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- in the community space Music from Within
Why songs are getting shorterThis week’s Hypebot Flashback Friday post digs into a trend that is showing no signs of abating. Bobby Oswinki shares why. Guest post by Bobby Owsinski of Music 3.0 Songs today are shorter. Continue reading
The post Why songs are getting shorter appeared first on Hypebot.Why songs are getting shorter - Hypebot
www.hypebot.comThis week’s Hypebot Flashback Friday post digs into a trend that is showing no signs of abating. Bobby Oswinki shares why. Guest post by Bobby Owsinski of Music 3.0 Songs today are shorter. Continue reading
SSL’s G-Series Bus Compressor gets a multiband upgrade, the G3 MultiBusCompSolid State Logic has launched a new plugin, the G3 MultiBusComp – a multiband extension to its popular G-Series Bus Compressor.
READ MORE: 10 of the best mastering compressor plugins and software processors
While the original compressor, a digital version of its renowned SSL G-Comp Stereo Bus Compressor 500 Series hardware module, offers just single-band compression, this new upgrade lets you be more detailed with your mix.
Thanks to its multiband nature, the G3 MultiBusComp offers enhanced flexibility compared to standard single-band compression, resulting in a more natural and transparent sound. It provides greater control over shaping and managing dynamics by independently processing different frequency bands – the lows, mids and highs.
With three independently configurable frequency bands, the G3 MultiBusComp delivers SSL’s distinctive glue compression. The 4K Drive control, inspired by SSL’s SL 4000 Series, supposedly adds warmth and character, while the powerful sidechain routing allows customising high pass and low pass filter cutoffs for each band.
Usability has been improved too, with a resizable GUI that lets you take the plugin from 50 per cent of its original size to 200 per cent. You can also now test changes to your sounds using a new audition feature.
SSL has spent the year expanding its coveted plugin collection. In March, it added to its SSL Complete subscription with the SubGen sub-bass plugin. In June, it continued its appreciated run of hardware released with the UF1 single-fader DAW controller.
Solid State Logic’s G3 MultiBusComp is available for purchase at $199.99 / £159.99 / €199.99 on the SSL eStore or through SSL’s Rent-to-Own plan. For more details and free trials head to solidstatelogic.com.
The post SSL’s G-Series Bus Compressor gets a multiband upgrade, the G3 MultiBusComp appeared first on MusicTech.SSL’s G-Series Bus Compressor gets a multiband upgrade, the G3 MultiBusComp
musictech.comSolid State Logic has launched a new plugin, the G3 MultiBusComp – a multiband extension to its popular G-Series Bus Compressor.
Tupac’s custom-designed crown ring sells for over $1 million – and it looks like Drake was the buyerA custom-designed ring once owned and worn by rapper Tupac has fetched over $1 million at an auction, and it looks like Drake may be the one who purchased it.
The ring sold last Tuesday (25 July), and its huge sale made it the most valuable hip-hop artefact ever sold at auction, according to Sotheby’s.READ MORE: RZA’s signed E-Mu SP-1200 sampler sells for $70,000 in auction
It was designed by the rapper himself, and worn during his last ever public appearance at the 1996 MTV Video Music Awards (VMAs). It sold for more than three times the auction house’s estimate at a hip-hop-themed sale in New York, and now possibly belongs to Drake.
The ring is inscribed with “Pac & Dada 1996,” a reference to his engagement to actress and model Kidada Jones, the daughter of record producer Quincy Jones. It has a diamond-encrusted gold band topped with a gold circlet, and is studded with a cabochon ruby and two pavé-cut diamonds, as reported by CNN.
In an Instagram story posted by Drake where he shouts out the new release from Travis Scott, Utopia, he appears to be holding that very same crown-shaped ring. Take a look below:
Image: @champagnepapi on Instagram
Tupac’s ring was sold among a collection which comprised of 119 items, from art to letters to flyers to the hardware used to create some of the biggest hip-hop anthems, and more.
This included one of the first-ever KAWS figurines, a pair of rare Nike Dunks, the SP-1200 sampler RZA used on Enter The Wu-Tang, and RZA’S original three-page handwritten liner notes for the Enter the Wu-Tang (36 Chambers) album sleeve.
Drake is currently touring, and you can get tickets at his official website.
The post Tupac’s custom-designed crown ring sells for over $1 million – and it looks like Drake was the buyer appeared first on MusicTech.Tupac's custom-designed crown ring sells for over $1 million – and it looks like Drake was the buyer
musictech.comA custom-designed ring once owned and worn by rapper Tupac has fetched over $1 million at an auction, but it looks like Drake may be the one who purchased it.
- in the community space Tools and Plugins
Sound Dust PLANKTON SONAR PLANKTON SONAR for Kontakt. PLANKTON SONAR is a friendly Kontakt device for building beautiful, organic system music and deep undersea pinging ripples. Like a warm... Read More
https://www.kvraudio.com/product/plankton-sonar-by-sound-dust?utm_source=kvrnewindbfeed&utm_medium=rssfeed&utm_campaign=rss&utm_content=26634 Damon Albarn praises “super musical and smart” producer James Ford Blur’s Damon Albarn has praised producer James Ford who worked on the band’s latest and ninth studio album, The Ballad Of Darren.
The producer also worked on The Car, the latest record from Arctic Monkeys, and Albarn believes his vocal register sounds pretty similar to their frontman Alex Turner on the new album.READ MORE: Producer James Ford on working with Depeche Mode for Spirit: “A lot of it felt like marriage guidance counselling”
“I think he’s great, I sing a lot like him on the new album,” says Albarn in an interview with German publication Musikexpress (via NME).
“You know our producer James Ford?” he adds. “He also worked with the Arctic Monkeys, I mentioned that to him. But what could I have against that? I love Alex’s voice. I just prefer to sing in a lower register now.”I had an incredible, surreal time making “Ballad of Darren” with some absolute heroes. Hope you enjoy it. pic.twitter.com/LPP6uo7UOs
— James Ellis Ford (@jamesellisford) July 21, 2023Albarn also went on to discuss Ford’s impact on The Ballad Of Darren, and praised his work ethic: “James is just super musical and smart, he works very intuitively, he also likes a drink. We have the same sense of humour,” he says.
Earlier this year when speaking of working on The Car, Ford explained why he resist the urge to over tweak: “I try not to do that with other people’s records, not putting things in time and in tune too much because I think that human-ness and that wonkiness is what I love to hear in other people’s records and often gets ironed out in a modern production process,” he said.
“To not do that to yourself is harder – it’s easy to hear someone else’s mistakes and see the value in it, but it’s hard to see the value in your own mistakes a lot of the time.”
Check out The Ballad Of Darren below:To view all of Blur’s upcoming live dates, check out their official website.
The post Damon Albarn praises “super musical and smart” producer James Ford appeared first on MusicTech.Damon Albarn praises “super musical and smart” producer James Ford
musictech.comBlur’s Damon Albarn has praised producer James Ford who worked on the band’s latest and ninth studio album, The Ballad Of Darren.
- in the community space Tools and Plugins
Microphones stolen from KMR Audio London-based pro audio retailer KMR Audio are urging manufacturers and the pro audio community to be on the lookout after a large number of microphones were stolen from their store.
Microphones stolen from KMR Audio
www.soundonsound.comLondon-based pro audio retailer KMR Audio are urging manufacturers and the pro audio community to be on the lookout after a large number of microphones were stolen from their store.
“I know neither of us wanted this”: Off The Grid Campout organiser accepts John Summit apologyDJ, producer and label owner John Summit has publicly apologised to organisers of Off The Grid Campout festival following a dispute over its name, and the name of his record label. He has now vowed to rebrand to resolve the issue.
READ MORE: “Most of the music released nowadays is empty of any soul and emotions”: Folamour on modern dance music
Summit, who founded Off The Grid Records, took to Twitter last week to write that the owners of Las Vegas-based dance music festival Off The Grid Campout had sent a cease and desist letter to Summit demanding what he called a “seven +” figure sum if he didn’t change the name of his label.
The festival’s founder, Mikey Cromie, later responded via a Facebook post, saying that there was never any lawsuit or demand for seven figures in the dispute over the name. Cromie also said that attempts had been made to contact Summit’s team for over a year with no response, leading to the cease and desist letter. Summit’s management contacted Cromie, suggesting coexistence, but this was declined.
Worryingly, according to Cromie, he also received “hateful” messages from John Summit’s community of fans.
In a new development, John Summit has apologised to the festival organiser, vowing to change the name of his record label. John Summit’s record label, Off The Grid Records, will now rebrand, which will surely resolve the issue.
The tweet by Summit, posted on Tuesday, reads: “about the label name, i acted out of emotion and truly apologise for all the drama i stirred up in taking it to social media… to all my fans, please stop sending negative messages to OTG campout. i was wrong in condoning that behaviour in any way.”about the label name, i acted out of emotion and truly apologize for all the drama i stirred up in taking it to social media. i’ve been talking w the OTG campout team and apologized to them directly but i also wanted to do so publicly. they’ve agreed to stop pursuing legal action…
— John Summit (@johnsummit) July 25, 2023not gonna lie this past weekend really put everything into perspective, spending time to realize what really matters in life and taking my ego out of things and looking at the bigger picture. i’m not a perfect person whatsoever but i’m trying to be a better person everyday
— John Summit (@johnsummit) July 25, 2023Summit later posted a screenshot of a thankful message from Off The Grid Campout’s Instagram account, highlighting that the public apology had put a stop to the hateful messages, with some fans even making their own apologies. “I know neither of us wanted this”, the message reads.
so fkn happy to hear this from OTG campout and proud of u all for listening and treating them w the respect they deserve now we on to bigger & better things! pic.twitter.com/KaWeiejyFK
— John Summit (@johnsummit) July 26, 2023Find out more about Off The Grid Campout.
The post “I know neither of us wanted this”: Off The Grid Campout organiser accepts John Summit apology appeared first on MusicTech."I know neither of us wanted this": Off The Grid Campout organiser accepts John Summit apology
musictech.comJohn Summit has apologised to festival organisers following a dispute over its name, Off The Grid Campout, and the name of his record label.
- in the community space Tools and Plugins
PSP audioware introduce BinAmp plug-in BinAmp aims to capture the sound of the Class-A triode preamp used in Binson's iconic Echorec 2 magnetic drum delay machine.
PSP audioware introduce BinAmp plug-in
www.soundonsound.comBinAmp aims to capture the sound of the Class-A triode preamp used in Binson's iconic Echorec 2 magnetic drum delay machine.
Georgia on feeling “liberated” working with Rostam and Dave Fridmann on new album Euphoric: “I was very open-minded; I wanted to learn everything”As Georgia leads us down the garden path to her home studio in north London, she explains the history behind the room. Though originally built by her dad Neil Barnes at the turn of the millennium to write and record with his band Leftfield, the UK electronic legends split up before they had the chance to work in the space.
READ MORE: Lindstrøm’s space disco modular cave once belonged to the Bandidos Motorcycle Club
Instead, it became the room where Georgia – who started out as a drummer for the likes of Kae Tempest and Kwes before launching a solo career in 2015 – made the entirety of her first two studio albums and where the genesis of what would become her third LP Euphoric also began.
Georgia in her home studio. Image: Domino Records
Inside, we’re told that things are a little less cluttered with gear than normal – Georgia is currently in rehearsals for a summer of festivals – but multi-coloured tube lights sit behind the mixing desk and parts of her signature red Simmons electronic drum kit are strewn around the room in between stacks of keyboards and synths.
“I’m a studio girl really,” she smiles, delighting in showing off the mix of vintage gear and plugins at her disposal as she explains how opening herself up to collaborators and searching for a more rustic, earthy sound led her to Euphoric.
After releasing her self-titled debut album in 2015 and emerging as a producer and singer with an ear for melody and echoes of the club-ready beats of her father’s band, it was in 2019 that Georgia truly arrived as a pop star. That summer, her gigantic, euphoric singles Started Out and About Work The Dancefloor barely left the Radio 1 playlist for months and positioned her as a new alt-pop icon.
Georgia. Image: Domino Records
Live, she performed solo and managed to balance thrashing away on the Simmons kit with dancing and riling up the crowd, closing her sets with exuberant covers of Kate Bush’s Running Up That Hill (prior to the Stranger Things wave taking hold). That summer, she brought the house down at Glastonbury and beyond, and solidified the hype with more dance bangers on 2020 LP Seeking Thrills.
It was during that summer of 2019, though, that a new path began to emerge for Georgia. Around this time, Rostam Batmanglij – former member of Vampire Weekend, current mononymous solo artist and producer for Haim, Clairo and more – heard a demo of Live Like We’re Dancing, which Georgia sang on for London-based producer Mura Masa.
“[Rostam] sent me a DM and said he really loved my voice,” she smiles, particularly encouraged because she already knew she wanted her third album to prioritise vocals over club production. “He didn’t really mention much about the production,” Georgia remembers. “I really wanted to think about what I was singing, the rhythm of the melodies, but that’s not my natural thing.”
Georgia and Rostam in Georgia’s home studio. Image: Domino Records
The pair then met for a session when Georgia was in Los Angeles later in 2019, and they wrote the entirety of the new album’s pseudo-title track, It’s Euphoric, in a single day. More of a slow burner than the turbo-charged club bangers of Seeking Thrills, the album’s first single uses acoustic drums – a fixture of the record at large – and a more grounded perspective, shifting from the pure escapism of her second album.
“I wanted to work with someone where I was being challenged in a good way and learning new skills in the studio.”
“It was pretty obvious that we got on musically; personally, we’re on the same level as well,” Georgia says of her collaborator. This is the first time she’s worked with an outside producer on her solo work. “I was really yearning to work with somebody else for this next record. I had collaborated with a few people beforehand, and suddenly started to see the merits of collaboration.
“I wanted to work with someone where I was being challenged in a good way and learning new skills in the studio.”
Georgia and Rostam in Georgia’s home studio. Image: Domino Records
Speaking to NME in 2020, Rostam said of the first collaboration: “I feel like, in the span of four minutes, we were able to create something that starts in the disco era, then migrates to the house era, and then finally lands in the EDM era. Maybe in the most tasteful sense of EDM… It’s cool, because it just keeps getting bigger.”
After she spent the 2020 lockdowns fleshing out ideas for the record at her London home studio, Georgia returned to Los Angeles to work with Rostam at the end of 2021. “It didn’t matter where Rostam was, I think I would have just travelled there to work with him,” she smiles, though admitting that “there was no guarantee that what made that first day wasn’t just a fluke.”
“It didn’t matter where Rostam was, I would have travelled there to work with him.”
Euphoric features more live instruments than Georgia’s previous work – a decision she made before the first song was written with Rostam. It was the producer’s meshing of live and electronic sounds that impressed Georgia about his production before they’d met, and a big part of why Euphoric feels like a significant breakthrough for her.
“I was listening to a lot of early Gary Numan and how he added live drums over synth bass,” she says, with large chunks of the new album also embracing this dual approach.
Georgia. Image: Domino Records
Her background in dance music is still honoured, with the Daft Punk-tinged hit Some Things You’ll Never Know being a prime example. But any reach for clubland euphoria is mixed with live instruments and a connection to the album’s core sound. On All Night, Georgia sings with Auto-Tune for the first time – an effect that suits her well – but is backed by acoustic drums. It’s a track full of unusual but stirring juxtapositions.
“Dave Fridman gave the album a little extra sprinkle of something – it doesn’t sound like anything else.”
After recording was complete in Los Angeles, Georgia and Rostam headed up to snowy Buffalo, New York to throw another curveball into the Euphoria universe by recruiting Dave Fridmann to mix the record. Across work with The Flaming Lips, Tame Impala, MGMT and more, the 77-year-old has become the go-to producer for psych rock bands across the globe, adding kaleidoscopic waves of noise to records and bringing them into his hazy world.
For Georgia, Fridmann’s involvement in the album took the album further away from straight-up radio pop and into a deeper, more textured space that she was looking for.
“Other names were being tossed around, and Rostam and I knew that we’d get a really good mix from them, but in going to Dave we got a little extra sprinkle of something – it doesn’t sound like anything else.
“We really got him to go back to Fridmann zone!” Georgia laughs. “‘Dave, this needs to be more distorted!’” she and Rostam would tell him. “‘Do your thing!’ I think he really loved that.”
Georgia and Rostam in Georgia’s home studio. Image: Domino Records
During the process of creating the album, Georgia says she relished learning new ways of creating music and the differences between Rostam’s musical background and her own.
“I’m from the dance world, and my vinyl deck is hooked up to my interface in this studio, so I can play something and record it straight into Logic Pro, and then fuck around with it and add beats on top of it. I’m quite experimental when it comes to beatmaking, but I also wanted his take.
“Straight from the first day I spent with him, I knew he was going to be very open with me,” Georgia says. “I would ask him, ‘Oh, why have you added that EQ?’ and he’d say, ‘Well, that’s this frequency here’ or whatever. He’s very technically gifted so I was constantly learning. I didn’t really get in on myself and think, ‘Oh no, I don’t know any of this’. I was very open-minded and I wanted to learn everything.”
“I loved writing all the lyrics in LA, because it’s so visceral there.”
In line with her initial ambitions for the foregrounding of her vocals on Euphoric, it was using the mythical Sony C-800G microphone that allowed this new approach to flourish. “I’m actually in the process of buying the microphone because I fell in love with it on my voice,” she laughs, saying that the piece of kit will likely become integral to all future Georgia recordings. “It’s a very expensive microphone [around $10,000], but it’s got this clarity. Some people find it quite off-putting because it’s so clear.
Georgia with a Sony C-800G microphone. Image: Domino Records
“I’ve never really experimented with different vocal mics on my vocal before because I’ve never been able to afford it,” she adds. “I’ve always just gone with whatever is there and I’ll make it work.
“Here, I felt really liberated that I could have a mic set up in the corner and be able to just go over, record it, and know that it’s gonna sound good.” Elsewhere on the album, she shouts out an old Hohner organ, a bounty of guitars and mandolins, Rostam’s piano and beyond, giving Euphoric an earthy and varied sound palette.
This new clarity in her vocals naturally spilled over into Euphoric’s lyrics, which counter the giddy escapism of Seeking Thrills with a more real sense of peace and satisfaction. “I really wanted the adventure of going to Los Angeles and experiencing living somewhere new to affect my lyric writing,” she says. “I loved writing all the lyrics in LA, because it’s so visceral there. I found it very freeing, because it’s so expansive. I had ideas before I got out there, but it really took form when I was there.”
The new lyrical perspective is perhaps best shown on album standout Friends Will Never Let You Go, a hammerblow of crashing drums, thunderous synths and Georgia’s crystal clear, brilliant vocals.
“I finally let go / Now it’s coming home / Finally I’ve accepted what I can be / The only thing is I can’t do it on my own” – Georgia on Friends Will Never Let You Go
“That song came from the liberation of me not feeling like I’m a producer and a singer. I just felt like I was a singer, and Rostam made me feel like that. He just really freed me. That song came out of me, and I remember thinking that this performance was a culmination of everything I had been trying to change. I’m a singer!”For her new live show, trialled at an intimate London gig at Omeara in the spring, Georgia now also has a live band, freeing her up to take this newfound vocal confidence into a live setting.
At shows on the Seeking Thrills tour, one could sense that being behind the drum kit was holding her back; in almost every song, any drum-less section saw her sprint from behind the kit towards the front of the stage and dance and sing in front of her fans before running back just in time to drum the next section. With a new drummer now playing with her, the transformation is closer to being complete.
“I had been really looking forward to handing the reins over a bit, just because this record is so vocal-lead,” she says. “I wanted to really make sure I translate my vocals well to the audience, and we’ve choreographed bits in this new set where I’m still on the drums and we have like this drum conversation on the stage.
“It’s about representing the new music as closely as I can, and because live drums are such a feature on this record, playing acoustic drums standing up is quite challenging. It’s been really liberating to have another drummer on stage.”
Georgia and a drum kit. Image: Domino Records
Closing the circle that brought them together, Euphoric also features a sequel version of the song that brought Georgia and Rostam together, Live Like We’re Dancing Part II. While the version from Mura Masa’s 2020 album R.Y.C. (Raw Youth Collage) is a tropical pop hit, the new version brings it into the Euphoric universe, adding more acoustic instruments, a percussion-heavy sound and some bright sprinklings of piano. It stands as a representation of Georgia’s journey through this album, and a shining example of her and Rostam’s unique chemistry.
“It’s a nod to how we met, and it’s also a great song that never got its time because [Mura Masa’s] album came out at the start of COVID,” Georgia says. “I called Alex [Crossan, aka Mura Masa] and asked to play him the song,” she adds. “He said he loved it, and said that if his was the midnight version, this is the 4 am version.”
If Georgia’s previous work placed us in the middle of the rave – a room full of escapism – Euphoric is the walk home, a place that’s a little stranger, full of surprises, and a lot more real.
Check out Georgia’s music and upcoming shows at georgiauk.com.
The post Georgia on feeling “liberated” working with Rostam and Dave Fridmann on new album Euphoric: “I was very open-minded; I wanted to learn everything” appeared first on MusicTech.Georgia on feeling “liberated” working with Rostam and Dave Fridmann on new album Euphoric: “I was very open-minded; I wanted to learn everything”
musictech.comGeorgia talks about working with former Vampire Weekend member Rostam and Dave Fridman on her third album, ‘Euphoric’.
“I didn’t want to give them some generic dance sh*t”: Mark Ronson on producing for BarbieMark Ronson has reflected on the process of curating the soundtrack for Greta Gerwig’s Barbie, and the importance of “serving the picture”.
The new film, which sees Margot Robbie star as a Stereotypical Barbie who finds herself becoming more human-like in a strange turn of events, landed last Friday (21 July) accompanied by the Mark Ronson-produced soundtrack.READ MORE: Mark Ronson on how he used “basic plug-ins” to produce Amy Winehouse’s Back To Black
The soundtrack features artists such as Nicki Minaj and Ice Spice (with a sample of Aqua’s Barbie Girl), HAIM, Tame Impala, Dua Lipa, Billie Eilish, Lizzo and more. Ronson has produced tracks for a range of movies throughout his esteemed career, including box office smashes such as A Star Is Born (2018) and Suicide Squad (2016).
Speaking to NME, Ronson explained how he tried to serve the new unapologetically pink film, without being generic or predictable: “I wanted to get the job, but I also didn’t want to just give them some generic dance shit. I wanted to do something I’ve never done before.”
Ronson later adds, “You know, I’ve been asked to do songs for movies before, and they just say, like, ‘hey, we’re doing a Ghostbusters reboot! Just make a song!’ Like, sure, you can go make a song but your brain goes 1000 different ways.
“No offence to the Ghostbusters reboot, but they ended up with, like, 11 interpolations of the original Ghostbusters song on that movie…”
He continues to explain, “The thing I learned very, very quickly doing the score for Barbie is that you’re always serving the picture. You’re always serving the emotion. You have to turn off all the things you know about making pop and rock and soul music for the last 30 years. Yes, it needs to be beautiful, but sometimes you just need to get the fuck out the way.”
Listen to the Barbie soundtrack below:The post “I didn’t want to give them some generic dance sh*t”: Mark Ronson on producing for Barbie appeared first on MusicTech.
“I didn’t want to give them some generic dance sh*t”: Mark Ronson on producing for Barbie
musictech.comMark Ronson has reflected on the process of curating the soundtrack for Greta Gerwig’s Barbie The Movie, and the importance of “serving the picture”.
- in the community space Music from Within
‘When you’re seeing Jane’s Addiction or Porno For Pyros on stage, that’s what life’s about. It’s the best job in the world at that point’Perry Farrell's co-manager, Michael James, talks about working with an alt-rock pioneer and the cultural impact of his client's bands and projects, from Jane's Addiction to Lollapalooza
Source‘When you’re seeing Jane’s Addiction or Porno For Pyros on stage, that’s what life’s about. It’s the best job in the world at that point’
www.musicbusinessworldwide.comPerry Farrell’s co-manager, Michael James, talks about working with an alt-rock pioneer and the cultural impact of his client’s bands and projects, from Jane’s Addiction to Lollapalooza
- in the community space Tools and Plugins
Sound Particles launch AudioMatrix utility plug-in AudioMatrix is a useful utility plug-in that offers a quick and simple way to change and configure the channel routings of DAW tracks.
Sound Particles launch AudioMatrix utility plug-in
www.soundonsound.comAudioMatrix is a useful utility plug-in that offers a quick and simple way to change and configure the channel routings of DAW tracks.
- in the community space Music from Within
Songtradr partners with Twitch to bring licensed music from Pretzel to Twitch streamersSongtradr acquired Pretzel in 2021
SourceSongtradr partners with Twitch to bring licensed music from Pretzel to Twitch streamers
www.musicbusinessworldwide.comSongtradr acquired Pretzel in 2021…
Ford’s Q2 earnings show a thriving trucks, commercial business with EVs playing catch upFord generated $45 billion in revenue in the second quarter, a 12% pop from the same period last year largely fueled by sales of gas-powered trucks like the new Ranger, SUVs and commercial vans. Its EV business, meanwhile, has a long way to go.
Notably, the automaker raised its full-year guidance for 2023 to between $11 billion and $12 billion in adjusted earnings. The company also expects adjusted free cash flow of between $6.5 billion and $7 billion. Ford had previously set a guidance for adjusted earnings to between $9 billion and $11 billion.
Ford noted that while uncertain economic environment and inflationary pressures still exist, it raised the guidance because of an improved supply chain, higher industry volumes, upside from the all-new Super Duty and lower commodity costs. Rival GM also raised its guidance for the year by $1 billion to between $12 billion and $14 billion, before interest and taxes.
It’s not rosy everywhere. Ford now expects its EV business to lose $4.5 billion in 2023.
Ford’s results, which beat Wall Street expectations, and its raised guidance helped push shares higher by more than 3% in after-market trading, before settling.
Ford’s second-quarter results show a company still reliant on sales of its popular gas and hybrid vehicle as well as an expanding commercial business. Ford also appears to be gaining a little ground in the world of EVs.
Ford is a little over a year into a reorganization that split the company into three business units: Ford Blue for gas and hybrid vehicles, Ford Model e for connected EVs and Ford Pro for its commercial products. The company now breaks its earnings into these three units.
CEO Jim Farley has previously said 2023 would be a pivotal year for the automaker with the reorganization giving the 118-year-old Michigan company the speed of a startup that will ultimately turn its EV segment into a profit center.
EVs: still a money loser
Ford’s EV business is still far from that goal.
The segment reported revenue of $1.8 billion, a 39% increase from the same year-ago quarter. However, it also reported loss of $1.08 billion in adjusted earnings, which was steeper than analysts expected. The company also previously reported a 2.8% drop in EV sales in the second quarter after pausing production at the Mexico factory that assembles the Ford Mustang Mach e.
And those losses will continue. Ford forecast the EV segment will lose $4.5 billion largely reflecting the present pricing environment, disciplined investment in new products and capacity and other costs, CFO John Lawler said during a call with analysts.
“The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford,” Farley said in a statement. “EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”
Ford said that it expects its EV business to reach a 600,000 run rate in 2024, which is a year delay from its original forecast. Ultimately, the company is targeting a 2 million run rate. Ford originally targeted 2026 to hit that figure, but didn’t provide a date in its most recent earnings report.
The company is sticking with its goal for the EV business to have 8% margin run rate by the end of 2026. “We’re not walking away from that,” Lawler said.
The numbers
Ford generated $45 billion in revenue in the second quarter of 2023, up 12% from the $40.2 billion in revenue it reported in the same period last year.
Ford’s net income (on a GAAP basis) was $1.9 billion for the second quarter. On an adjusted earnings before interest and taxes basis, Ford earned $3.8 billion in the second quarter (about 8.4% of revenue), essentially flat compared to the same period last year.
Operating cash flow for the second quarter jumped to $5 billion and adjusted free cash flow was $2.9 billion. Ford closed out the quarter with nearly $30 billion in cash on hand.
Commercial wins
The big winner was Ford’s commercial, or Ford Pro, business segment, which reported revenue a 22% quarter-over-quarter increase in revenue to $15.6 billion. The segment had $2.4 billion in adjusted earnings, double its profitability from a year ago.
That revenue jump isn’t just do to sales of trucks, although the new Super Duty Work Truck did help. Sales of services and software also contributed to the bottom line. Ford Pro accounts for more than 80% of the company’s nearly 550,000 paid software and services subscribers, to date, including solutions for fleet management, telematics and EV charging, according to the automaker.Ford's Q2 earnings show a thriving trucks, commercial business with EVs playing catch-up | TechCrunch
techcrunch.comThe big winner was Ford's commercial, or Ford Pro, business segment.
- in the community space Music from Within
Jennifer Adan Signs with Reel Muzik WerksPlatinum song-writer, Jennifer Adan, has signed both an administrative and a songwriting deal with a full-service independent music publisher specializing in music for Film & TV and international rights management company, Reel Muzik Werks. In addition to joining their creative team as a songwriter, she has also signed an administration deal with Reel Muzik Werks for her previously existing catalog.
Reel Muzik Werks, Teri Nelson Carpenter states, "We are so excited to be working with her and can’t wait to see what she does in the future!"
"I am so excited to be a part of the Reel Muzik Werk family," expressed Jennifer Adan. "I am so thrilled to have such a great team behind me. "
About Jennifer Adan:The music journey for Jennifer Adan began in San Mateo, California, when she was ten years old. During a fifth-grade history class, Jennifer secretly wrote her first song unaware that it could lead to a career. At age fifteen, she revealed her talent by playing her parents a song she had written for their 25th wedding anniversary. In addition, she let them know she had 100 more songs.
LR - Reel Muzik Werks-Teri Nelson Carpenter and Jennifer Adan
Jennifer Adan Signs with Reel Muzik Werks
www.musicconnection.comPlatinum songwriter, Jennifer Adan, has signed both an administrative and a songwriting deal with a full-service independent music publisher specializing in music for Film & TV and internationa…