Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be sure you caught the 5 greatest tales to hit our headlines over the previous seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximize their earnings and cut back their touring prices.
This week, MBW reported on Aventhis, the outlaw-country “artist” whose AI-generated tracks have garnered over 1 million month-to-month listeners on Spotify. We additionally realized that Aventhis’ music was created with a mix of two generative AI music engines: Suno and Riffusion.
Elsewhere, JT Myers and Nat Pastor, the co-CEOs of Virgin Music Group, despatched a letter to VMG employees slamming “juvenile and offensive falsehoods” unfold by opponents of Virgin’s proposed takeover of Downtown Music Holdings.
Additionally this week, Scooter Braun stepped down from his function as CEO of HYBE America. He’ll pursue new ventures whereas taking up an govt advisory function as a director of HYBE’s Board of Administrators and Senior Advisor to the Chairman and CEO of HYBE.
In the meantime, on Tuesday (July 1), Warner Music Groupand personal funding large Bain Capital launched a $1.2 billion three way partnership to amass “legendary” music catalogs throughout each recorded music and music publishing.
On the identical day, WMG introduced a plan to scale back the corporate’s annual prices by round USD $300 million on an annualized run-rate foundation by the top of fiscal yr 2027 – with $170 million saved through “headcount rightsizing”.
Earlier this week, MBW reported on Aventhis, the outlaw-country “artist” whose AI-generated tracks have garnered over 1 million month-to-month listeners on Spotify.
Why did MBW conclude that Aventhis is an AI invention?
As a result of the individual credited as author and producer on the tracks, David Vieira, seems to have admitted as a lot in feedback on YouTube.
“[The] voice and picture is created with the assistance of AI. The lyrics are written by me,” mentioned the nameless proprietor of Aventhis’ YouTube channel.
Now we’ve additional corroboration in regards to the supply of Aventhis’ music…
So far, JT Myers and Nat Pastor, the co-CEOs of the worldwide companies firm, have publicly avoided discussing opposition to Virgin’s proposed $775 million takeover of Downtown Music Holdings.
That simply modified.
In a brand new letter to VMG employees, obtained by MBW, Myers and Pastor handle a number of accusations made about Virgin – and its mother or father firm, Common Music Group – from events who need regulators to dam the Downtown acquisition….
Scooter Braun has stepped away from his function as CEO of HYBE America.
In accordance with the official announcement on Tuesday (July 1), the exec will pursue new ventures, whereas taking up an govt advisory function as a director of HYBE’s Board of Administrators and Senior Advisor to the Chairman and CEO of HYBE.
Isaac Lee, described as “a seasoned leisure govt” who has been main HYBE Latin America as Chairman since November of 2023, will turn out to be Chairman and CEO of HYBE Americas…
Warner Music Group and personal funding large Bain Capital are launching a $1.2 billion three way partnership to amass “legendary” music catalogs throughout each recorded music and music publishing.
MBW understands that roughly half of the $1.2 billion is made up of debt, half with money, with equal legal responsibility on each side of the JV.
WMG and Bain Capital mentioned on Tuesday (July 1) that they are going to supply and purchase the catalogs collectively, whereas WMG will handle all elements of promoting, distribution, and administration.
The funds is likely to be deployed swiftly: Warner and Bain are reportedly mulling the acquisition of the Crimson Sizzling Chili Peppers’ recorded music catalog for round $350 million…
Warner Music Group CEO Robert Kyncl has introduced what he calls the “remaining steps in our plan to assist future-proof the corporate”.
This seemingly last stage in Warner’s latest restructuring underneath Kyncl is anticipated to additional cut back the corporate’s annual prices by round USD $300 million on an annualized run-rate foundation by the top of fiscal yr 2027.
Simply over half of that annual $300 million cost-cutting goal ($170 million) can be achieved through headcount reductions at WMG, mentioned the corporate.
An additional $30 million of financial savings can be achieved by decreasing prices (like admin and actual property bills) straight associated to the headcount reductions. The remainder of the cost-cutting will goal SG&A bills…
