Ex-Warner CEO Seeks Google Backing For New Record Label
Lyor Cohen, the former CEO of Warner Music Group (WMG) who abruptly resigned last September, is seeking a semi-partnership with Google for the search engine titans to financially back a new record label. Cohen has been wrangling clients for a new management and label company, looking to strike a deal with Google to come on board and make “music-related investments.” The news arriving shortly after Google’s plans for expanding YouTube with a subscription based music service on top of its own Google Music All Access streaming service. There’s speculation that Cohen’s propose label could form a key part of the new YouTube digital platform. Additionally, Cohen has been speaking to his former cohorts at WMG in regards to distribution for his new label. (via Android Headlines)
Pandora Loses Around 2 Million Users During iTunes Radio Launch
Streaming service Pandora was the biggest internet radio service, but the successful US launch of Apple’s new iTunes Radio service has taken a noticeable chunk out of Pandora’s sizeable audience. For the month of October, Pandora reported a drop of 1.8 million active users, with iTunes Radio earning 20 million users in its opening weeks. Interestingly, while Pandora lost 2 million users, its total share of US radio listening increased slightly, rising to 8.06% from 7.77% in September. Pandora CEO Michael Herring has been downplaying the sharp listenership drop around the iTunes Radio launch. “October data was in line with our expectations and showed the resilience of our business,” Herring told investors at a Morgan Stanley conference this week. (via Digital Music News)
M-Phazes Signs To Universal Music Publishing
Following on from scoring a coveted slot on Eminem’s new album, MMLP2, Melbourne-based producer M-Phazes has signed a global deal with Universal Music Publishing. “M-Phazes is a songwriter and producer of the highest order – a creative visionary with serious technical ability. I am excited and proud that Mark has chosen to sign with UMPG on a global basis,” said Heath Johns, Director of A&R at Universal Music Publishing Group of the deal. “M-Phazes’ already impressive list of credits will no doubt continue to grow with UMPG on the team.” Born on the Gold Coast and now based in Melbourne, M-Phazes has worked with a diverse range of local and international artists including Kimbra, 360, Amerie, Eskimo Joe and Talib Kweli amongst many others, and as part of the deal will likely split his time between his studio in Melbourne, the US and the UK. Most recently, M-Phazes is the co-writer and co-producer of “Bad Guy” the album opener on Eminem’s much anticipated new LP The Marshall Mathers LP2.
Select Music Expands Roster With Four Signings
Sydney-based music company Select Music has recently expanded its sizeable artist roster with four new additions. Nine-piece Melbourne outfit Saskwatch are the first of three Melbourne signings, in the lead-up to the band’s national tour in support of new single ‘Hands’. Hayden Calnin is the next new signee, who is playing launch dates this December for the singer-songwriter/moonlighting producer’s new single ‘Coward’ which saw him welcomed to the Create/Control family recently. Melbourne MC Bam Bam also hits the road this November/December as a new Select Music addition, while Major Leagues are the final new addition to Select Music, the Brisbane fuzz pop four-piece having just signed a management deal with Chugg Music.
Sony Music Reports Revenue Rise, But It Actually Stayed The Same
Sony Music made a reported rise of 15.9% in sales for the last 12 months, but in actual fact, it was exactly the same due to the currency exchange rate. The American record company reports to the Japanese headquarters of the corporation, converting their earnings from US dollars to Yen, but given the current exchange rate (¥98 to US$1), Sony Music reported ¥115 billion (US$1.17 billion), 2.7% higher than the last quarter, but with the boosted exchange rates removed, it levels out to almost the exact same profits. Meanwhile, Sony Corp have posted a quarterly loss of ¥19.3 billion ($US 196 million), slashing the company’s profit forecast for the financial year ending March 2013 from ¥50 billion down to ¥30 billion, chiefly due to the poor performances of its electronics arms (TVs especially) and the film industry Sony Pictures. (via Digital Music News/Billboard)
