright infringing websites via communications regulator AGCOM. This time it was anti-piracy group FPM that requested the web-blocks, with its General Secretary Luca Vespignani commending the regulator for performing its role in the fight against online infringement âquickly and effectivelyâ.
FPM says that it focused on stream-ripping sites - which allow people to download permanent copies of temporary streams - because the use of such services is the âmost widespread formâ of online music piracy, accounting for 30% of infringing activity online. And while stream-ripping sites have been a key piracy gripe of the music industry for some time now, FPM says the use of these services is growing, up 10% in the first quarter of this year.
| | Read the full story | | | Martin Shkreli says his copies of single-copy Wu-Tang album are legit and he shouldnât have to give them up | | Convicted fraudster Martin Shkreli has told a court in New York that the single-copy Wu-Tang Clan album he bought in 2015 was, in fact, a several-copy album by the time the original compact disc copy of the record was seized by US authorities in 2018.
The making of additional copies of âOnce Upon A Time In Shaolinâ between 2015 and 2018 was entirely legal, he adds, and therefore the current owner of the original CD has no grounds for making a legal complaint in 2024 over the fact the extra copies are still in his possession.
When the US Marshals Service sold the original CD in 2021, Shkreli claims in a new legal filing, the law enforcement agency âmade no representation that the assets transferred comprised the only existing copy of the workâ.
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