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From Dwell Nation’s 100m tickets to Harmony’s eight-figure deal… It’s MBW’s Weekly Spherical-Up

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Welcome to Music Business Worldwide’s weekly round-up – the place we be sure 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 earnings and cut back their touring prices.


Live Nation revealed its Q2 outcomes this week, and it was stuffed with spectacular stats.

Along with producing revenues of $4.4 billion in the course of the quarter throughout all divisions, the corporate revealed that it has already bought 100 million tickets for concert events in 2022.

That’s greater than Dwell Nation bought in the entire of 2019.

Dwell Nation President and CEO Michael Rapino, claimed: “The second quarter confirmed that the reside leisure business is again globally and larger than ever.”

Elsewhere within the information this week, Harmony revealed that it has acquired music publishing firm Native Tongue, marking its growth in Australia & New Zealand. Trusted sources near the deal in Australia inform MBW that Harmony spent an eight-figure US greenback sum on the acquisition.

Consequent to the acquisition, Harmony is launching Concord Music Publishing ANZ, which might be based mostly in Melbourne, with employees in Sydney and Auckland.

We additionally realized this week that SoundCloud is decreasing its international workforce by roughly 20%.

Referencing the information on LinkedIn on Wednesday (August 3), SoundCloud CEO, Michael Weissman, wrote: “Making modifications that have an effect on individuals is extremely laborious. However it’s one that’s crucial to make sure SoundCloud’s long-term success given the difficult financial local weather and monetary market headwinds.”

In the meantime, a $500 million-backed firm referred to as Litmus Music launched to purchase music rights, whereas Believe launched its H1 2022 outcomes, and elevated its FY income forecast for 2022.

Right here’s what occurred this week…


1) LIVE NATION HAS ALREADY SOLD 100M TICKETS FOR CONCERTS IN 2022 – MORE THAN IT SOLD IN THE WHOLE OF 2019

In keeping with Dwell Nation’s investor submitting for the quarter ended June 30, 2022, the reside occasions big has bought 100 million tickets for concert events in 2022 to this point, which, it says, is already greater than what it bought for the entire yr in 2019.

Providing its prediction for the total yr, the corporate claims that “2022 is on observe to be the most important yr in reside music historical past”.

In his letter to shareholders, Dwell Nation President & CEO Michael Rapino claimed that “the second quarter confirmed that the reside leisure business is again globally and larger than ever” and advised additional that “Dwell Nation led this return”.


2) CONCORD BUYS NATIVE TONGUE IN EIGHT-FIGURE ACQUISITION, EXPANDS IN AUSTRALIA AND NEW ZEALAND

Keep in mind when it appeared the whole music business was whispering about whether or not Harmony would promote as much as a significant music firm?

The reality about that narrative squeaked out again in April after we realized that, sure, Harmony had explored the potential of a sale – however, no, it wasn’t keen to do a deal for lower than an “extraordinary-plus” value. Specifically: a minimum of USD $6 billion.

(Bloomberg precisely reported in April that Harmony and its majority guardian – pension fund Michigan Retirement Methods – had rejected two separate acquisition bids value $4.5 billion and $5 billion, respectively.)

That every one left Harmony closing the chapter on its consideration of a possible sale ($5 billion was evidently not deemed “extrordinary-plus”!), and going through the longer term as a well-funded unbiased.

But having gained a fame for being an aggressive music rights acquirer itself – and having spent a whopping USD $400 million shopping for Downtown‘s portfolio of copyrights final yr – would Harmony shortly snap again into M&A mode, or go quiet?… (MBW)


3) SOUNDCLOUD SLASHES A FIFTH OF ITS GLOBAL WORKFORCE, BLAMING ‘CHALLENGING ECONOMIC CLIMATE’

SoundCloud has began the method of decreasing its international workforce by roughly 20%.

SoundCloud CEO, Michael Weissman, referenced the information on LinkedIn on Wednesday (August 3), including: “Making modifications that have an effect on individuals is extremely laborious. However it’s one that’s crucial to make sure SoundCloud’s long-term success given the difficult financial local weather and monetary market headwinds.

“For these impacted by this resolution, I need to thanks personally on your ardour and contributions to SoundCloud and the artist communities we serve. You’ve got all made an unimaginable impression on the music business and on artists’ lives…”


4) SOME MUSIC COMPANIES ARE NERVOUS ABOUT A ‘CHALLENGING ECONOMIC CLIMATE’. BELIEVE JUST INCREASED ITS FY REVENUE FORECAST FOR 2022.

The largest music biz story of Wednesday (August 3) will in all probability ceaselessly be appeared upon because the shock information from SoundCloud that it’s slashing a fifth of its international workforce in response to the “monetary market headwinds” and “difficult financial local weather” of 2022.

SoundCloud, in fact, isn’t alone as a music firm in getting nervous concerning the impression that macro-economic elements could have on its enterprise within the second half of this yr.

But there’s one other facet to this story, and it comes from Paris.

This week, Consider, the France-born distribution and companies firm (and proprietor of labels corresponding to Nuclear Blast), launched its H1 2022 outcomes (for the six months to finish of June).

These outcomes make for good-looking studying…


5) $500M-BACKED LITMUS MUSIC LAUNCHES TO BUY PUBLISHING AND RECORDING RIGHTS

A well-funded new participant simply entered the music rights acquisition house.

Music business veterans Hank Forsyth and Dan McCarroll are teaming up with Carlyle World Credit score to launch a enterprise referred to as Litmus Music.

New York-based Litmus says that it’s going to give attention to buying and managing each publishing and recorded music rights, with Carlyle World Credit score committing an preliminary $500 million to take action.

Carlyle World Credit score, which has $143 billion in belongings underneath administration, is investing capital into Litmus from what it calls its “Credit score Alternatives technique”, which, it says, has already deployed $2.2 billion in and across the media and leisure house since 2018.

Carlyle World Credit score is one in all three platforms (alongside World Non-public Fairness and World Funding Options), operated by funding agency Carlyle, which had $376 billion of belongings underneath administration as of June 30, 2022….


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 Enterprise Worldwide

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