Welcome to Worldwide music businessweekly recap – where we’re sure you’ve caught the top five stories that will make our headlines over the past seven days. MBW’s round-up is powered by Centtriphelping more than 500 of the world’s best-selling artists maximize their income and reduce their touring expenses.
This week, we learned that the historic music trade fair Midem will return to Cannes, France, in early 2023, with a new owner.
Midem’s former owner, Reed Midem, confirmed in December that they will no longer be running the 55-year-old event.
The City of Cannes has now acquired the Midem brand from RX France – the owner of the Reed Midem subsidiary – and will run the event under the leadership of the Mayor of Cannes, David Lisnard.
According to the City of Cannes, Midem’s goal is to become a “unmissable global rendezvous” for the music business, which promises to “reach as many people as possible through legally recognized prices.” physical”.
Also this week, Cinq Music raised $100 million from parent GoDigital Media Group headquartered in Los Angeles.
GoDigital confirmed that it is investing its largest funding round ever in Cinq, and that the funds will be used by Cinq to “buy music rights, both copyright and publishing, and to continue opening internationally”.
Plus, Justin Blau’s $55 million blockchain-powered music investment platform Royal revealed that SpotifySenior Director of Content Strategy Darya Pourshasb has joined the company as the Director of Global Artist & Label Partnerships.
Pourshasb will oversee artist relationships and music partnerships at Royal, and told MBW she will “seek ways to bring a wide range of artists onto the platform, from indie artists to icons across genres and music markets”.
In other places, Bob Robach will step down as CEO of Ingrooves Music Group after seven years, while US-based music distribution and payments platform Stem confirmed this week that it has raised $20 million la new sponsor.
Here’s what happened this week:
1) MIDEM SAVED: HISTORY MUSIC TRADE EXPO CORRECTED IN COOPERATION WITH CANNES CITY
Five months ago, it seemed like Midem would go away normally.
The then 55-year-old music fair’s owner Reed Midem confirmed in December that it would no longer run the event, which was previously held at the Palais des Festivals et des Congrès in Cannes, France .
But now, a new twist in the story: MBW has confirmed that Midem will return in Q1 of 2023… with a brand new owner.
MBW understands that, after a year of negotiations, RX France – the owner of the subsidiary Reed Midem – recently sold the Midem brand to Cannes Municipality… ..
2) CINQ MUSIC OUT $100M FROM GODIGITAL PARENTS TO BUY MUSIC RIGHTS, EXPAND NATIONWIDE
This week, GoDigital confirmed that it is investing its largest funding round ever in Cinq — $100 million — for Cinq to “purchase the music rights, both original and published, and expand beyond that.” international”.
In a press release, GoDigital confirmed that its music portfolio is backed by Bank of America as the primary lender, with East West and Coalition Banks to complete the distribution.
Additional details of the $100 million Series D funding round were not disclosed….
3) SPOTIFY PREMIUM CONTENT STRATEGY DIRECTOR DARYA POURSHASB EXITS, JOINING JUSTIN BLAU ROYAL’s SOFT
Darya Pourshasb, Spotify’s Senior Director of Content Strategy, since 2018, has joined blockchain-based music investment platform, Royal.
Pourshasb joins Royal as Head of Global Artist & Label Partnerships and will oversee artist relationships and music partnerships at the company.
Royal told MBW that Pourshasb will focus on bringing more artists onto the platform “from independent artists to icons”….
4) BOB ROBACK STEPS DOWN LIKE CEO OF INGROOVES MUSIC GROUP AFTER 7 YEARS
Bob Roback will leave his role as CEO of Ingrooves Music Group seven years after joining the distribution and services company, MBW can reveal.
During that time, Roback has led Ingrooves through significant revenue growth, as well as global expansion into territories including Australia, Brazil, Japan, India, South Africa and Spain.
A defining moment for Roback’s tenure as Ingrooves boss was the sale of the Los Angeles-based company to Universal Music Group in 2019. (UMG was formerly a minority shareholder in Ingrooves.)…
5) DISTRIBUTION AND PAYMENT OF THE MUSIC FOUNDATION FOUNDATION $20 MILLION IN FRESH FUNDS
US-based music distribution and payment platform Stem confirmed this week that it has raised a new $20 million funding round.
The investment is being led by QED Investors, an important venture capital firm in the fintech sector.
It is also backed by Block, Inc., a global technology and financial services company. QED Investors and Block, Inc. joined by former Stem investors Slow Ventures and Quality control…
MBW’s Weekly Round-Up is powered by Centtrip, helping more than 500 of the world’s best-selling artists maximize their earnings and reduce their touring costs.Worldwide music business
