Home Topics Business MBW's weekly roundup: Spotify, Big Hit, Chance The Rapper, Splice, TuneCore

MBW’s weekly roundup: Spotify, Big Hit, Chance The Rapper, Splice, TuneCore

Welcome to Music Business Worldwide’s weekly recap we make sure you got the top five stories of the past seven days in our headlines. MBW Roundup is backed by Centtrip, which helps over 500 of the world’s best-selling artists maximize their income and reduce their tour costs.

advertising

This week Spotify announced that it is expanding to over 80 new markets in more than 36 new languages ​​- including key areas across Africa such as Côte d’Ivoire, Ghana, Nigeria and Zimbabwe.

Meanwhile, Big Hit Entertainment grossed KRW 796.3 billion (approximately $ 676 million) in the twelve months of 2020. This is evident from new documents filed in Korea and reviewed by MBW. This means that the company’s annual sales increased 36% year over year from 2019.

Elsewhere, Chance The Rapper has sued longtime manager, Pat ‘The Manager’ Corcoran, accusing him of “repeatedly breaching his fiduciary duties” and “demanding and accepting setbacks as the” price “for doing business with Chance “.

In addition, Splice, the musical creation marketplace, has completed a $ 55 million Series D funding round led by Goldman Sachs’ GS Growth, while Believe’s TuneCore DIY distribution platform has commenced operations in Africa.

1) SPOTIFY TO EXPAND TO OVER 80 NEW MARKETS IN ASIA, AFRICA, THE CARIBBEAN, EUROPE AND LATIN AMERICA

Spotify is expanding into over 80 new markets in more than 36 new languages ​​- including key areas across Africa such as Côte d’Ivoire, Ghana, Nigeria and Zimbabwe.

Together, these 80 markets are home to more than a billion people, almost half of whom are already online, says Spotify.

The huge expansion in the coming days means Spotify will be active in more than 173 markets.

The news comes almost a year after Spotify rival Apple Music announced its expansion into 52 new global markets and increased its total reach to 167 markets …

2) BTS helped Big Hit increase annual sales 36% to $ 676 million in 2020 … despite the pandemic

BTS mega-fans who bought shares in Korea’s Big Hit Entertainment last year now look like master investors.

According to new documents filed in Korea and reviewed by MBW, Big Hit grossed KRW 796.3 billion (approximately $ 676 million) in the twelve months of 2020. This meant Big Hit, which was listed on the Korean Stock Exchange in October, saw annual sales growth of 36% YoY over 2019.

Big Hit’s annual sales in 2020 were more than double the KRW 301.4 billion the company generated two years ago in 2018.

Perhaps the most notable thing about Big Hit’s revenue growth last year was that its Live Concerts division – the biggest top seller in 2019 – saw annual revenue increase 98% to just KRW 3.4 billion due to the impact of Covid-19 $ 2.9 million) fell.

As a result, concert revenue in 2020 represented only 0.4% of Big Hit’s total global revenue.

3) Opportunity The rapper’s legal fallout is getting worse: The artist is suing the ex-manager for more than $ 1 million for “shocking breaches of trust”.

You will remember that Chance The Rapper, aka Chancelor Bennett, was sued by longtime manager Pat ‘The Manager’ Corcoran late last year. Corcoran claimed he was owed more than $ 3 million in unpaid commissions.

Corcoran (via Pat The Manager LLC) sued Chance’s three Illinois companies on seven counts including breach of contract, violation of the Illinois Sales Representative Act, unjust enrichment, and more.

Now Chance is fighting back – with its own explosive suit.

According to a lawsuit filed by Chance / Bennett earlier this month and received by MBW, the rapper accused his “disgruntled former manager” of “repeatedly violating his fiduciary duty to Mr. Bennett by doing good with Mr. Bennett for his own benefit.” Name has acted “. …

4) Splice completes $ 55 million Series D funding round, led by Goldman Sachs

The music creation market, Splice, which it claims to be used by over 4 million people, has closed a $ 55 million Series D funding round led by Goldman Sachs’ GS Growth.

According to a blog post published on Monday (February 22nd), Splice also added Adobe’s Kakul Srivastava to its board.

The company’s total is now over $ 155 million, including a Series C round of funding worth $ 57.5 million. USD in March 2019.

Bloomberg reports that Splice is now worth nearly $ 500 million.

5) TUNECORE EXPANDS TO AFRICA WITH NEW SETTINGS IN NIGERIA AND SOUTH AFRICA

Believe-owned DIY distribution platform TuneCore has started operations in Africa.

Jade Leaf from Johannesburg has been hired as Head of TuneCore for Southern Africa.

Leaf will share responsibility for key countries in East Africa with Chioma Onuchukwu from Lagos, who has been hired to head TuneCore for West Africa.

Both Leaf and Onuchukwu report to Faryal Khan-Thompson, Vice President, International, TuneCore … (MBW)

Welcome to Music Business Worldwide’s weekly recap we make sure you got the top five stories of the past seven days in our headlines. MBW Roundup is backed by Centtrip, which helps over 500 of the world’s best-selling artists maximize their income and reduce their tour costs.Music business worldwide

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles

Entrepreneurship SET 4 Discussion

Support the channel on PayPal https://www.paypal.me/anekantkunawat support via UPI - anekantkunawat@sbi Instagram handle- caanekantkunawat ...

Three Techniques to Become Better at Sales | The Entrepreneur's Daily Hustle Show EP 31

If your business depends on selling stuff (hint: it does) the importance of continuing to raise your sales skills can not be underestimated. In...

Entrepreneur Life & Mindset

ENTREPRENEUR LIFE & MINDSET / Hi!! My name is Jeanette and I started this channel to share my entrepreneurial journey of going from a...

Entrepreneurship Seminar: Marc Chenn 11-17-2021

Marc Chenn is the former Co-founder and CEO SaltStack, a leading provider of infrastructure automation and cloud management solutions which enable ...