Welcome to Music Business Worldwide’s weekly roundup. Here you can be sure to catch his 5 biggest stories that have made headlines in the past 7 days. MBW Roundup is supported by: Centriphelps over 500 of the world’s best-selling artists maximize income and reduce touring costs.
Spotify has dominated the music business news cycle in recent days, with one bombshell after another throughout the past week.
On Monday (December 4), we learned that the music streaming service will be laying off 17% of its global workforce, which equates to more than 1,500 people. This is in addition to two previous layoffs made earlier this year, reducing the number of employees by a total of 700 people.
A few days ago, MBW announced the news that Jenny Hermansson, Spotify’s MD for Northern Europe, will be leaving after 14 years with the company, eight of which have been in her current role. And on Thursday, SPOT’s MD for the UK and Ireland, Tom Connaughton, also announced his resignation.
But news of the territory manager exodus was overshadowed Thursday night by news that chief financial officer Paul Vogel would be stepping down.
And just 24 hours after SPOT’s layoff announcement, Vogel cashed out 47,859 Spotify shares and banked $9.377 million, according to an SEC filing on Tuesday (December 5).
In non-Spotify news, Warner Music Group CEO Robert Kinkle gave his opinion on the European Union’s AI law, which is said to be the world’s first serious attempt to regulate artificial intelligence through law.
Meanwhile, Capitol Music Group Chairman and CEO Michel Jubeliller talked about reinventing Ice Spice, the Beatles and CMG in an interview with MBW.
Elsewhere, Jon Platt, chairman and CEO of Sony Music Publishing, was named the 2024 Grammy Salute to an Industry Icon recipient, and music rights company Influence Media Partners has announced a so-called “major partnership agreement” with Grammy Award-winning artist and songwriter Enrique Iglesias.
Here’s what happened this week…
1) On Tuesday, Spotify CFO Paul Vogel cashed out $9.3 million in stock, 24 hours after the company confirmed 1,500 layoffs. Two days later, Daniel EK announced Vogel’s exit.
Spotify CEO Daniel Ek On Thursday, the company’s chief financial officer announced: paul vogelquit the company.
The news comes just three days after Ek confirmed he would be laid off from his company. 17% of global employees – around it 1,500 employees – Due to “the gap between the state of financial targets and current operating costs.”
Vogel plans to officially leave Spotify at the end of the first quarter of 2024.
Interestingly, MBW discovered in an SEC filing that Vogel cashed out on Tuesday of this week (December 5th). 47,859 shares On Spotify – Bank Him 9,377,000 USD.
This cashout comes just 24 hours after Spotify’s latest global layoffs were announced…
2) Robert Kinkle: The EU should not miss the opportunity to include meaningful transparency and record-keeping obligations in AI legislation.
2) Robert Kinkle: The EU should not miss the opportunity to include meaningful transparency and record-keeping obligations in AI legislation.
This week, European Union AI Law Standing on a cliff on the verge of becoming a landmark Legal framework for artificial intelligence. The bill, widely seen as the world’s first serious attempt to regulate AI by law, is in the final stages of the legislative process, with the EU Parliament, the European Commission and the European Council deciding on its content and substance. It is expected to be. .
Needless to say, EU lawmakers have been approached in recent months by people from all sides of the AI debate.This too music copyright holder It is passionate about protecting the value of songs, recordings, and the “name and likeness” of famous stars. Also, global tech giant They argued that the incorporation of AI in the production of often copyrighted material should be given a legal free pass based on the so-called “.fair use‘Exemption.
Since I started my job as CEO, warner music group At the beginning of this year, Robert Kinkle has established itself as the entertainment industry’s leading authority on the opportunities and challenges that AI creates for music.
In February, Kyncl introduced generative AI as “One of the most transformative things humanity has ever seen”. Since then, he has remained consistent with his core message: Artists need choices when it comes to interacting with AI…
3) Enrique Iglesias sells catalog to influence media partners in 9-figure deal (report)
3) Enrique Iglesias sells catalog to influence media partners in 9-figure deal (report)
Music copyright company headquartered in New York Influence media partners has signed what it calls a “major partnership deal” with the Grammy Award-winning artist and songwriter. Enrique Iglesias.
Bloomberg reports, citing sources, that the deal includes the acquisition of the Latin superstar’s recorded music catalog.worth 9 figures” This includes his entire catalog to date.
Influence Media said in a press release: [his] Recordings spanning his entire professional career”, this partnership also includes Enrique Iglesias. Name, image and likeness (NIL) rights “To expand future licensing opportunities.”
The deal with Iglesias marks Influence Media’s first NIL contract since its founding.
In an update in the original press release, Influence Media said that Iglesias and “music recorded before 2021, including his independent masters and Universal Recorded Music Royalties, along with his name, image and likeness.” (NIL) has partnered with us regarding the copyright management of (NIL) rights to expand future licensing opportunities.”
4) Jon Platt wins 2024 Grammy Awards, pays tribute to industry icon
4) Jon Platt wins 2024 Grammy Awards, pays tribute to industry icon
Before the 66th Grammy Awards, John Platt, Chairman and CEO of Sony Music Publishing was named as 2024 Grammy Awards Salutes Industry Icons Winner.
The Grammy Salute to Industry Icon honor will be presented at an invitation-only Pre-Grammy Gala on February 3, 2024, hosted by the Recording Academy and Clive Davis.
“One of the most influential people in the industry, John has always set the standard for leadership in music,” said CEO Harvey Mason Jr. recording academy.
The Recording Academy notes that since taking over at Sony Music Publishing (SMP) in 2019, Pratt has “worked to revitalize the company’s songwriter-first mission”…
5) Michel Juvelier on Ice Spice, the Beatles, and the reinvention of Capitol Music Group: “I don’t think any label group has been able to turn things around as quickly as my team. We did it in less than two years.”
5) Michel Juvelier on Ice Spice, the Beatles, and the reinvention of Capitol Music Group: “I don’t think any label group has been able to turn things around as quickly as my team. We did it in less than two years.”
Michel Juberiller Appointed Chairman and CEO of Capitol Music Group (CMG) Two years ago, during the pandemic, a series of leadership changes threw the company into turmoil.
CMG is “facing declining market share, declining morale, and a stagnant artist roster,” Jubeliller said in an interview with MBW.
Two years later, it’s clear she was able to change the direction of the Capitol.
“Having spent nearly a decade here, I was in a unique position to bring a fresh perspective to the work and build a modern culture within the company, while deeply respecting Capitol’s traditions.” she said.
“So it could be a great company to start up and develop.” ice spiceand at the same time bring true innovation and full-throttle commitment to the release of new singles from. the beatles. And everything in between…” (MBW)
MBW’s Weekly Round-Up is supported by Centtrip and helps over 500 of the world’s best-selling artists maximize their income and reduce touring costs.world music business