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Welcome to Music Business Worldwide’s weekly round-up – the place we be certain that you caught the 5 largest tales to hit our headlines over the previous seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their revenue and scale back their touring prices.
It’s been one other quiet summer time week within the music trade – however with simply sufficient motion to maintain our curiosity piqued.
For one factor, MBW discovered this week that TikTok had efficiently gained a US patent for ‘Music Station’ tech that might provide a “mature, dependable and handy resolution which can allow customers to simply purchase, take heed to and handle music on moveable wi-fi computing gadgets”.
As well as, we noticed that TikTok is hiring for positions to work inside its ‘TikTok Music’ crew in the US.
Might a standalone TikTok Music app – separate and/or merged with Bytedance’s Resso – be on the best way?
Elsewhere within the information this week, it was reported that BMI, the US-based assortment and licensing society large, had quietly scrapped plans for a sale after receiving underwhelming offers in the marketplace.
Bloomberg reported that BMI was trying to entice bids of USD $1.5 billion or above.
Elsewhere, Beggars Group printed some spectacular financials for 2021, bolstered by the truth that full management of recording rights to Adele albums returned to the company within the US that very same yr.
Plus, Swizz Beatz and Timbaland launched a $28 million lawsuit towards Triller, the short-form video app that acquired the duo’s Verzuz in 2021.
Right here’s what occurred prior to now few days…
Table of Contents
1) TikTok owns a patent for a music service – and it’s hiring for ‘TikTok Music’ staff
MBW has unearthed an outdated US patent filed by Singapore-based TikTok Pte. Ltd in Could 2018, and granted in January 2021, for a “Methodology of enabling digital music content material to be downloaded to and used on a transportable wi-fi computing gadget”.
The corporate claims that its invention is a “mature, dependable and handy resolution which can allow customers to simply purchase, take heed to and handle music on moveable wi-fi computing gadgets”.
The submitting claims additional that “this invention,” known as the ‘Music Station’, has the promise of being genuinely transformative of the best way folks purchase and take heed to digital music”. (MBW)
2) BMI scraps plans for sale following underwhelming offers
BMI (Broadcast Music Inc.) has pulled the plug on a deliberate multi-billion greenback firm sale, saying the transaction “is now not an avenue we’re contemplating,” Bloomberg Information reported.
Sources aware of the matter stated events like non-public fairness corporations and expertise suppliers tabled presents for the corporate however some backed out, whereas different presents didn’t meet BMI’s necessities.
3) Beggars Group profits jumped 55% in 2021 – as rights to Adele’s first 3 albums reverted to XL in the US
Now we all know how UK-headquartered Beggars Group carried out as a enterprise in 2021: Based on a contemporary submitting on UK Firms Home, Beggars Group generated GBP £79.98 million final yr, up by 29.7% YoY.
That determine consists of Beggars’ share of varied three way partnership enterprise together with XL Recordings, Matador and Tough Commerce, in every of which Beggars owns 50%.
4) Swizz Beatz and Timbaland sue Triller for $28 million
TikTok rival Triller is being sued by famous person producers Timbaland and Swizz Beatz.
The pair are demanding $28 million in lacking funds associated to Triller’s acquisition of their tune battle model Verzuz, which Triller acquired in early 2021.
5) Kobalt to launch NFT collection
Kobalt is increasing into the NFT enterprise, revealing plans to launch a ‘music lyric NFT’ assortment known as An Electro Revival.
In doing so, Kobalt says it would turn out to be the “first international music writer to launch a set of absolutely licensed direct-to-fan NFTs”.
In a media assertion, Derek Cournoyer, Kobalt’s VP, International Digital Partnerships, stated that “after licensing many NFTs for varied initiatives”, the corporate now desires “to dive deeper into this rising market and experiment alongside our shoppers”.
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