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CMU Digest
CMU Digest 08.04.19: Ticketmaster, IFPI, Red Bull, iHeart, Drowned In Sound
By Chris Cooke | Published on Monday 8 April 2019
The key stories from the last week in the music business…
Ticketmaster was sued in the UK over a security breach on its British websites last year. A law firm representing over 650 customers of the Live Nation ticketing company filed the litigation, noting that Ticketmaster had been warned of the data hack by digital bank Monzo two months before it alerted its users to the problem. At the time of the breach, which saw personal data of up to 40,000 people accessed, Ticketmaster said it was confident it had complied with data protection law in the way it had handled the incident. [READ MORE]
The IFPI confirmed that 2018 was the global record industry’s fourth year of consecutive growth. In the globally-focused trade body’s annual stats pack it was revealed that the recorded music business saw its revenues rise 9.7% to $19.1 billion last year. Streaming continues to drive the growth and now accounts for 47% of total revenues (premium streaming alone is 37%). Emerging markets are also key growth drivers, with Latin America seeing the highest growth rates overall. Meanwhile China is now the seventh biggest recorded music market in the world. [READ MORE]
Red Bull announced that it will wind down its widely acclaimed Red Bull Music Academy initiative and the accompanying media channels like Red Bull Radio. The drinks brand will continue to sponsor music activity, but is ending its two decade relationship with the agency behind the RBMA education programme. It said it planned to have more music projects run on a local basis moving forward rather than big global schemes. [READ MORE]
US broadcaster iHeart Media filed paper-work for an IPO. The radio giant is still working its way out of the bankruptcy process, but could IPO as soon as that is over. The bankruptcy was caused by mega-debts that resulted from a takeover of the business ten years ago. In an SEC filing, the media firm said that radio remained a key medium in the US and, as the biggest radio station operator, that presented lots of opportunities for the iHeart business, even as more and more content consumption moves online. [READ MORE]
The founder of Drowned In Sound announced that the music website would not be commissioning any new reviews or features. Sean Adams said he’d publish a more detailed statement at some point explaining his decision. The website’s popular forums will continue to operate funded by donations, and Adams himself will still recommend music via social channels including Facebook Messenger. [READ MORE]
The big deals from the last seven days in the music business…
• Beyonce allied with Adidas on her Ivy Park brand [INFO]
• Universal’s Caroline signed SM Entertainment for distribution [INFO]
• TwentySeven Music signed Jade Thirlwall and Leigh-Anne Pinnock [INFO]
• Napalm Records signed Mushroomhead [INFO]
• Kobalt’s AWAL signed Millie Turner [INFO]
