From Jay-Z promoting TIDAL to Hipgnosis and Main Wave’s catalog buys: It’s MBW’s Weekly Spherical-up

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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.

Will Jack Dorsey and Square be able to transform TIDAL into an industry-leading streaming service with a range of world-class financial instruments for artists?

That’s the vision … though Jay-Z could be forgiven for not caring too much about it in any way.

Mr. Carter has just completed the sale of 80% of TIDAL to Square. The deal has now confirmed a value of $ 302 million – roughly six times the price it originally paid for the platform in 2015.

Jay-Z wasn’t the only one tending to some formidable financial numbers this week.

Merck Mercuriadis’ Hipgnosis acquired a catalog from songwriter / producer Andrew Watt at a price that MBW valued in the eight figures and over $ 45 million. (Rumor has it that Mercuriadis has also completed the purchase of the Red Hot Chili Peppers song catalog for around $ 150 million – but has not yet been confirmed.)

Elsewhere, Primary Wave announced a multi-million dollar acquisition of its own and took up the catalog of songwriters and producers Carl Sturken and Evan Rogers – the duo who discovered Rihanna and co-wrote hits like Pon De Replay.

Warner Music Group had some impressive budget results in the first three months of the year, while Live Nation – still suffering from the problems of the pandemic lockdown – released its own Q1 numbers, with some optimism for the months ahead …

Jay-Z1) JAY-Z CANCEL TIDAL SALE TO JACK DORSEY FOR $ 302M

TIDAL is now majority-owned by Jack Dorsey’s Square after a deal was reportedly closed between Dorsey and Shawn ‘Jay-Z’ Carter on Friday April 30th.

After TMZ reported a $ 350 million price tag for the deal, a Square spokesperson later confirmed to MBW that the final grand total was actually $ 302 million.

When you consider that this is 80% of TIDAL, the music streaming company gets a total of approximately $ 377.5 million.

2) HIPGNOSE RECEIVES 105 SONGS FROM GRAMMY WINNER ANDREW WATT IN EIGHT PICTURE

The Hipgnosis Songs Fund has acquired 105 songs from Andrew Watt – including the writer’s and editor’s share in the compositions.

These songs include Watt’s share of big hits like Señorita by Shawn Mendes and Camila Cabello, Havanna by Camila Cabello (feat Young Thug) and Let Me Love You by DJ Snake (feat Justin Bieber).

MBW estimates Hipgnosis paid more than $ 45 million for Watt’s catalog …

3) PRIMARY WAVE PURCHASES CARL STURKEN AND EVAN ROGERS CATALOG, INCLUDING MASTER ROYALTY INCOME STREAM ON RIHANNA’S FIRST SEVEN ALBUMS

Primary Wave Music Publishing bought the publishing catalog from songwriters and producers Carl Sturken and Evan Rogers, who discovered Rihanna.

In what Primary Wave calls a “multi-million dollar deal,” the acquisition will also give the publisher a share of the revenue from the duo’s master royalties for Rihanna’s first seven albums …

4) Warner Music Group’s streaming revenue increased 20% year over year in the first quarter

Warner Music Group had a flat year on the 2020 calendar – but the 2021 company already has a flyer.

WMG this week announced its budget results for the three months ending March (the second quarter of the fiscal year but the first quarter of the calendar).

Quarterly recorded music revenue surged to over $ 1 billion at $ 1.059 billion …

5) Live Nation’s revenues were down 79% year over year in the first quarter, but events are now “sold out faster than ever”.

For full year 2020, Live Nation’s revenues declined 84% as annual concert business revenues fell nearly $ 9 billion due to the pandemic.

But after a dismal year for the live music industry, the company now says it is now “seeing the effects of significant pent-up demand” – as successful vaccination programs, particularly in the UK and US, are easing Covid restrictions and the return of Live -Music.

Live Nation’s newly released financial results for the three months ended March saw $ 290 million in the first quarter of 2021, a value down 79% year over year.

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.

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