Overnight news from around the world

Overnight news from around the world

James Hanley by James Hanley
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Overnight news from around the world
Sony's RED acquires Essential Music & Marketing

Sony Music UK artist and label services division RED has acquired independent sales and distribution company Essential Music and Marketing, a member of The Cooking Vinyl Group of companies. The deal, which sees a UK major label buy into independent sales and distribution for the first time, will see a a new company launched, Red Essential, which will be based at The Cooking Vinyl Group’s west London offices. RED’s Ian Dutt and Essential founder Mike Chadwick will assume the roles of co-managing director at Red Essential. Red Essential has confirmed that all physical UK and Ireland distribution, including central warehousing and shipping to international partners, will be carried out by Proper Music Group. (Music Week)

Rhapsody lost $35.5m in 2015

Music subscription service Rhapsody, operated under the Napster brand outside of the US, lost $35.5 million on revenue of $202m in 2015. Revenue grew 16.4% but its growth profit margin fell to 16.2% from 18.5%. Net loss grew 66.3%. (Billboard)

Industry vets launch Raleigh Music Group

Music industry veterans Peter Raleigh and Steven Storch have joined forces to create a new music publishing company, Raleigh Music Group. Based in New York, the new venture will be a boutique publishing unit, focusing on a selected number of clients and providing them with a high level of services, in particular in the administration of catalogues and in synchronisation, according to CFO Storch. Storch, who had been previously as CFO of Sony/ATV and at Imagem North America, says that the company is well capitalised with a number of private investors. The approach of the company is to focus on services and royalties' administration on behalf of rights holders, and not own catalogues in order not to compete with its own clients.

Curb acquires Word Entertainment from WMG

US independent music company Curb Records has acquired the 80% stake that it did not own in Word Entertainment from Warner Music Group. The Christian faith-based entertainment company operating out of Nashville will now become a wholly-owned division of Curb. Terms of the transaction were not disclosed. Curb initially acquired a 20% stake in Word in 2002 from Time-Warner, the then owners of WMG.  As part of the acquisition, Curb will purchase WMG’s share in Word’s recorded music, distribution, publishing, film, and live events divisions, as well as the company’s building in Nashville. The company’s printed music division remains jointly owned by WMG and Curb.
Spotify unveils Fresh Finds

Spotify is launching Fresh Finds, a new weekly tool to help listeners discover music from fresh acts who have yet to break through. Fresh Finds will be updated every Wednesday in the Browse tab, offeringo music from five genres including Fire Emoji (hip-hop), Basement (electronic) and Cyclone (experimental).

TomorrowWorld 2016 cancelled

SFX Entertainment’s EDM festival TomorrowWorld will not take place in 2016, it has been confirmed. “Unfortunately in the current environment, it is not possible to give you the best and unique experience you deserve,” says a statement on the event’s website. Its future had been shrouded in doubt since SFX filed for bankruptcy last month.

New emerging music event launched

Teenage Cancer Trust has linked up with SBTV and venue operator Academy Music Group, to present RISE – a new music event in support of young people with cancer. The event will shine a spotlight on a diverse line up of the best emerging talent across a plethora of genres curated by a collective of young music industry executives including SBTV founder Jamal Edwards, producer and one half of Kolidescopes, Dan Dare, Hackney-based rapper and artist manager Mikill Pane and Doug Hall, founder of D Digital PR, a specialist music PR agency. Sponsored by Boohoo, RISE will take place on Tuesday, March 29 at O2 Academy Islington in London and will include a headline set from The Saturdays’ Vanessa White.

Imagem partners with Soho Music

Imagem has inked a long-term deal with Soho Music Publishing, the new publishing arm of creative music agency Soho Music. Imagem has previously collaborated with Soho Music on campaigns including Guinness, Castrol and Not On The High Street. The new partnership will extend their working relationship, with Imagem acting as administrator for Soho Music Publishing’s growing catalogue and plugging existing copyrights into the global Imagem Creative Services unit. (Music Week)

Universal Music in McArthurGlen collaboration

Designer outlet developer McArthurGlen has announced a collaboration with Universal Music as part of the group’s new multi-million pound international advertising campaign. The campaign coincides with the 21st anniversary of the first designer outlet in Europe opened by McArthurGlen and will feature the soundtrack of one of Universal Music’s latest breakthrough artists, Norma Jean Martine performing a rendition of George Michael’s Freedom. It will be broadcast on TV, radio, cinema and digital channels, going live throughout 2016 in nine countries.

LIMF Academy open for applications

The LIMF (Liverpool International Music Festival) Academy is offering the opportunity for budding artists and bands between the ages of 13-25 to perform on its stage at Europe’s biggest free music event, LIMF Summer Jam, as well as free access to professional career advice, training and development. A 12-month Elite Talent Development Programme will be awarded to three acts which includes career investment, mentoring, regional and national performance opportunities and other benefits including professionally produced biography, press shots and music. Applications are open now at www.limfestival.com

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TAGS:Live, spotify, Labels, Teenage Cancer Trust, partnership, Imagem, acquisition, Universal Music, rhapsody, SBTV, The Saturdays, Liverpool International Music Festival, Essential Music and Marketing, Sony RED, Cooking Vinyl Group, Jamal Edwards, Soho Music
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