Spotify’s Decision to Lay Off 17% of Its Workforce Examined in 6 Graphs
Spotify’s announcement this week that it was laying off 17% of its global workforce surprised a music business enjoying a renaissance. After all, Spotify ignited the subscription-streaming boom that...
View ArticleAfter a Hot 2023, Touring Business Eyes More Growth
The concert business has had a record year in 2023 — tours by Taylor Swift and Beyoncé were pop culture moments, festivals roared back to life and consumers’ splurging on tickets seemed to defy...
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Hipgnosis Delays Half-Year Financial Results Over Valuation Concerns
Hipgnosis Songs Fund has announced a last-second delay in publishing interim results for the six months ended Sept. 30, citing concerns over its valuation following a series of hiccups for the Merck...
View ArticleHipgnosis Songs Fund Lowers Its Valuation by 9.2%
Hipgnosis Songs Fund capped off an eventful 2023 by lowering the value of its music catalog amidst internal conflict over exactly what the company’s star-studded catalog is worth. The publicly listed...
View ArticleSpotify’s 138% Gain Leads Billboard Global Music Index’s 31% Improvement in 2023
The Billboard Global Music Index — a diverse collection of 20 publicly traded music companies — finished 2023 up 31.3% as Spotify’s share price alone climbed 138% thanks to cost-cutting and focus on...
View ArticleRadio Broadcaster Audacy Files for Bankruptcy
UPDATE: On Sunday (Jan. 7), Audacy said it would file for Chapter 11 bankruptcy protection to reduce the company’s debts. The radio giant said in a statement that the deal with debt holders will...
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SoundCloud Has Been Preparing to Sell for Over a Year
SoundCloud has been eyeing a sale — and actively pursuing initiatives internally “that would increase the valuation of the company” — since the second half of 2022, according to two former employees...
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If the Music Business Keeps Growing, Why the Layoffs?
During an October earnings call, Universal Music Group CFO Boyd Muir told investors the company was conducting “a careful review” of its costs. In the world of public company statements, that was a...
View ArticleDeezer Subscriptions Boosted by B2B Partnerships
French streaming company Deezer’s revenue grew 12.1% to 130.7 million euros ($141 million) in the fourth quarter, bringing its full-year revenue to 484.7 million euros ($524 million), up 7.4% year...
View ArticleiHeartMedia Says 2024 Will Be a ‘Recovery Year’
The radio business’ slog through a slow advertising market appears to be improving in 2024. “As we look to the year ahead, we see 2024 as a recovery year and we expect a return-to-growth mode,”...
View ArticleKobalt’s New Credit Facility, Securitization Give It Over $1 Billion For...
Kobalt Music Group, the publishing home to such names as Paul McCartney and Karol G, has landed a new $450 million revolving credit facility (RCF), the independent music publisher announced Tuesday...
View ArticleSpotify Gross Profits Top $1B, Revenues Jump 20% in Quarterly Earnings
Spotify reported on Tuesday that first quarter revenue jumped 20% and gross profit topped 1 billion euros ($1.08 billion), helping return the 18-year-old streaming company to profitability and putting...
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AI Music Firm Suno Raises $125M in Latest Funding Round
Suno, a generative AI music company, has raised $125 million in its latest funding round, according to a post on the company’s blog. The AI music firm, which is one of the rare start-ups that can...
View ArticleHipgnosis Songs Fund Board Backs Blackstone’s Revised Takeover Plan
Global investment giant Blackstone said on Monday it would pay a penny more to take over Hipgnosis Songs Fund (HSF), the London-listed company that owns Red Hot Chili Peppers’ catalog, because in a...
View ArticleUniversal Music Group Nashville Appoints Robert Kilduff as Chief Financial...
Universal Music Group Nashville has appointed Robert Kilduff as chief financial officer. Kilduff brings to the role more than three decades of experience in financial leadership, strategic financial...
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Concord Raising Additional $850M Through Asset-Backed Security
Concord is raising $850 million through an existing asset-backed security (ABS), according to a new report by Kroll Bond Rating Agency (KBRA). These new notes are the third series of notes of a $2.6...
View ArticleBill Ackman Calls On Universal Music Group to Move Listing to U.S.
Billionaire hedge funder and Universal Music Group board member Bill Ackman called for UMG to move its stock listing and legal headquarters to the United States from Amsterdam after violent attacks on...
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HYBE Chairman Bang Si-hyuk Investigated by South Korean Regulators Over $285M...
South Korea’s Financial Supervisory Service is investigating HYBE and its chairman, Bang Si-hyuk, over allegations he earned $285 million from the company’s 2020 initial public offering through...
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Influence Media Raises $360 Million Through Private Asset-Backed Security
Influence Media Partners, the music investing company backed by BlackRock and the Warner Music Group, joined the growing list of music industry companies using asset-backed securities to finance...
View ArticlePophouse Raises $1.3 Billion to Acquire and Innovate Music Rights
Pophouse Entertainment, the Swedish catalog company behind the virtual live show ABBA Voyage, said on Monday it raised a total of 1.2 billion euros ($1.3 billion) to invest in catalog acquisitions and...
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