Sony Music Entertainment
Sony Music files trademark application for NFT-authenticated music
American music giant Sony Music Entertainment has signaled intentions to utilize non-fungible tokens (NFTs) after filing a trademark application covering music and artists under the Columbia Records logo. According to an Aug. 30 trademark application to the United States Patent and Trademark Office (USPTO) shared by trademark attorney Mike Kondoudis on Sept. 6, the application covers “audio and video recordings featuring live musical performances authenticated by NFTs.” #SonyMusic has filed a trademark application for the Columbia Records logo claiming plans to use it for:▶️ NFT Backed Media▶️ Music + Podcast Production▶️ Artist Management + Music distribution services..and more!#NFTs #Metaverse #Web3 #Columbiarecords #Pop #R...
Sony Lawsuit Claims Triller Hasn’t Paid in Months But Is Still Using Its Music Catalog
Sony Music Entertainment is suing Triller for breach of contract, claiming the video-sharing social networking app has failed to make payments for months and after being served a termination notice has also failed to pull the company’s catalog of music from the platform. According to Sony’s lawsuit filed Monday (Aug. 29) in New York, Triller has “historically failed to make payments in a timely manner” but those “failures” escalated in March 2022 when the company “failed to make any monthly payments required under the Agreement, totaling millions of dollars.” Since then, Triller has allegedly continued to fail to pay its outstanding fees, despite Sony’s requests (“and near-total radio silence in response,” the suit states). On July 22, Sony notified Triller that it was in material breach o...
The Ledger: Three Major Trends Revealed in Music Companies’ Q1 2022 Earnings
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. From streaming services to concert promoters and ticket sellers, music companies have reported encouraging first-quarter earnings results that show consumers continue to adopt subscription services and eagerly return to live events after COVID restrictions were lifted in late 2021. The same companies’ stock prices tell another story, however. While music companies posted double-digit gains in subscription growth, revenue, ticket sales and many other metrics, their share prices are down by double-digits in 2022. That’s not a surprise given the state of the economy: Inflation is at a 40-year high ; rising interest rates s...
The Ledger: The Major’s $25B in Revenue in 2021 Is Just the Start
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. Six years into the global music industry’s recovery, the largest labels and publishers are growing by leaps and bounds. The three major music groups — Universal Music Group, Sony Music Entertainment and Warner Music Group — had combined revenues of $25.4 billion in calendar 2021, up 19.8% from calendar 2020, according to Billboard‘s calculations. That annual growth rate was more than a four-fold improvement from the companies’ 4.7% revenue growth in 2020 after a slowdown in physical goods sales during the pandemic. Combined, the companies had an operating profit was $4.1 billion in 2021, a 44.3% increase, with...
Sony Music Beefs Up Podcasting Strategy by Acquiring Major UK Producer
Outside of podcasting, Somethin’ Else’s TV and social media business will be integrated into Sony Music U.K.’s 4th Floor Creative division, broadening the company’s ability to provide creative and commercial opportunities for its artists, labels and partners. In a statement, Kooker said that Sony Music’s podcast division “is key to our plans for a fast-paced expansion in the market, diversifying our creative abilities and providing a home for exciting content that will benefit millions of podcast-lovers around the world.” Since first getting into business together, Sony Music and Somethin’ Else have partnered on podcasts including David Tennant Does A Podcast With…, Power: The Maxwells, The Fault Line: Bush, Blair & Iraq and Cheat!. “Having collaborated with Somethin’ Else on a number ...
Sony Music Will Start Paying Royalties to Legacy Acts That Still Owe the Label Money
The letter states that Artists Forward will focus on “prioritizing transparency with creators in all aspects of their development.” It continues, “Through this program, we are not modifying existing contracts, but choosing to pay through on existing unrecouped balances to increase the ability of those who qualify to receive more money from uses of their music.” Qualifying artists and participants will be notified in the coming weeks. As a result of the new policy, these legacy acts can now use financial services available through Sony Music’s artist portal. These include a new real-time advance feature that allows artists to receive instant advances on projected future earnings. (The feature is currently available in the U.S. and UK, and will be rolled ou...
