From Grammy nominations list to buying Sony’s $ 100 million stock – this is MBW’s weekly roundup
Welcome to Music Business Worldwide’s weekly roundup – where we make sure you’ve caught the five biggest stories that have made the headlines in the past seven days. MBW’s roundup is supported by Centtrip, which helps more than 500 of the world’s top-selling artists maximize revenue and reduce touring costs.
Jon Batiste had a great week.
On the day the Grammy nominations were announced (Tuesday, November 23), The Late Show artist, musician, songwriter and conductor discovered he was up for 11 awards at the 2022 ceremony, more than any other artist on the show’s shortlist.
That’s two more than the most nominated artist for the 2021 awards, which was Beyoncé, with nine.
Tied for second on the nominations list for the 2022 show, slated for Jan. 31, are Justin Bieber, Doja Cat and HER with eight each, while Billie Eilish and Olivia Rodrigo have won seven each.
Meanwhile, JAY-Z received three nominations this year, bringing his career total to 83 and making him the most Grammy-nominated artist of all time.
Also this week, news came of one of the upcoming music IPOs, with Chinese tech giant NetEase Inc. confirming that its subsidiary Cloud Village – operator of the music streaming service NetEase Cloud Music – will be listed. on the Hong Kong Stock Exchange on December 2. .
According to the Cloud Village prospectus, the company aims to raise around US $ 450 million on the IPO, and Sony Music Entertainment is buying shares of the company worth US $ 100 million.
Additionally, Fortnite maker Epic Games bought video game developer Harmonix, creator of the popular Rock Band franchise.
Epic claims that as they work “to build the metaverse”, the expertise of the Harmonix team “is needed to reimagine how music is experienced, created and distributed.” It’s definitely one to watch out for.
Elsewhere this week, UK venture capital firm Edge Investments closed an £ 85million (around US $ 113million) fundraiser for a new venture capital fund, and Republic Records named Wendy Goldstein and Jim Roppo as co-chairs.
Here is what happened in the last few days….
1) GRAMMY AWARDS 2022: FULL LIST OF NOMINATIONS
Nominations for the 2022 Grammy Awards have arrived.
Jon Batiste is the most nominated artist for the awards ceremony, winning 11 in seven “fields” including General Field, R&B, Jazz, American Roots Music, Music For Visual Media, Classical and Music Video / Film.
The awards ceremony will take place on Monday, January 31, 2022. Click here to see the full list of nominees.
2) SONY MUSIC PURCHASES $ 100M OF SHARES IN NETEASE’S MUSIC SERVICE; THE IPO OF THE CHINESE PLATFORM IS SET FOR 2 DECEMBER
Chinese tech giant NetEase Inc. has confirmed that its subsidiary Cloud Village – which operates the music streaming service NetEase Cloud Music – will be listed on the main board of the Hong Kong Stock Exchange on December 2 under the symbol “9899.HK” .
A pre-IPO prospectus reveals that three “key investors” support Cloud Village’s listing: current parent company NetEase, Orbis Investment Management Limited and last but not least Sony Music Entertainment.
The latter company, MBW discovered, buys shares of Cloud Village for a value of 100 million dollars, in accordance with an agreement signed by Cloud Village and Sony Music on November 22 …
3) EPIC GAMES ACQUIRES ROCK BAND MANUFACTURER HARMONIX TO “REIMAGINE HOW MUSIC IS EXPERIENCED, CREATED AND DISTRIBUTED”
Epic Games, the maker of the hit video game Fortnite and Unreal Engine, has acquired Harmonix, creator of the popular Rock Band and Dance Central franchises for an undisclosed amount.
The takeover of Boston-based music games studio Harmonix follows a period of successful fraternization with the music industry for Epic.
Epic’s flagship game Fortnite has served as a busy virtual performance and debut video space for a number of big stars, while its Unreal engine is used as the basis for the 3D music videos created by the studios of immersive music from Sony Music.
However, Epic’s latest musical movement could be the most ambitious yet….
4) EDGE INVESTMENTS IN THE UNITED KINGDOM COLLECTS $ 113 M FOR A FUND SUPPORTED BY SIMON MORAN AND GAVIN ROSSDALE
UK venture capital firm Edge Investments has completed a fundraising round of £ 85million (around US $ 113million) for a new venture capital fund.
The Edge Create The Future fund is aiming for a final close of £ 100million ($ 133million).
Edge, led by longtime music industry entrepreneur and lawyer David Glick, said the new fund would target investments in sectors “such as edtech, virtual / augmented reality, adtech, creative and content distribution ”….
5) WENDY GOLDSTEIN AND JIM ROPPO NAMED CO-PRESIDENTS OF REPUBLIC RECORDS
Republic Records appointed Wendy Goldstein and Jim Roppo as co-chairs.
Goldstein has been President of West Coast Creative since 2019 and is based in the Los Angeles office.
Meanwhile, Roppo has served as Executive Vice President and General Manager since 2018 and is based at the brand’s headquarters in New York …
MBW’s Weekly Round-Up is supported by Centtrip, which helps more than 500 of the world’s top-selling artists maximize their income and lower their touring costs.
Music trade around the world