Music Industry News

Tencent Officially Closes Its $3.3 Billion, 10% Buyout of Universal Music Group

Photo Credit: Chris Yunker / CC by 2.0 Chinese conglomerate Tencent has officially acquired a 10 percent stake in Universal Music Group (UMG). Tencent and Vivendi, a French conglomerate and UMG’s parent company, first announced the deal in December 2019; barring any unexpected difficulties or issues, its closure had long been anticipated. Tencent, which owns […]

Music Industry News

MIDEM 2020 Officially Cancelled, ‘Digital Edition’ Is In the Works

photo: Evangeline Shaw Annual music-industry event Midem has been cancelled because of coronavirus (COVID-19) fears and will proceed with a digital edition, which is being developed presently. Midem organizers announced the unfortunate, albeit widely anticipated, news on their website. Midem was expected to take place in Cannes, France, between June 2nd and June 5th, and […]

Music Industry News

Patreon Sees a Surge of 30,000 New Creators In One Month

With the coronavirus (COVID-19) pandemic preventing artists in the United States and much of the world from working traditionally, many are attempting to earn a living remotely. And in a testament to the depth of the all-digital movement, subscription-content platform Patreon has gained over 30,000 creators this month. Patreon enables musicians, podcasters, writers, gamers, and […]

Music Industry News

Netflix Pledges $100 Million to Film and Television Crew Members, Indirectly Benefiting Music Licensors

Photo Credit: Unsplash Netflix has established a $100 million fund to assist on-set crew members financially during the coronavirus (COVID-19) pandemic. In keeping with a nationwide shutdown, Netflix halted the production of its many television shows and films earlier this month. And while the decision was tough for actors and fans, on-set professionals, including makeup […]

Music Industry News

Music Producers In Britain Are Losing 70% of Their Income, MPG Report Claims

According to a report from the United Kingdom’s Music Producers Guild (MPG), domestic music producers are losing approximately 70 percent of their income—and facing dire financial straits—because of the coronavirus (COVID-19) pandemic. The study found that UK producers and recording engineers lost an average of about $4,000 (£3,300) in earnings during March, before predicting that […]

Music Industry News

More Good News: FDIC Planning to Increase Deposit Insurance Protection Beyond $250,000 — Sources

FDIC chairwoman Jelena McWilliams in a PSA video issued March 24th. In a move designed to calm American account holders and prevent a run on the banks, the Federal Deposit Insurance Corporation (FDIC) is now preparing serious modifications to its protection levels and guarantees for failed banks. The implications of the added FDIC protections would […]

Music Industry News

Good News: Musicians and Freelancers Included In Senate’s $2.2 Trillion Stimulus Bill

The U.S. Senate Floor. The Senate’s $2.2 trillion stimulus package contains support provisions for gig workers and freelancers, in addition to measures designed to help small businesses, individuals, and others. Yesterday, the Senate voted unanimously (96-0) in approval of the legislation, which has been sent to the House of Representatives for a vote that’s expected […]

Music Industry News

TuneCore CEO Scott Ackerman Is Stepping Down, Resuming ‘Advisory Capacity’

TuneCore, a digital-music distribution company and music publisher, announced today that Scott Ackerman will step down as CEO next month. Ackerman has officially served as the company’s CEO since 2014, and his last day will arrive on April 15th. TuneCore officials are currently searching for a replacement and are expected to make a corresponding announcement […]

Music Industry News

Are You Eligible for a Coronavirus Relief Fund? – Here’s How To Apply

Photo Credit: Matthew Henry Musicians are facing unprecedented times of uncertainty amid the coronavirus outbreak. Here’s how to apply for help. The Recording Academy has established MusiCares, a COVID-19 relief fund for creatives. For those who have lost work due to festival closures and event closures, this could be a crucial lifeline. Applying for assistance […]

Music Industry News

Live Nation Stock is Recovering Lost Ground Following Stimulus Package, COVID-19 Improvements in China

Live Nation stock, traded under the symbol LYV, is regaining some of the value that was lost because of the coronavirus (COVID-19) pandemic and its corresponding market shakeup. Having passed the $75 mark in January, the concert giant’s per-share stock value held steady at over $70 through most of February. Then, as the coronavirus crisis […]