RG Ingersoll's Hotrax Music Tips for March 9 2023

SPECIAL NOTE:  RG INGERSOLL HAD SURGERY ON OR ABOUT FEBRUARY 28, 2023.  WE HAVE BEEN WAITING PATIENCELY TO HERE HOW HIS OPERATION WENT AND WE JUST HOPE ITS JUST GREAT RECOVERY TIME. - ifs news writers 

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Music Business Worldwide: Newsletter

House panel approves bill that could lead to total TikTok ban in the US Another day, another political hurdle for ByteDance-owned app TikTok. On Wednesday (March 1) the US House Foreign Affairs Committee voted to advance a bill that would effectively give President Joe Biden powers to ban TikTok in the United States. As reported by CNN, the bill, known as the ‘Deterring America’s Technological Adversaries Act’, would also allow for the control of other China-related economic activity, if signed into law. The bill would still need to be passed by the Republican-led House and the Democrat-led Senate before it can become law. A TikTok spokesperson said: “We’re disappointed to see this rushed piece of legislation move forward, despite its considerable negative impact on the free speech rights of millions of Americans who use and love TikTok..." (MBW)

MBW Newsletter Sponsors Primary Wave: The Home of Legends. The world's leading independent publisher of iconic music CMS, CRM, Playlists, Royalty Accounting, Analytics: your music business all in one place The next generation label transforming viral moments into long term music careers.  Centtrip: The award-winning account for music payments, royalties, foreign exchange and touring expenses Viberate: Get premium music data analytics at an unbeatable price. BandLab: Home to 60M creators making and sharing music without limits Voly Music The Bespoke Financial Management Platform for the Music Industry Technology + Infrastructure + Methodology ➡️ Execution = Results Want your brand here? Contact Rebecca through this link...   Germany’s recorded music business generated $2.17bn in 2022, up 6.1% YoY The numbers for Germany’s record business are in. Recorded music revenues in the market, generated from music streaming, as well as from the sales of CDs, vinyl LPs and downloads, reached USD $2.17 billion (on a retail basis) in 2022. That’s according to new figures published by German Music Industry Association (BVMI) on Tuesday (February 28), and marks the third consecutive $2 billion year for the market's record business... (MBW) TIDAL axes Direct Artist Payouts 'experiment' to redirect funding to emerging talent program TIDAL RISING In November 2021, when TIDAL launched its ‘Fan-centered royalties’ system, the music streaming company also launched an initiative called direct-to-artist payouts, aka DAP. The DAP program sees a percentage of TIDAL's HiFi Plus subscribers’ membership fees directed towards their top streamed artist. This direct-to-artist payment is made in addition to an artist’s streaming royalties. TIDAL has now discontinued the program. TIDAL CEO Jesse Dorogusker revealed on Tuesday (February 28) that the company enrolled 70,000 artists in Direct Artist Payouts and paid out $500,000, which he says, was "far short of our goal..." (MBW) UK public performance joint venture PPL PRS has paid out $1.2bn+ to creators and rightsholders to date UK public performance joint venture PPL PRS has distributed more than GBP £1 billion (USD $1.2bn) to music creators and rightsholders in the five years since its launch in 2018. PPL PRS, which celebrated its fifth anniversary on Tuesday (February 28), was established by UK collection societies PPL and PRS for Music to provide a license to businesses for the use of live and recorded music...  (MBW)

MBW'S QUOTE OF THE DAY “I’m grateful to Jody Gerson, Marc Cimino and JW Beekman for the opportunity, and look forward to working with our European MDs and their teams on providing invaluable services to UMPG’s creators and partners.”   Shirin Foroutan (pictured) announces the news that she's been hired as Senior Vice President and General Manager, Universal Music Publishing Europe, effective immediately. Based in London, Foroutan – who moves to Universal from her role at BMI – reports to Marc Cimino, UMPG Chief Operating Officer... (MBW)

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Don't miss: Deezer generated over $470m in 2022, lost $175m, and just appointed Stu Bergen as a Director on its board Paris-listed streaming company Deezer has a new Director on its Board: former Warner Music Group executive, Stu Bergen. The appointment is effective immediately. Bergen was formerly the long-time CEO of Warner's International Recorded Music operations outside the US and UK. After 14 years at Warner, he left the major music company in January 2021. There is a long-running link between Deezer and WMG, of course: Warner Music Group's controlling shareholder, Access Industries, is also a shareholder in the music streaming firm. As Chairman of Deezer's board, Bergen succeeds Amanda Cameron (aka Amanda Ghost), who, after being appointed after Deezer's IPO last year, has resigned from her position as Director, due to "time constraints and a need to prioritize other business ventures". All of this news was released this week following the publication of Deezer's FY 2022 results, which show that the French-born company generated EUR €451.2 million (USD $474m) in overall revenue last year. That was up by 10.6% YoY at constant currency on the equivalent figure from FY 2021. Deezer's gross profitability improved in 2022, with an adjusted gross profit of €98.0 million (USD $103m) vs. €84.1 million in the prior year. This improvement was partly driven, said Deezer, by "the positive impact of the shutdown... of [our] freemium service in some countries". This is a significant change of strategy: Back in 2012, Deezer launched its 'freemium' (i.e. ad-supported) tier in the UK and 149 other countries, with commentators suggesting it was "going head-to-head with Spotify". Yet despite improved margins in terms of gross profit in 2022, Deezer was still operationally a heavy loss-maker... (MBW) Don't miss: Lyric Capital raises over $800m to buy music rights New York-based private equity firm Lyric Capital Group, parent company of Spirit Music Group, has successfully closed its second fund, with total commitments of approximately $410 million. In addition, the firm also raised senior debt financing to bring Lyric’s new deployable capital to over $800 million. Lyric says that it exceeded its funding target, with "support from a diverse group of new and existing institutional investors". Commenting on the news, Jon Singer, Managing Partner and Co-Founder at Lyric Capital, and Chairman of Spirit Music Group, said: "Thanks to our relationships and proven reputation as good stewards of legendary song catalogs and recordings, we have a robust pipeline of proprietary opportunities and the capital to pursue them...” (MBW)

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