Welcome to Music Business Worldwide’s weekly roundup – in which we’re making sure you catch the five biggest stories to hit our headlines over the last seven days. MBW’s synopsis is powered by Centtrip, which helps over 500 of the world’s best-selling artists maximize their income and reduce touring costs.
We learned this week that historic music fair Midem is returning to Cannes, France, with a new owner in early 2023.
Midem’s former owner, Reed Midem, confirmed in December that he would no longer be running the 55-year-old event.
Cannes City Council has now acquired the Midem brand from RX France – the owner of subsidiary Reed Midem – and will host the event under the direction of Cannes Mayor David Lisnard.
The aim of Midem, according to the City of Cannes, is to become the “must-have global meeting place” for the music business, which “will be accessible to as many people as possible thanks to affordable accreditation prices”.
Also this week, Cinq Music raised $100 million from its Los Angeles-based parent company, GoDigital Media Group.
GoDigital confirmed that it is investing its largest round of funding to date in Cinq and that Cinq’s funds will be used to “acquire music rights, both mastering and publishing rights, and to fuel its international expansion.”
Plus, Justin Blau’s $55 million backed blockchain-based music investment platform royal announced that Spotify’s Director, Premium Content Strategy Darya Pourshasb has joined the company as Head of Global Artist & Label Partnerships.
Pourshasb will oversee artist relationships and music partnerships at Royal, telling MBW that it will “seek to bring a variety of artists to the platform, from independent artists to icons, spanning musical genres and markets.”
Elsewhere, Bob Roback is stepping down as CEO of Ingrooves Music Group after seven years, while US-headquartered music distribution and payments platform Stem confirmed this week that it had raised $20 million in new funding.
Here’s what happened this week:
1) MIDEM IS SAVED: THE HISTORICAL MUSIC TRADE EXPO RESURGENT IN DEAL WITH THE CITY OF CANNES
Five months ago, it looked like Midem was probably going to disappear forever.
The then-owner of the 55-year-old Musikmesse, Reed Midem, confirmed in December that it would no longer hold the event, which has traditionally been held at the Palais des Festivals et des Congrès in Cannes, France.
But now for a new twist in the story: MBW has confirmed that Midem will be back in Q1 2023… with a brand new owner.
MBW understands that RX France – the owner of subsidiary Reed Midem – recently sold the Midem brand to Cannes city council after a year of negotiations…
2) CINQ MUSIC RAISES $100 MILLION FROM PARENT GODIGITAL TO PURCHASE MUSIC RIGHTS AND EXPAND INTERNATIONALLY
This week, GoDigital confirmed that it is investing its largest round of funding to date – $100 million – in Cinq to allow Cinq to “acquire music rights, both mastering and publishing rights, and continue its international expansion.”
In a press release, GoDigital confirmed that its music portfolio will be backed by Bank of America as its primary lender, with East West and Union Bank rounding out the syndicate.
Further details of the $100 million Series D funding round were not disclosed.
3) DARYA POURSHASB, SPOTIFY’S PREMIUM CONTENT STRATEGY DIRECTOR, REQUIRES, JOINS JUSTIN BLUES NFT PLATFORM ROYAL
Darya Pourshasb, Director, Premium Content Strategy at Spotify, has been a member of blockchain-based music investment platform Royal since 2018.
Pourshasb joins Royal as Head of Global Artist & Label Partnerships and will oversee artist relations and music partnerships within the company.
Royal tells MBW that Pourshasb will focus on bringing a variety of artists to the platform, “from independent artists to icons”…
4) BOB ROBACK RESIGNS AFTER 7 YEARS AS CEO OF INGROOVES MUSIC GROUP
Bob Roback is leaving his position as CEO of Ingrooves Music Group seven years after joining the distribution and services company, MBW can reveal.
In that time, Roback Ingrooves has led to significant sales growth as well as global expansion into territories such as Australia, Brazil, Japan, India, South Africa and Spain.
A pivotal moment in Roback’s tenure as CEO of Ingrooves was the sale of the Los Angeles-based company to Universal Music Group in 2019. (UMG was previously a minority shareholder of Ingrooves.)…
5) MUSIC DISTRIBUTION AND PAYMENTS PLATFORM STEM RAISES $20 MILLION IN NEW ROUND OF FINANCING
US-based music distribution and payments platform Stem confirmed this week that it has raised a new round of $20 million in funding.
The investment is led by QED Investors, a major venture capital firm in the fintech space.
It is also backed by Block, Inc., a global technology and financial services company. QED Investors and Block, Inc. will be joined by former Stem investors Slow Ventures and Quality Control…
MBW’s Weekly Round-Up is powered by Centtrip, which helps over 500 of the world’s best-selling artists maximize their income and reduce touring costs.music business worldwide
https://www.musicbusinessworldwide.com/from-cinq-music-raising-100m-to-midems-return-in-2023-its-mbws-weekly-round-up/ From Cinq Music raising $100 million to Midem’s return in 2023, this is MBW’s weekly round-up