business
Four Takeaways From MSG Entertainment’s Near-Zero Revenue Debut Quarter as a Standalone Company
Crippled by venue closures, concert promoter MSG Entertainment’s fiscal fourth quarter revenue fell 96% to $9 million from $215.2 million for the same period a year earlier, according to financial results released Friday (Aug. 14). These aren’t the sort of numbers investors might have hoped for in the first full earnings report since MSGE spun off from the Madison Square Garden Company on April 20, but amid a pandemic that has shut down concerts since March perhaps there is some solace that this decline in revenue was still slightly better than the 98% drop Live Nation announced Aug. 5. Shares of MSGE dipped 4.7% to $67.99 at the New York Stock Exchange on Friday. In all, MSGE’s revenue for the full fiscal year, from July 1, 2019, to June 30, 2020, fell 27% to $762.9 million from $1 billio...
R. Kelly’s Manager Charged With Placing Threatening Call to Theater Screening Abuse Documentary
The manager of R. Kelly was charged Friday (Aug. 14) for allegedly making a threatening phone call to a Manhattan theater that was screening a docuseries about the sex abuse allegations against the musician. Donnell Russell, 45, was charged in two counts with threatening physical harm by interstate communication, and conspiracy to do the same, according to the U.S. Attorney’s Office, Southern District of New York. The charges stem from an alleged Dec. 4, 2018 call Russell made threatening a shooting at NeueHouse, which thereby halted the screening of Surviving R. Kelly, according to authorities. Multiple victims featured in the docuseries were to attend the event. Surviving R. Kelly explores allegations that Kelly engaged in abusive sexual relationships with minor girls and adult women. He...
The Players Behind Harry Styles’ ‘Watermelon Sugar’: See the Full Credits
Harry Styles’ “Watermelon Sugar” took the top seed on the Billboard Hot 100 songs chart this week to become his first No. 1 on the ranking, blasting from No. 7 the week prior. The track also charged up the Digital Song Sales chart 9-1, increasing 614% to 63,000 downloads sold in the week ending Aug. 6, according to Nielsen Music/MRC Data. And it rose 3-2 on Radio Songs, up 8% to 71.7 million audience impressions in the week ending Aug. 9. Explore the team of musicians, producers, engineers and more behind the track with recording credits provided by Jaxsta below. {“nid”:”9432725″,”type”:”post”,”title”:”How Harry Styles' \u2018Watermelon Sugar\u2019 Became His First No. 1 Single on the Hot 100″,&#...
South African business confidence recovers from 35-year low
South African business confidence recovered from a 35-year low in July, boosted by improving global economic activity, but the measure remained well-below average, over worries about the slow re-opening of the economy and soaring local infections. The post South African business confidence recovers from 35-year low appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Yucaipa Companies Forms Joint Venture With London-Based K2 Agency
Private equity firm the Yucaipa Companies have entered into a joint venture with K2 Agency, bringing renowned music agent John Jackson’s London-based booking outfit into the same company as the Yucaipa-owned Artist Group International. The partnership follows a recent announcement Yuciapa — the American firm founded in 1986 by Ronald Burkle — was partnering with Danny Wimmer Presents, North America’s largest independent festival producer. That deal came with the exchange for a minority stake in the concert promotion company. Yuicapa also operates booking agency X-Ray Touring as a joint venture with Paradigm Talent Agency and holds a minority stake in Primavera Sound and Primavera Pro. {“nid”:”8551642″,”type”:”post”,...
Spotify Allies With ‘Fortnite’ in Apple App Store Battle
Spotify is backing Fortnite developer Epic Games in its new clash with Apple and the tech giant’s App Store, highlighting its own lawsuit over similar issues. After Apple removed Fortnite from the App Store on Wednesday because Epic Games had introduced a way for players to purchase its virtual “V-bucks” currency outside the payment marketplace, Epic Games filed a lawsuit that could have legal ramifications in the music industry. {“nid”:”9416468″,”type”:”post”,”title”:”Sony Takes Minority Stake in Fortnite Maker With $250 Million Investment”,”relative_path”:”\/articles\/business\/9416468\/sony-minority-stake-fortnite-maker-epic-250-million-investment\/”,”media”:{“width”:&...
Strictly Discs in Wisconsin, in a Pandemic: ‘We’re Only About 10% Down for the Year’
In October 1988, Angie Roloff and her husband Ron opened Strictly Discs in Madison, Wisconsin, after Ron left a career in the biomedical research field to pursue his love of music full time. Nearly 31 years later, the couple made the difficult decision to shutter in-store operations due to COVID-19, roughly a week before Governor Tony Evers forced a mandatory shutdown of all non-essential businesses. Now that the Wisconsin Supreme Court has overturned Evers’ stay-at-home order — ruling it “unlawful” and “unenforceable” — the Roloffs and their employees have reopened Strictly Discs in a limited capacity. As part of Billboard’s efforts to best cover the coronavirus pandemic and its impacts on the music industry, we will be speaking with Roloff regula...
Reelz v. Reels: Network Sues Instagram, Facebook for Trademark Infringement
Instagram last week launched a new short-video feature called Reels — capitalizing on demand in the market amid privacy concerns surrounding TikTok and a looming ban of the ByteDance-owned app — and it’s already facing troubles of its own. ReelzChannel says the feature’s name infringes on its longstanding trademark. The network, which launched in 2006, says it reaches more than 50 million homes in the U.S. The suit, which was filed Tuesday in Minnesota federal court, where the network’s parent company Hubbard Broadcasting is based, claims Reels usurps Reelz’ goodwill and is likely to confuse consumers. {“nid”:”9429589″,”type”:”post”,”title”:”Instagram Launches TikTok Competitor Reels”...
Sumner Redstone, Tenacious Entertainment Media Mogul, Dies at 97
Sumner Redstone, the hard-charging mogul who parlayed his father’s New England drive-in theater business into a media empire that now flows into virtually every avenue of entertainment, has died. He was 97. Redstone was the controlling shareholder of the recently merged ViacomCBS, and previously CBS Corp. and Viacom, who made famous the mantra “content is king.” His daughter and ViacomCBS chair Shari Redstone said: “My father led an extraordinary life that not only shaped entertainment as we know it today, but created an incredible family legacy. Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. I am so proud to be his daughter and I will miss him always.” “It is with great sadness that we announce th...
Publisher & Songwriter Streaming Royalty Rates Headed Back to CRB for Review: What’s in the Ruling
The Copyright Royalty Board went too far when it eliminated a rate ceiling from digital streaming services’ calculation determining music songwriter and publishing royalties. That’s part of the verdict from a D.C. Circuit Court of Appeals opinion that was made public Tuesday (Aug. 11), sending the CRB ruling back to the three-judge panel that made the verdict in a 2 to 1 split decision in 2018. The overall all-in music publishing royalty rate ceiling had previously been a part of the rate formula from 2008 to 2018. But will the 44% increase in royalties stand? {“nid”:”9431493″,”type”:”post”,”title”:”Appeal Ruling on Publisher Royalty Rate Hike Looks to Favor Digital Services: Sources”,”relative_path&#...
Danny Wimmer Presents Names Joe Litvag President Of Live Events
Leading independent live entertainment producer and promoter Danny Wimmer Presents has announced the addition of executive Joe Litvag as its president of live events. Litvag, an industry veteran, brings over 25 years of knowledge and experience in all aspects of the live events industry. In this newly created position, Litvag will oversee the operation of DWP festivals and concerts and will lead DWP’s growth into venue management, booking, national touring, event services and more. “Getting Joe on our team is a move we have wanted to make for a long, long time. Joe’s experience and leadership will be essential to our success as DWPcontinues to invest in new opportunities,” commented Danny Hayes, DWP’s chief executive officer. {“nid”:”9400321″,”type”...
Universal Music Group & Tencent Music Launch New Label in China
Universal Music Group and Tencent Music Entertainment Group (TME) are strengthening their ties with a new joint venture music label that will develop, produce and showcase Chinese artists, the companies announced Monday (Aug. 10). The news came with announcements UMG had reached a multi-year licensing extension with Tencent, as well as a new multi-year licensing deal with Chinese streaming platform NetEase Cloud Music. Under the renewed agreement between Tencent and UMG — first signed in May 2017 — Tencent will continue to distribute UMG content on its associated streaming platforms QQ Music, Kogou Music and Kuwo Music, as well as the karaoke platform WeSing. {“nid”:”9399541″,”type”:”post”,”title”:”Universal Musi...
