Welcome to Music Business Worldwide’s weekly round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximize their income and reduce their touring costs.
This week, we learned that Merck Mercuriadis, the maverick founder of Hipgnosis Songs Fund, is launching a new investment firm targeting artist management companies and music catalogs. His new company will also be called Hipgnosis.
Elsewhere, South Korea’s financial regulator is reportedly preparing to refer HYBE Chairman Bang Si-hyuk to prosecutors over allegations related to the company’s IPO.
Also this week, over 200 people, including 20 employees from Beggars Group and Secretly Group, signed a letter objecting to Universal Music Group’s proposed takeover of Downtown Music Holdings.
Meanwhile, Paul Sinclair, who most recently served as General Manager and Executive Vice President of Warner’s Atlantic Records, has joined AI music platform Suno as Chief Music Officer.
Finally, Michael Nash, EVP and Chief Digital Officer at Universal Music Group, delivered a keynote presentation at the UN’s AI for Good summit in Geneva on Tuesday (July 8).
Here’s what happened this week…
1) Hipgnosis is back: Merck Mercuriadis launching new company with ‘hundreds of millions’ in investment secured (report)
You didn’t think he was done, did you?
Merck Mercuriadis, the maverick founder of Hipgnosis Songs Fund, is launching a new investment firm targeting artist management companies and music catalogs through a partnership structure that gives acts and their representatives ownership stakes.
The Financial Times reported on Saturday (July 5) that Mercuriadis’ new venture has already secured commitments in the “hundreds of millions” of dollars, citing people familiar with the matter.
The FT quoted Mercuriadis as saying: “I’m going to amass five or six really important management companies, all of which have superstar artists and superstar managers that go with them.
“It’s all about them having control and all about them making the majority of the money [rather than labels]…”
Credit: Yonhap/Newcom/Alamy
2) HYBE vows to cooperate with authorities as South Korea financial regulator aims to refer Bang Si-hyuk to prosecutors (report)
HYBE has pledged to cooperate fully with authorities as South Korea’s financial regulator reportedly prepares to refer the K-pop giant’s founder and Chairman, Bang Si-hyuk, to prosecutors over allegations related to the company’s 2020 IPO.
That’s according to The Korea Herald, Korea Times and other local news outlets, which report that The Securities and Futures Commission’s capital market investigation team voted on Monday (July 7) to refer Chairman Bang to prosecutors, with the commission set to formally consider the recommendation at its July 16 meeting.
3) 200+ people sign letter objecting to UMG’s proposed takeover of Downtown, including 20 employees from Beggars Group and Secretly Group companies
Over200 employees of indie companies have signed an open letter, distributed by IMPALA, addressed to Europe’s competition watchdog.
It urges the EC to conduct a “deep investigation” into Universal Music Group’s proposed acquisition of Downtown Music Holdings.
The letter’s signatories include significant representation from two leading indie music companies: UK-headquartered Beggars Group and US-headquartered Secretly Group.
They include 12 executives working for companies owned or co-owned by Beggars/XL, including 4AD, Everlasting Records, Matador, Popstock, Rough Trade, and Young, plus XL Recordings and Beggars Group…
Photo: Jimmy Fontaine
4) Paul Sinclair joins AI platform Suno as Chief Music Officer
A prominent record label executive is joining the leadership team of Suno, the AI music-making platform that – along with rival Udio – is facing a copyright infringement lawsuit by the majors.
Paul Sinclair, who spent over two decades at Warner Music Group (WMG) in various roles, is taking up the post of Suno’s Chief Music Officer, a role in which he will “guide how Suno’s AI-powered tools are integrated into the process of songmaking,” Suno said.
Sinclair spent the last several months advising Suno, the Boston-headquartered company said in a statement on Monday (July 7)…
5) UMG’s Michael Nash on AI: ‘Copyright is not the enemy of innovation…’ and 3 other things we learned from his keynote at the UN’s AI summit
Michael Nash, EVP and Chief Digital Officer at Universal Music Group, delivered a keynote presentation at the UN’s AI for Good summit in Geneva on Tuesday (July 8).
This summit, which counts over 13,000 registered delegates, gathers UN decision makers, politicians, ambassadors, and other stakeholders to discuss AI in the context of the UN Sustainable Development Goals.
During his speech, Nash offered insights into how the world’s largest music rights company is approaching artificial intelligence, and why he believes “market-based solutions are the answer” to AI’s challenges in music.
Here are four things that stood out from Nash’s presentation…
MBW’s Weekly Round-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their income and reduce their touring costs.Music Business Worldwide
