The WMG Reinvention Continues… But Is Time Running Out?
Warner Music Group is continuing to dial back towards its content and marketing roots, a shift reiterated Friday by Atlantic Records GM & Executive Vice President of Marketing and Creative Media Livia Tortella. “We’re an entertainment company, we’re about music. We’re not a technology company,” Tortella commented during a keynote interview at the Bandwidth Conference in San Francisco on Friday. [...]
Resnikoff’s Parting Shot: The Return of Liquidity…
The data on venture capital financing remains abysmal, and plenty of indicators suggest tough times ahead. According to the National Venture Capital Association (NVCA), just 25 funds raised $1.7 billion in the US during the second quarter. That is the lowest funding aggregate since 2003, and by stark comparison, 2007 produced over $36 billion in dry powder.
*MOG Secures $5 Million Funding Round…
Music blogging destination MOG has now secured a $5 million funding round, according to details confirmed by Digital Music News on Thursday. The infusion, led by Menlo Ventures, is slated to be officially announced this morning. Longtime backers Simon Equity Partners and Scott Jones are also participants in the round, and MOG now counts $12.5 million in aggregate financing.
Funding Mechanicals: Rightsflow Grabs the Latest Round…
The funding tap keeps-a-dripping for music-related startups, another sign of economic recovery. The latest beneficiary is New York-based Rightsflow, a company focused on managing the tricky terrain of mechanical licensing compliance and accounting. According to details tipped Wednesday, the company just rallied a $1.5 million, Series A round from Originate Ventures.
Also Happening: BMI, Sony Music, Cherry Lane, Paula Abdul, UMGD, INgrooves, Wall Street…
*Performance rights group BMI posted a small, 0.4 percent revenue increase to $905 million during the most recent fiscal year (ending June 30th). Distributions also edged slightly upward to $788 million. The company pointed to incredibly difficult market conditions.
The Latest Funding Round: Audible Magic, $1.28 Million…
Sidelined cash is increasingly coming into the game, and a number of music- and media-related companies are benefiting. That includes fingerprinting and identification firm Audible Magic, which recently rustled a $1.28 million round. The round first surfaced in an SEC filing, dredged by paidContent.
MySpace Officially Confirms iLike Purchase…
MySpace is indeed buying iLike, according to official disclosures by MySpace chief executive Owen Van Natta delivered Wednesday morning. The deal price was not discussed, though something in the neighborhood of $20 million has been surmised. The deal includes various strings to keep top players in the newly-integrated company, specifically Ali and Hadi Partovi.
The Plight of Traditional Retail: Hastings Posts Latest Losses…
Most traditional music retailers have smartly diversified into related areas like DVDs, games, books, consumer electronics, merchandise, and even cafes. But a sharp and continued dive in CDs, a long-lasting recession, and sudden declines in once-stable areas like games and DVDs are making profitability a challenge.
The Orchard’s Cash Position: Does This Make Sense?
The Orchard posted significant losses during its most recent quarter, and the company has suffered a significant reduction in its cash position over the past year. Alongside widening losses, the company disclosed a cash total of $4.2 million, down from $10.4 million last year.