business
Could Austin Be the Model for How to Save a Music Scene?
Austin’s success in the last decade as the so-called Live Music Capital of the World has come with a major drawback – the artists who call the city home have been the first ones priced out of the market. That paradigm might begin to change thanks to a non-profit group organized by Austin venue owners along the city’s famed Red River Street. On March 18, members of the National Independent Venue Association flocked to one of those venues for a special happy hour toasting their survival and return to Austin after a two-year closure. Their host for the day, Empire Control Room owner and NIVA cofounder Stephen Sternschein and longtime colleague Cody Cowan, executive director of the Red River Cultural District, were on hand catching up with friends and discussing recent improvements to the area...
FAIR Act Bill to Repeal California’s ‘Seven-Year Statute’ Amendment Wins First Committee Vote
The Free Artists From Industry Restrictions (FAIR) Act passed out of the California State Assembly’s Labor & Employment Committee on Wednesday (March 30) after a 4-2 vote in favor of the legislation. The bill now moves to the Assembly’s Committee on Arts, Entertainment, Sports, Tourism and Internet Media for an April 19 hearing and vote. Introduced by Assemblymember Ash Kalra (D-San Jose) in February, the FAIR Act — also known as Assembly Bill 2926 — would repeal a 1987 amendment to California’s “Seven-Year Statue” (a.k.a. California Labor Code Section 2855) that allows record labels to sue artists for damages if they leave after seven years but before delivering the required number of albums in their contract. The Seven-Year Statute, which limits personal services contracts for state ...
The 9.1 Cent Mechanical Royalty Rate Ditched in New CRB Ruling
The longstanding 9.1 cent mechanical royalty songwriters and publishers earn for every song sold may be a thing of the past. On Tuesday (March 29), the Copyright Royalty Board agreed to abandon that mechanical settlement between music publishers, record labels and digital services for the sale of songs for the upcoming 2023-2027 rate period, giving way to a new battle over what the rate should be for physical and download sales. The CRB judges’ decision came after receiving the settlement from interested parties in a motion to adopt it, as part of the overall rate-setting process, which also determines royalty rates for on-demand streaming. While the on-demand streaming rates are hard fought between digital services and publishers, with both sides racking up millions of dollars of litigati...
Warner Chappell Signs Morat Singer-Songwriters to Global Publishing Deal
Juan Pablo Isaza and Juan Pablo Villamil, Morat‘s lead singers and main songwriters, have signed a worldwide publishing deal with Warner Chappell Music. According to the publishing company, the deal covers future works as well as the pair’s entire back catalogue. “We’re delighted to partner with Warner Chappell Music and are proud to have them represent our catalogue,” Isaza and Villamil said in a statement. “They have an incredible global roster and we’re looking forward to getting the opportunity to collaborate with some of them in the future.” The deal with Isaza and Villamil was led by Santiago Menéndez-Pidal, president of Warner Chappell Music South Europe; Gustavo Menéndez, president of Warner Chappell Music Latin; Javier Dean and Carmen Picado, A&R director and A&R manager f...
MicroStrategy subsidiary will purchase Bitcoin after closing $205M crypto-collateralized loan
MacroStrategy, a subsidiary of business intelligence firm MicroStrategy, said it will purchase Bitcoin after obtaining a multimillion dollar loan from Silvergate Bank. In a Tuesday announcement, MicroStrategy said Silvergate issued a $205 million loan “secured by certain Bitcoin held in MacroStrategy’s collateral account.” The firm’s subsidiary MacroStrategy will be using the proceeds of the loan to purchase Bitcoin (BTC), pay fees and interest related to the loan and handle general corporate expenses. “The SEN Leverage loan gives us an opportunity to further our position as the leading public company investor in Bitcoin,” said MicroStrategy CEO Michael Saylor. “Using the capital from the loan, we’ve effectively turned our Bitcoin into productive collateral, which allows us to furthe...
Bybit and Crypto.com exchanges follow FTX and Binance into Dubai
Bybit exchange, based in Singapore, has announced it is relocating its headquarters to the UAE Crypto.com, on the other hand, is looking to establish a regional office in Dubai Thanks to a fast-growing and friendly environment, the United Arab Emirates has been pulling big names in the cryptocurrency industry lately. A fortnight ago, FTX exchange shared news that it had been granted approval to provide regulated trading and clearing services to users in Dubai. Less than 24 hours later, Binance announced that it was looking to set up shop and carry out regional operations in Dubai after securing a virtual asset licence. Now, Bybit and Crypto.com have joined the two in establishing a presence in the Persian Gulf region. Crypto.com, which shares a native home in Singapore, revealed in a Monda...
MacroStrategy obtains $205M BTC collateralised loan to buy more Bitcoin
MacroStrategy’s parent firm MicroStrategy already has a sizeable Bitcoin chest of more than 124,390 coins The interest-only term was provided by Silvergate, which specialises in FinTech and cryptocurrency, through the Silvergate Exchange Network leverage program. MacroStrategy, a subsidiary of the mobile software and cloud-based services provider MicroStrategy, has today been granted a $205 million loan to continue with its Bitcoin acquisition mission. In a press release published a few hours ago, MicroStrategy explained that the loan was collateralised by a fraction of the Bitcoins its unit owns – now in a collateral account under the custody of the two. Though specifics of the amount involved were not included in the press release, an SEC filing released last Wednesday shows that t...
FAIR Act Bill to Repeal Amendment to ‘Seven-Year Statute’ Up for Vote in California Assembly
Artists and labels are headed for a face off Wednesday (March 30) in Sacramento as the California State Assembly holds the first hearing and vote on repealing an amendment to the state’s “Seven-Year Statute” following February’s re-introduction of the Free Artists From Industry Restrictions (FAIR) Act. Held by the Assembly’s Committee on Labor and Employment, sources from both sides expect the vote to pass. If it does, the bill would then move to the Assembly’s Committee on Arts, Entertainment, Sports, Tourism and Internet Media for an April 19 hearing and vote. Assembly Bill 2926 builds on California Labor Code Section 2855. Enacted in 1944 after the judgment in actress Olivia de Havilland’s lawsuit against Warner Bros. Pictures, 2855 limits personal services contracts for state residents...
Australian crypto exchange BTC Markets introduces a MasterCard payment option
BTC Markets customers can now make direct credit, debit, and prepaid payments to purchase crypto MasterCard previously launched crypto-funded payments cards (for goods and services) in collaboration with crypto exchange CoinJar Legacy payments platforms have in recent months been diving deeper into cryptocurrencies via partnerships and flagships. The latest, albeit not unfamiliar, name to make headlines is MasterCard. The financial services firm is collaborating with the Australian crypto exchange BTC Markets. According to local reports, the partnership would see BTC Markets clients enjoy a provision to purchase crypto from the exchange via direct credit, debit and prepaid payments powered by MasterCard. The exchange users will now be able to enjoy ease and safety in completing payments fo...
Mark Karpeles announces commemorative NFT drop for Mt. Gox users
The former CEO of thnow-defunct crypto exchange Mt. Gox has announced that certain users will be eligible to receive commemorative nonfungible tokens, or NFTs. In a Monday announcement on Twitter, Mark Karpelès said that crypto users who were Mt. Gox customers between 2010 and 2014 — during which time the exchange was hacked and subsequently declared bankruptcy — could register to claim a free NFT. According to the CEO, the offer extends to users who had a balance or have claimed losses from the defunct exchange. “Mt. Gox customers are early adopters, some of them were on BitcoinTalk when Satoshi Nakamoto was still posting,” said the project website. “A new token or NFT airdrop is a great way to engage users and at the same time erase a bit of the loss incurred in Mt. Gox.” You can claim y...
Toronto Music Management Company CAMP Officially Launches
CAMP, the Toronto-based music management firm founded by Logan Kearns, made its official launch on Monday (March 28). Kearns, who landed his first industry job at Bedlam Music Management/Dine Alone Records in 2014, laid the groundwork for CAMP just two years later. He says it wasn’t until the pandemic hit, though, that he could finally dedicate his full attention to the company. “I decided it was time to focus on the growth, branding and restructuring,” he says. “Formally launching as we come out of the pandemic with an incredibly strong team of people behind it felt right. We also signed some incredible new artists during this downtime who are about to come out swinging.” One of the newest and key components of CAMP’s growing team is partner Riley Kirkwood, who started in management in 20...
UMG’s Music Health Alliance Partnership Is Literally Saving Musicians’ Lives
John Dufilho hadn’t had a routine physical in 10 years when the email from Universal Music Publishing Group arrived last fall. The film/TV composer and frontman of indie rock band The Deathray Davies worked as an independent contractor and could not afford health insurance. That changed when Dufilho, 52, learned from the email that UMPG, which handles his publishing, and parent company Universal Music Group (UMG) had partnered with Music Health Alliance (MHA), a Nashville-based nonprofit that since 2013 has saved 18,000 musicians, industry workers and their families an estimated $85 million in health care costs by helping them find insurance and navigate other healthcare issues, including counseling for survivors of the 2017 Route 91 Harvest festival mass shooting. Its services are free. D...
