Universal prevails in lawsuit alleging it owed artists $750m in Spotify royaltiesA US District Court judge has ruled that UMG had 'wide discretion' in negotiating royalty rates with Spotify
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New Mountain Capital Announces Majority Growth Investment in BMINew Mountain Capital, LLC, (“New Mountain”), a leading growth-oriented investment firm with over $45 billion in assets under management, announced today that it will lead a shareholder group to acquire Broadcast Music, Inc. (“BMI”), the world’s largest performing rights organization (“PRO”). Headquartered in New York, BMI protects the rights of and advocates for more than 1.4 million songwriters, composers and music publishers (“affiliates”). BMI secures royalties for its affiliates by offering licenses to businesses for the performing rights in 22.4 million musical works. Mike O’Neill, BMI’s President & CEO, will continue to lead the company, along with his leadership team, following the closing.

New Mountain will acquire the company from the shareholders who own BMI today. New Mountain has also reserved additional capital to fund growth investments, new ventures and technology enhancements to help accelerate BMI’s long-term plan to maximize distributions for its affiliates and improve the service it provides to songwriters, composers and publishers.

As part of the agreement, and in recognition of the creativity of the songwriters, composers and publishers they have had the privilege to represent, BMI’s current shareholders will allocate $100 million of the proceeds of the sale to affiliates shortly after the transaction closing. The allocation of those funds, while not a distribution of royalties, will be in keeping with the company’s distribution methodologies, which are based on performance levels over a set period of time. BMI will work to finalize an equitable payout plan for this allocation in the coming months.

“Today marks an exciting new chapter for BMI that puts us in the best possible position to stay ahead of the evolving industry and ensure the long-term success of our music creators,” said Mike O’Neill, BMI President & CEO. “New Mountain is an ideal partner because they believe in our mission and understand that the key to success for our company lies in delivering value to our affiliates. We are excited about the many ways New Mountain will accelerate our growth plan, bringing new vision, technological expertise and an outstanding track record of strengthening businesses, all of which will help us build an even stronger future for BMI and our songwriters, composers and publishers.” He added, “I would also like to thank the BMI Board of Directors and BMI’s shareholders for their excellent stewardship and unwavering support of our creative community since the company’s founding in 1939.”

“BMI has been a trusted guide and champion of music creators from the beginning, and we are privileged to work with the company and its 1.4 million affiliates to build on that incredible legacy,” said Pete Masucci, Managing Director at New Mountain. “There are numerous growth opportunities ahead for BMI with significant potential to generate more value for the work of its songwriters, composers and publishers. We look forward to working together alongside Mike and his team to capitalize on those opportunities for the benefit of all BMI stakeholders.”

“While the music industry has undergone a technology-driven transformation over the past two decades, music infrastructure, including the performing rights ecosystem has been slower to transform,” said Mike Oshinsky, Director at New Mountain. “There is tremendous opportunity to modernize this critical part of music infrastructure and ensure that long term royalty collections for songwriters, composers and publishers continue to grow. With our support, BMI is ideally positioned to drive this transformation as the only PRO in the world to combine an open-door policy to all music creators with the innovation and commercial drive of a for-profit business.”

Growth Plan to Accelerate Value for Affiliates

New Mountain’s motto is “building great businesses,” and it brings to BMI significant experience partnering with management teams to grow and add value to the benefit of all constituents. The firm has added or created nearly 69,000 jobs, net of job losses across all of its current and past portfolio companies, has invested over $7 billion into research and development, software, and capital expenditures and generated an estimated $79 billion of enterprise value gains.

New Mountain’s growth investment in BMI will accelerate the company’s ambitious value creation plan, which has three core tenets:

First, to continue to grow cash distributions for its affiliates.

Second, to invest in next generation technology platforms and new service offerings that will improve royalty collections, enhance BMI’s customer service, and deliver the best possible experience for its affiliates.

Third, to add new revenue streams driven by organic growth investments and M&A opportunities, with an initial focus on improving general licensing royalty collections, international partnerships and new service offerings. New growth investments will create additional opportunities for distribution income for its affiliates. 

New Mountain’s investment does not change the distribution targets previously communicated, which is the same approach the company followed in calendar year 2023 and which it will follow moving forward. For the calendar year, BMI targeted a payout of 85% of its licensing revenues and delivered +11% growth in cash distributions to affiliates over 2022’s distributions, which were reflective of the company’s prior not-for-profit model.  

The transaction is subject to approval by BMI shareholders and customary regulatory approvals and is expected to close by the end of Q1 2024. Goldman Sachs & Co. LLC served as financial advisor to BMI and Fried, Frank, Harris, Shriver & Jacobson LLP served as its legal advisor. Moelis & Company served as financial advisor to New Mountain, and Simpson Thacher & Bartlett, LLP served as its legal advisor. As part of New Mountain’s investment, CapitalG will also invest a passive minority stake in BMI.

bmi.com

New Mountain Capital buys BMI, Songwriters & Publishers receive $100MUPDATED: A New Mountain Capital-led shareholder group has acquired BMI. Current shareholders must still approve the sale, which is expected to be completed in the first quarter of 2024. With. Continue reading
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TikTok’s massive music marketing impact confirmed by new studyA new Luminate study shows TikTok’s incredible reach and impact on music discovery, marketing, and monetization. The fact that TikTok commissioned the analysis may make its findings a bit suspect.. Continue reading
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Music: What is it Good For? [Hanna Kahlert, MIDiA & Stephen Love, Socially Driven Music][EXCLUSIVE] In this companion piece to “Music – It’s About Purpose, Stupid,” Stephen Love, former EVP of ATV Music, and Hanna Kahlert of MIDiA Research dig deeper into how revaluing. Continue reading
The post Music: What is it Good For? [Hanna Kahlert, MIDiA & Stephen Love, Socially Driven Music] appeared first on Hypebot.

The modern record industry is moving into its ‘cut to grow’ phase.On layoffs at Warner Music Group and BMG, and an upcoming cost savings program at Universal Music Group
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QSC TOUCHMIX SESSIONS - CELLO AND FRIENDSCello and friends performing his song "Fire Ants" at Sweetspot Studios in Los Angeles. The song was multitrack recorded live using the TouchMix-30 Pro digital mixer direct to a USB hard drive. The recorded tracks were imported into Pro Tools and mixed at a later time. The TouchMix also provided multiple monitor mixes for the band.

Learn how to perform and record with the TouchMix Training Series videos:    • QSC TouchMix Training 01: Mixer Navig...  

Learn about TouchMix Series Digital Mixers: https://www.qsc.com/touchmix

Tracy Maddux steps down as Chief Commercial Officer of Downtown Music HoldingsMaddux has served as CCO for Downtown since October 2020
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‘Music – It’s About Purpose, Stupid! ‘ (How ‘Rich Men North of Richmond’ put Socially Driven Music back on the map)[EXCLUSIVE] The music industry needs to focus on the meaning behind music, tying the art back to purpose. That’s the central thesis behind this thought-provoking piece by Stephen Love, former. Continue reading
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Former CD Baby CEO Tracy Maddux exits exec role at Downtown HoldingsTracy Maddux is stepping down from his role as Chief Commercial Officer at Downtown Holdings, effective immediately. Downtown acquired CD Baby where Maddux served as CEO in May of 2019.. Continue reading
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We Are Giant launches promising music community platform with $8M fundingWe Are Giant has launched a platform with $8 million in funding led by Sterling Partners designed to foster artist and fan communities and enable collaboration, discovery, and monetization. During. Continue reading
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Getting It Done: The Week in D.I.Y. & Indie MusicLast week, our tips and advice for the independent, do-it-yourselfers out there covered how to find more creative collaborators, prepare for a release, and much more…
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REWIND: The new music industry’s week in review: Spotify fights fakes • WMG royalties • Music Health Alliance & MoreLast week was a busy week by any definition. The music industry was no exception, with healthcare being offered to musicians, WMG joining the artist-centric royalty system, and more…
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Immediate Family's "Skin In The Game" Coming in February on Quarto Valley Records

The Immediate Family’s much-anticipated new studio album, Skin In The Game, will be released on February 16, 2024, via Quarto Valley Records. The legendary musicians’ second full-length studio album is a skillful combination of power and precision, fun and introspection, featuring soaring harmonies and a burst of R&B with the pure essence of rock and roll. Produced by the band themselves, Skin In The Game’s fourteen tracks showcase the remarkably versatile musical skills possessed by all five members of The Immediate Family: singer/songwriter/guitarists Danny Kortchmar, Waddy Wachtel, and Steve Postell, and one of the most renowned rhythm sections in rock history, Russ Kunkel and Leland Sklar. Launching with the raucous opening track “Whole Lotta Rock and Roll,” the album’s thirteen original songs exuberantly careen from funky rockers such as “24/7/365,” “Confusion” and “Lost in the Shuffle” to gentler numbers, such as “Fragile Heart” and “Catch You on the Other Side.” On “Looking Away,” they effortlessly build the emotional drama by shifting from restrained acoustic guitars to a blast of electric guitar fury. Similarly, the band’s satiric edge can slide from the dark side on “Party at the Graveyard” to the lighter-hearted fun of “High Maintenance.” Sklar and Kunkel’s subtly profound ways of building and holding down a song’s foundation are present throughout Skin In The Game. The album’s title track begins with Kunkel’s drumbeat, complemented by Sklar’s sonorous bass. Together they bring a gravitas that supports the song’s message that life isn’t just about the money; you need to have heart, soul, pride, and be willing to risk everything – “skin in the game.” The first single from Skin In The Game is its only cover tune: an arresting reimagining of Sparks’ “The Toughest Girl in Town.” The Immediate Family’s rendition, initially released in October of 2022, was hailed by Guitar Player Magazine as: “Injected with a shot of rock ‘n’ roll prowess, ‘The Toughest Girl in Town’ is transformed from eccentric synth-pop gem to ax-centric masterpiece.” Watch the video HERE. The second single, the title track “Skin In The Game,” will be released in January 2024. The tight-knit quintet (Danny Kortchmar, Waddy Wachtel, Russ Kunkel, Leland Sklar and Steve Postell) initially rose to prominence working with some of rock’s biggest names, such as Keith Richards, Linda Ronstadt, James Taylor, Carole King, Jackson Browne, Stevie Nicks, Don Henley, Billy Joel, David Crosby and Joni Mitchell, to name a few – but now they have reinforced their own identity as The Immediate Family. “This band has such power. It’s almost like an embarrassment of riches,” states Wachtel. “We just knew we had all moved up to the next level in the group. It was such a great feeling, one that is the real reason all of us do what we do.” Leland Sklar adds, “The Immediate Family’s unrivaled musical chemistry comes from years of playing together. We all know each other backward and forward and can play to each other’s strengths in ways that other groups can’t always get to.” The band’s unique, decades-long musical journey is the subject of the full-length documentary, Immediate Family, by acclaimed filmmaker Denny Tedesco (director of The Wrecking Crew). The film tracks the rise and collaborations of this group of legendary studio musicians Danny Kortchmar, Waddy Wachtel, Russ Kunkel, and Leland Sklar, through the 1970s and onward, spotlighting their prestigious partnerships and their indelible mark that helped define the sound of a generation. Immediate Familyis a backstage tour of rock history, featuring intimate interviews with the band members, as well as memorable stories from some of music's most iconic performers including Carole King, James Taylor, Linda Ronstadt, Neil Young, Keith Richards, Don Henley, Stevie Nicks, David Crosby, Jackson Browne, Lyle Lovett and Phil Collins. Immediate Family will be released by Magnolia Pictures in theaters for special one-night screenings on December 12th and will be available everywhere on December 15th.Watch the Official Trailer Now: https://www.immediatefamilyfilm.com/

With Skin In The Game, The Immediate Family have tapped into the magical connection they have together and created a stunning collection of songs. And now with the album’s release, there is just one thing left to do. “We can’t wait to start touring again,” Postell shares, “and play this new music for our fans and the newcomers just finding out about us.” The new album follows the band’s 2022 EP Live from Telefunken Soundstage, preceded by the critically acclaimed self-titled album and EPs, Can’t Stop Progress and Slippin’ and Slidin’. For more information on The Immediate Family, visit www.immediatefamilyband.com. For promo album links contact:Lucy Sabini – lucy.sabini@luciamediagroup.com – 917-864-0060Robert Clyne – robert@clynemedia.com – 615-300-4666Follow The Immediate Family on Social Media:Website Facebook Twitter.X Instagram SpotifyAbout The Immediate FamilyThe Immediate Family (the modern iteration of a legendary studio ensemble known as “The Section”) is a unique group of iconic musicians composed of four of the most recorded, respected, and sought-after players in modern music: Danny Kortchmar (guitar and vocals), Waddy Wachtel (guitar and vocals), Leland Sklar (bass), Russ Kunkel (drums) and the addition of prominent touring, session guitarist and songwriter Steve Postell (guitar and vocals). Frequent collaborators both in the studio and on stage, their work can be heard on albums from Jackson Browne, James Taylor, Linda Ronstadt, Stevie Nicks, Keith Richards, Warren Zevon, Graham Nash, Neil Young, David Crosby, and many, many more. Kortchmar, Sklar, and Kunkel have worked together since the early 70s and made up three-quarters of The Section, best known for both their studio and live work in support of some of the top-selling singer/songwriters and solo singers in the history of music, as well as their acclaimed instrumental albums. (By the mid-70s, they were later joined by Wachtel). Collectively, these musicians helped define the sound of a generation.About Quarto Valley RecordsFounded by tech entrepreneur Bruce Quarto, the California-based independent label Quarto Valley Records represents Rock, Blues, Jazz and Americana genres with an impressive artist roster featuring legacy musicians Paul Rodgers, GRAMMY® award-winning Edgar Winter and Savoy Brown as well as the legendary talent that comprises The Immediate Family, GRAMMY® award-winning producer and renowned drummer and songwriter Tom Hambridge, GRAMMY® award-winning producer and percussionist Narada Michael Walden, blues-rock artist Sean Chambers, British blues sensation Bonham-Bullick, Wings member Denny Seiwell, acclaimed Americana singer-songwriter Al Staehely, the esteemed and soulful Richard T. Bear, and emerging artist Dominic Quarto. https://quartovalleyrecords.com.Visit Quarto Valley Records on its social media pages: Facebook Twitter InstagramBand Photos Credit: Jay Gilbert/Chris SchmittCover Art: Brian Porizek

Grab Your Tickets For The Wisconsin Dells Music SummitTickets and full agenda can be found here.

Join us for an extraordinary experience at the first ever Wisconsin Dells Music Summit!

Get ready for a life-changing event that will fuel your growth financially, professionally, and personally! This event was created by Artists, Producers, and Industry executives with years of experience launching artists into careers in the music industry.

This summit will feature an inspirational panel lineup including: Andre Williams - (I SWIM WITH SHARKS), DJ Kyung - (National Radio DJ), Twysted Genius - (QC/EarSnatchaz), Major88keys - (Award Winning Producer), Bryan Angel - (Day26), DJ Luke Nasty - (Multi-Platinum Artist - “Might Be” & “Last Night”) and the GOAT Mr. Troy Taylor.

A once in a lifetime chance to compete in an artist showcase on Saturday, designed to springboard 3 lucky winners to the mainstream market.

Improve your craft, and qualify to perform in front of 3300 people in the Spring of 2024! Maybe you will be good enough to perform in front of a household name this August 2024 in front of over 10,000 people!!! Dream BIG!

Network with Industry Award Winning Leaders: Connect with like-minded accomplished industry trailblazers looking to create meaningful connections with local artists. Engage in meaningful one-on-one conversations, collaboration, features, master classes for priceless industry knowledge.

Discover the Blueprint for Success: Learn from multiple Industry Leaders, as they share proven strategies for achieving remarkable results. Gain invaluable insights into financial management, professional development, and personal growth that will transform your professional journey.

Unleash Your Entrepreneurial Potential: With our experts as your guide, unlock your untapped potential and overcome any obstacles that stand in your way. Empower yourself with practical charting tools, actionable advice, and real-life success stories, igniting the fire within you to achieve limitless growth within all aspects of the music industry.

Join us at the first of many Wisconsin Dells Music Summit events. Secure your spot now for this must-attend event that will fuel your ambition, boost your confidence, and inspire you to reach new heights! Don't miss out on this incredible opportunity to learn directly from Top Performers and an opportunity to open for household names coming to Wisconsin Dells for future WDMS events.

Limited Artist Showcase VIP Packages Available: (Food, 3 day - 2 nights at Chula Vista, Waterpark Passes, Saturday Night VIP Party Passes are included in the Artist Showcase VIP Packages Only!) Spend 3 days and 2 nights as a VIP with the panel!

$2500 - Artist Showcase Performance Slot/VIP Package/Artist Showcase/VIP Package/Room 2 Nights/Upto 4 Sat VIP Afterparty Passes/ 3 Month Artist Charting Package Valued at $1500 - (LIMITED! Artists or Bands will fill up quickly! Act Now!)

$1500 - Artist Showcase Performance Slot/VIP Package/Room 2 Nights/2 Sat VIP Afterparty Passes - (LIMITED! Artists or Bands will fill up quickly! Act now!)

$500 - Artist Showcase Attendee Package - Limited Seating Available, 1 Food Voucher per day Included, Saturday Showcase Ticket, 1 Afterparty Ticket)

$250 - Standard Attendee Package - Limited Seating Available (Food Inc)

$50 online masterclass - taught by Mr. Troy Taylor

Click the link below to reserve your seat and ensure you have a front-row experience. This is your chance to be a part of an event that will revolutionize your mindset, redefine your business approach in music, and set you on a path towards extraordinary success.