business
Atlantic Records, Ahmet Ertegun Estate & Others Hit with Sexual Misconduct Suit by Former Employee, Dorothy Carvello
Just days after Atlantic Records and the estate of its late co-founder Ahmet Ertegun were hit with a sexual assault lawsuit filed by a former employee, the entities are now facing a second complaint detailing similar allegations of abuse –– only this one casts a wider net. On Sunday (Dec. 4), Dorothy Carvello – a former A&R executive with the label and author of music-industry expose Anything for a Hit – filed suit against Atlantic, the label’s parent company Warner Music Group, Ertegun’s estate, former Atlantic co-CEO & co-chairman Doug Morris and former chairman and CEO Jason Flom. In the exhaustive complaint, Carvello alleges she was “horrifically sexually assaulted” by Ertegun and Morris and that Atlantic, WMG and Flom (then an Atlantic vp) enabled the abuse. “During her employ...
Man Who Shot Lady Gaga’s Dog Walker Sentenced to 21 Years in Prison
LOS ANGELES (AP) — The man who shot Lady Gaga’s dog walker and stole her French bulldogs last year took a plea deal and was sentenced to 21 years in prison on Monday (Dec. 5), officials said. The Lady Gaga connection was a coincidence, authorities have said. The motive was the value of the French bulldogs, a breed that can run into the thousands of dollars, and detectives do not believe the thieves knew the dogs belonged to the musician. James Howard Jackson, one of three men and two accomplices who participated in the violent robbery, pleaded no contest to one count of attempted murder, according to the Los Angeles County District Attorney’s Office. Jackson and others drove around Hollywood, the city of West Hollywood and the San Fernando Valley on Feb. 24, 2021 “looking for French bulldo...
How can UK-based businesses accept Bitcoin?
Accepting Bitcoin payments is advantageous due to lower fees than credit and debit cards, expansion of customer base and real-time bank balances. However, risks like volatility and cybercrime may undermine these benefits. Cryptocurrency payments help save excessive credit and debit card processing fees as they are decentralized and do not need intermediaries to verify the transaction. Moreover, merchants do not incur overseas currency exchange changes if payments are made in BTC or other cryptocurrencies. High transaction speed is another benefit of accepting Bitcoin payments, allowing businesses to receive payments in real-time. Moreover, with the increasing customer demand to pay in crypto, offering Bitcoin as a payment method will help acquire more shoppers. However, accepting cryptocur...
SoundCloud, Third & Hayden Team Up for Joint Venture
SoundCloud has linked up with Third & Hayden, the Atlanta management and services company founded by music exec Kei Henderson, for a joint venture, the companies announced today (Dec. 5). The new venture will see Third & Hayden signing new acts to its label and developing them with the help of SoundCloud’s services division, which will provide marketing, A&R, distribution and promotion support, as well as financial backing. The first two acts to sign to the new venture are Los Angeles singer/songwriter Jordan Hawkins and Atlanta-based rapper Key!. The deal is the latest for SoundCloud’s new roster initiative, which has previously inked a joint venture with Quality Control’s Solid Foundation Management to work on new acts and signed distribution deals with Lil Pump, Tekno and Al...
The Ledger: Music Stocks Are Rebounding at the End of a Rough Year
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. After a miserable year for music stocks — and stocks in general — 2022 could end on a string of positive notes. As rising interest rates have hammered stocks and erased big gains made during the pandemic, the Billboard Global Music Index, a float-adjusted group of 20 publicly traded music companies, is down 36.1% in 2022, and shares of vital companies such as Spotify and Warner Music Group are down 65.7% and 20.5%, respectively. But in recent weeks, the momentum has reversed dramatically. The Billboard Global Music Index is up 12.6% over the last two weeks and 14.6% in the five weeks since Oct. 28....
The Ledger: Music Stocks Are Rebounding at the End of a Rough Year
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. After a miserable year for music stocks — and stocks in general — 2022 could end on a string of positive notes. As rising interest rates have hammered stocks and erased big gains made during the pandemic, the Billboard Global Music Index, a float-adjusted group of 20 publicly traded music companies, is down 36.1% in 2022, and shares of vital companies such as Spotify and Warner Music Group are down 65.7% and 20.5%, respectively. But in recent weeks, the momentum has reversed dramatically. The Billboard Global Music Index is up 12.6% over the last two weeks and 14.6% in the five weeks since Oct. 28....
TikTok a National Security Threat Vulnerable to Chinese Government ‘Manipulation,’ FBI Director Warns
FBI Director Chris Wray is raising national security concerns about TikTok, warning Friday that control of the popular video sharing app is in the hands of a Chinese government “that doesn’t share our values.” Wray said the FBI was concerned that the Chinese had the ability to control the app’s recommendation algorithm, “which allows them to manipulate content, and if they want to, to use it for influence operations.” He also asserted that China could use the app to collect data on its users that could be used for traditional espionage operations. “All of these things are in the hands of a government that doesn’t share our values, and that has a mission that’s very much at odds with what’s in the best interests of the United States. That should concern us,” Wray told an audience at the Uni...
Jeff Blackburn Retires as Head of Amazon’s Global Entertainment Group
Jeff Blackburn is retiring. The head of Amazon’s Global Entertainment Group will sign off from the company in January after more than two decades with the retail giant and streaming platform. The moves were announced Friday via internal memos from Amazon CEO Andy Jassy and Blackburn himself. The news comes a year and a half after Blackburn returned from a yearlong sabbatical in a new role as head of the company’s global entertainment group that included combined oversight of music, audio entertainment, games and video for the company. Blackburn’s decision to retire comes after a busy week at Amazon. The e-commerce giant this week fully integrated MGM into its exec ranks after its $8.5 billion purchase of the storied studio closed in May. Amazon Studios head Jennifer Sal...
What Happens to Motown Next?
When Motown Records chairwoman and CEO Ethiopia Habtemariam announced on Tuesday she would be stepping down to “pursue new endeavors,” the news was met with surprise, concern and the one inevitable question: What’s next for the storied label founded by Berry Gordy? “Nobody saw this coming,” says one veteran label executive of the stunning announcement, stemming from the fact that Habtemariam was promoted to the chairwoman/CEO post in March 2021, only 20 months ago. Her groundbreaking appointment as the third woman — and only the second one of color — ever to hold that title at a major label was concurrent with other major news: Motown was being re-established as a standalone label after first being under the Island Def Jam umbrella and most recently under the Capitol Music Group banner. Du...
Triller Removes Music From Universal, Sony, Warner and Merlin
Try using some of your favorite songs on the short-form video app Triller, and you’ll be hard pressed to find what you’re looking for. On Thursday, the music catalogs for Universal Music Group, Warner Music Group, Sony Music and Merlin — which provides digital licensing to many top independent labels and distributors — were removed from the platform. A Triller spokesperson says the platform is “reassessing each of our label deals as they come due as our catalogue music usage is a small fraction of our overall business with creators. “Some labels are more used than others and if we can make financial arrangements which make sense for the platform, on a label by label basis, we will. In other cases the usage does not justify the cost.” The news follows a lawsuit filed by Sony Music Entertain...
Concord Taps Bond Market With $1.65 Billion Asset-Backed Security
Independent music company Concord is the latest to tap into a growing market for music royalty-backed securities with Concord Music Royalties, LLC, Series 2022-1, a $1.65 billion asset-backed security. The bond will be supported by mechanical, performance and synchronization royalties from more than 1 million assets. The proceeds will be used to fund reserve accounts, pay transaction expenses, repay debt and for other general corporate purposes, according to a report by ratings agency KBRA. KBRA gave Series 2022-1 a preliminary rating of A+ (on a scale ranging from AAA to D), citing the “large, diversified catalog with globally recognized songs and artists” such as R.E.M., Plain White T’s, Creed, Evanescence, Genesis, Phill Collins and Mike + The Mechanics — the latter t...
Warner Records’ Web3 Label Sold 5,555 NFTs in 7 Minutes. Now It Wants to Share IP Rights With Fans
What happens when you let 5,555 music fans make decisions at a major label? Warner Records is about to find out through its new Web3 imprint Probably a Label. After selling out a collection of NFT access-passes, the holders will now gather in a Discord server to help develop artists together, share the credits of any future awards such as a Grammy, and ultimately offer intellectual property rights in some of the projects to NFT holders. The experiment is a collaboration between Warner Records UK and Web3 brand Probably Nothing, whose debut NFT collection fetched $500k in seven minutes in October. Each NFT comes with different rarity and label roles (4,000 scouts, 1,500 managers and 55 label heads), allowing holders to vote on certain decisions. The rarest — and most expensive, currently at...
