Finance
3 Technologies that are Reshaping the Banking Industry in Africa
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Downtown Launches $200M Fund to Support Indie Artists & Entrepreneurs
Downtown Music Holdings has established a fund to invest over $200 million in support of independent artists and entrepreneurs, the company announced Wednesday (March 9). The fund, which is supported by a new credit facility with Bank of America, will be spread across Downtown’s distribution, publishing administration and artist and label services operations. In a statement, Downtown Music Holdings CEO Andrew Bergman said the financing from Bank of America “enables us to expand our music services business by giving creators and business owners the ability to finance projects in an environment where the options are often unpalatable.” Downtown chief investment officer Alan Goodstadt added, “We are immensely gratified that Bank of America shares our vision of building financial solutions for...
Music Earnings Q4 2021: Taking Stock of Spotify, WMG, SiriusXM & More Companies
Most public music companies continued hot streaks by turning in good or excellent numbers for the quarter ended Dec. 31, 2021. For the majority of them, however, it would have been difficult not to impress in 2021 compared to 2020. COVID-19 shut down the touring business for three quarters of 2020, hampered brick-and-mortar retail for much of the year and hammered advertising spending, which affected radio broadcasters as well as streaming services. By the end of 2021, businesses’s main problems were rising costs and labor shortages, not unemployment and unpredictable consumer spending. Each component of the music ecosystem had encouraging results. The three majors — Universal Music Group, Sony’s music division and Warner Music Group — had combined revenues of about $25.4 billion, up 19.8%...
Fonbnk Raises $3.5-Million in Seed Funding to Aid Underbanked Across Africa
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Who is Buying Crypto in South Africa?
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New Bitcoin SV Ambassadors Appointed for East & West Africa
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The Ledger: The Major’s $25B in Revenue in 2021 Is Just the Start
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. Six years into the global music industry’s recovery, the largest labels and publishers are growing by leaps and bounds. The three major music groups — Universal Music Group, Sony Music Entertainment and Warner Music Group — had combined revenues of $25.4 billion in calendar 2021, up 19.8% from calendar 2020, according to Billboard‘s calculations. That annual growth rate was more than a four-fold improvement from the companies’ 4.7% revenue growth in 2020 after a slowdown in physical goods sales during the pandemic. Combined, the companies had an operating profit was $4.1 billion in 2021, a 44.3% increase, with...
SA Company Wins $50-Million in Africa’s “Largest-Ever” Crypto Raise
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SA Fintech Group Goes on a $3-Million Buying Spree
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Ericsson Wallet Platform Launches in Mozambique Through TMCEL
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The Ledger: How Big Is the Potential Music NFT Market?
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. It seems everybody is getting — or wants to get — in on the NFT business. It’s reminiscent of the late ’90s when companies rushed to launch websites because, well, there was money to be made and everybody else was doing it. Many companies stumbled out of the gate, but the internet turned out to be a pretty good business opportunity. The jury is still out on NFTs but there’s obvious potential. It’s no surprise that people spend hundreds or thousands of dollars on digital tokens that confer rights to anything from digital art to fan club-like perks. Some fans spend dearly to support their favorite artists. And with NFTs, ...
The Rise of Digital Wallet-Based Apps in Africa
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