Welcome to Music Business Worldwide’s weekly round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their income and reduce their touring costs.
This week, Spotify revealed that it is expanding into over 80 new markets in more than 36 new languages – including key territories across Africa such as Côte d’Ivoire, Ghana, Nigeria, and Zimbabwe.
Meanwhile, Big Hit Entertainment generated 796.3 billion KRW (approx $676 million) in the 12 months of 2020, according to new documents filed in Korea and reviewed by MBW, meaning that the company saw its annual revenues grow 36% YoY versus 2019.
Elsewhere, Chance The Rapper has sued his long-time manager, Pat ‘The Manager’ Corcoran, accusing him of having “repeatedly breached his fiduciary responsibilities” and “demanding and accepting kickbacks as the ‘price’ of doing business” with Chance.
Also, music creation marketplace Splice has closed a $55 million round of Series D funding led by Goldman Sachs’ GS Growth, while Believe-owned DIY distribution platform TuneCore has launched operations in Africa.
Spotify is expanding into over 80 new markets in more than 36 new languages – including key territories across Africa such as Côte d’Ivoire, Ghana, Nigeria, and Zimbabwe.
Together, these 80 markets house more than a billion people with nearly half of them already using the internet, says Spotify.
The vast expansion over the coming days means that Spotify will be active in more than 173 markets.
The news comes close to a year after Spotify rival Apple Music announced its expansion into 52 new global markets, taking its total reach to 167 markets…
BTS megafans who bought shares in Korea’s Big Hit Entertainment last year are looking like master investors right now.
According to new documents filed in Korea and reviewed by MBW, Big Hit generated 796.3 billion KRW (approx $676 million) in the 12 months of 2020. That meant Big Hit, which floated on the Korea Exchange in October, saw its annual revenues grow 36% YoY versus 2019.
Big Hit’s yearly revenue haul in 2020 was more than twice the size of the 301.4bn KRW the company generated just two years earlier, in 2018.
Perhaps what’s most remarkable about Big Hit’s revenue growth last year was that its live concerts division – its biggest revenue-generator in 2019 – saw annual revenues sink by 98% to just 3.4bn KRW ($2.9m) due to the impact of Covid-19.
As a result, concert revenue made up just 0.4% of Big Hit’s total global revenue in 2020….
You’ll remember that late last year, Chance The Rapper, aka Chancelor Bennett, was sued by his long-time manager, Pat ‘The Manager’ Corcoran. Corcoran claimed that he was owed more than $3 million in unpaid commissions.
Corcoran (via Pat The Manager LLC) sued Chance’s three companies in Illinois, alleging seven counts including Breach Of Contract, Violation Of The Illinois Sales Representative Act, Unjust Enrichment and more.
Now, Chance is fighting back – with an explosive suit of his own.
According to a claim filed by Chance/Bennett this month and obtained by MBW, the rapper accuses his “disgruntled former manager” of having “repeatedly breached his fiduciary responsibilities to Mr. Bennett by trading on Mr. Bennett’s good name for his own benefit”…
Music creation marketplace Splice, which claims to be used by over 4 million people, has closed a $55 million round of Series D funding, led by Goldman Sachs’ GS Growth.
Splice has also added Adobe’s Kakul Srivastava to its board, according to a blog post published on Monday (February 22).
The company’s total raised now stands at over $155m, including a $57.5m Series C funding round in March 2019.
Bloomberg reports that Splice is now valued at nearly $500m….
Believe-owned DIY distribution platform TuneCore has launched operations in Africa.
Johannesburg-based Jade Leaf has been hired as Head of TuneCore for Southern Africa.
Leaf will share responsibility for key countries in East Africa with Lagos-based Chioma Onuchukwu, who has been hired as Head of TuneCore for West Africa.
Both Leaf and Onuchukwu will report to Faryal Khan-Thompson, Vice President, International, TuneCore… (MBW)
Welcome to Music Business Worldwide’s weekly round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their income and reduce their touring costs.Music Business Worldwide
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