Concord terminates $1.51 billion offer for Hipgnosis
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Nashville-based independent music company Concord’s revised offer was trumped by Blackstone’s sweetened $1.57 billion proposal for the owner of music rights of artists including Shakira and Blondie.
Apollo-backed Concord terminated its proposed $1.51 billion offer for Hipgnosis Songs Fund on Thursday, according to Alchemy Copyrights, which indirectly controls Concord.
Nashville-based independent music company Concord’s revised offer was trumped by Blackstone’s sweetened $1.57 billion proposal for the owner of music rights of artists including Shakira and Blondie.
Blackstone, the world’s largest private equity firm, in April hiked its offer to $1.30 per share to win the Hipgnosis board’s backing for the deal.
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Blackstone set to clinch Hipgnosis Songs as Concord sticks with lower bid
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The $1.51 billion, or $1.25 per share, offer from Nashville-based Concord was its second proposal for the music rights investor as it battled Blackstone for rights to more than 65,000 songs, including tracks by Blondie and Neil Young.
Blackstone looked set to clinch its $1.57 billion deal for Hipgnosis Songs Fund after Apollo-backed Concord said on Thursday it would stick with its lower bid for the music rights owner of artists such as Shakira and Red Hot Chili Peppers.
Shares in Hipgnosis, which also owns rights to songs by The Chainsmokers, were down 2.1% at 1.024 pounds ($1.28) in morning trade. They have soared 48% since Concord’s first offer on April 18.
The $1.51 billion, or $1.25 per share, offer from Nashville-based Concord was its second proposal for the music rights investor as it battled Blackstone for rights to more than 65,000 songs, including tracks by Blondie and Neil Young.
Blackstone, the world’s largest private equity firm, had hiked its offer to $1.30 per share in April to win Hipgnosis’s board backing for the deal.
Hipgnosis and Blackstone declined to comment on Thursday on Concord’s statement.
Concord is indirectly controlled by Alchemy Copyrights, which acquired music investor and Hipgnosis’s peer Round Hill Music last year. Its publishing arm counts songwriters such as Daft Punk and Mark Ronson on its roster, according to its website.
Blackstone is a majority shareholder in Hipgnosis’ investment adviser, HSM, which manages artists and songwriters for the fund and holds a call option to make a higher offer for Hipgnosis’ portfolio if their advisory agreement were to be terminated.
The Blackstone proposal is independent of HSM.
Hipgnosis, founded in 2018, started a strategic review last year after a shareholder vote against the continuation of the fund led to a tumultuous period and a dispute with HSM over the call option.
Both Hipgnosis and its eponymous investment adviser were founded by music industry veteran Merck Mercuriadis, who has managed artists including Elton John and Beyonce.
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SEVENTEEN makes an electrifying comeback with an AI spin to music video for MAESTRO | Watch
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Maestro is an R&B dance track, composed and written by the member Woozi.
Amid much anticipation, K-pop sensation SEVENTEEN is finally back with their latest album, 17 IS RIGHT HERE. The album was dropped a month ahead of their 9th anniversary.
The album, which consists of 33 tracks, also has new four songs. However, leading the charge is the captivating single ‘MAESTRO’. It was accompanied by a music video.
Maestro is an R&B dance track, composed and written by the member Woozi. The music video of ‘MAESTRO’ features the boys, showcasing the group’s charisma and power.
With the dark theme enhanced by AI-generated visuals for a great visual experience, the captivating music video appears to be a perfect blend of robot, technology, and maestro conductor aesthetics.
Speaking of the vocals, the lyrics revolve around signifying the power of music while also urging listeners to unite
. Additionally, it is also a shout-out to the versatility displayed by SEVENTEEN in the last nine years. Then comes the choreography which appears on point, smooth and familiar. The latest album has redefined SEVENTEEN’s role in K-pop as pioneers and rightfully so.
Next up after ‘Maestro’ is the Hip-hop unit’s ‘LALALI’, Performance unit’s ‘Spell’, and ‘Cheers to Youth’ by the Vocal Unit’ of the group.
The members of SEVENTEEN are S Coups, Woozi, Jeonghan, DK, Dino, Mingyu, Jun, Joshua, Wonwoo, Seungkwan, The 8, Vernon, and Hoshi. Besides MAESTRO, Woozi also contributed to the lyrics of ‘LALALI’ with other members including S Coups, Wonwoo, Mingyu, and Vernon.
In another exciting development, SEVENTEEN recently announced a follow-up album to be released this year. During a press conference held in Seoul on April 29, members highlighted that the new album will celebrate their journey throughout the years.
He, however, added that it will also implicate the adapting nature of the group to constantly upgrade themselves with time.
During the same event, the members also offered a tantalising peek into their bond. They said, “We go for dinners every month where we speak our hearts out. We discuss not only the good parts but also the negative feelings and that helps us bond. We also have our fights, crazy ones sometimes, but we always manage to sail through any difficulties knowing we have each other’s back.”
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Taylor Swift’s ‘Tortured Poets Department’ dominates US sales and Billboard charts
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The Tortured Poets Department is the 11th studio album from the 34-year-old record-setting singer, who won an unprecedented fourth album of the year award at February’s Grammys for “Midnights.”
Pop megastar Taylor Swift sold 2.61 million album and streaming units of “The Tortured Poets Department” during its first week of release in the U.S., Billboard reported on Sunday, calling it “a gigantic debut at No. 1” on the Billboard 200 albums chart.
Traditional album sales totalled 1.91 million in the week ending April 25 between digital download albums, CDs, and cassettes and also included 859,000 vinyl sales, Billboard said, citing data from Luminate. The album generated 891.34 million on-demand official streams.
The album scored the largest streaming week for an album ever and the largest sales week for an album on vinyl in the modern era, Billboard said. It is also the top-selling album so far in 2024.
It was Swift’s 14th chart-topping album, tying with Jay-Z for the most No. 1s among soloists.
Swift released the first 16 tracks of “Poets” on April 19. Two hours later, she surprised fans by revealing it was a double album with 15 more songs.
It was the 11th studio album from the 34-year-old record-setting singer, who won an unprecedented fourth album of the year award at February’s Grammys for “Midnights.”
Last week, Spotify (SPOT.N), opens new tab said “Poets” was its most-streamed album in a single week, surpassing 1 billion streams.
Swift also topped the British music charts on Friday, outselling the rest of the top 10 combined and beating the Beatles for the record of fastest artist to rack up 12 UK number one albums.
“Poets,” distributed by Universal Music Group (UMG.AS), opens new tab, received mostly positive reviews from critics and fans.
Swift will resume her Eras Tour, the highest-grossing concert tour in history, in Paris in May.
She is among several of music’s top female artists releasing albums this spring. Beyonce’s “Cowboy Carter” debuted in March, and Dua Lipa and Billie Eilish have releases scheduled for next month.
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The rise of music streaming in the early 2010s revitalised an industry that was grappling with illegal downloads and digital transition challenges. While platforms such as Spotify, Prime Music and Apple Music thrived, music artists made money through tours and merchandise sales. (Image: Reuters)According to PwC’s Global Entertainment and Media Outlook, global live music festival revenues surged in the past few years, exceeding $20 billion in 2022 and is expected to reach $25 billion by 2027. (Image: Reuters)Notably, live performances by Taylor Swift, Beyoncé, and Bruce Springsteen accounted for 10% of the total live music revenues, according to Pollstar data. In 2023, the top eight festivals worldwide grossed $192 million. While Outside Lands Music & Arts Festival in San Francisco topped the list followed by the Hard Summer Music Festival in Los Angeles, Phish: Riviera Maya held in Cancun finished third. Here’s a look at the top 8 highest-grossing music festivals in the world. (Image: Reuters)No 1. Outside Lands Music & Arts Festival | The highest grossing music fest is Outside Lands Music & Arts Festival, which is one of the biggest independently-owned music festivals in the US. It has been held in San Francisco’s Golden Gate Park since 2008. In 2023, it’s gross revenue was $40 million, according to statista. (Image: Reuters)No 2. Hard Summer Music Festival: The Hard Summer Music Festival takes place in Hollywood Park in Los Angeles and is mostly focused on electronic music. (Image: Hard Summer)No 3. Phish: Riviera Maya | The Phish: Riviera Maya is dedicated solely to the jam band and was held in February 2023 in Cancun. In 2023, it’s gross revenue was $22.1 million. (Image: Phish Riviera Maya)No 4. Tecate Pa’l Norte | Tecate Pa’l Norte is a musical festival held annually in Mexico and in 2023, its gross revenue was $20.7 million.No 5. Corona Capital Festival | Corona Capital is a music festival held in Mexico annually. It debuted in 2010 and is organised by Grupo CIE, and mainly features rock music (Image: Reuters).No 6. Hurricane Festival | The Hurricane Festival has taken place in Scheeßel, Germany, since 1997. It’s considered one of the largest music festivals in Germany. A total of over 80 bands performed in Scheeßel in 2022. (Image: Hurricane FestivalNo 7. Lollapalooza Brasil | Lollapalooza Brasil is held in São Paulo, Brazil. The total number of tickets sold in 2023 was 227,283 with a gross income of $19.7 million. (Image: Reuters)No 8. CMA Music Festival | The CMA Music Festival is a four-day music festival hosted in June every year in Nashville, Tennessee. In 2023, the music festival’s gross revenue was $19.3 million.
Blackstone beats Concord with $1.6 billion bid for Hipgnosis Songs
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The deal will see more than 65,000 songs, including tracks by Blondie and Neil Young, added to Blackstone’s music rights portfolio, which already includes songs by Justin Bieber and Justin Timberlake.
Blackstone has agreed to acquire Hipgnosis Songs Fund for about $1.57 billion, trumping an offer from Concord for the music rights owner of artists such as Shakira and Red Hot Chili Peppers, the companies said on Monday.
Blackstone’s formal offer valued the music rights investor at $1.30 per share, the companies said, higher than Concord’s $1.25 per share offer last Wednesday.
Hipgnosis shares, which have rallied since the takeover interests, rose 2.7% to 1.06 pounds ($1.33) in early trade.
Blackstone has also invested in U.S. performance rights organisation SESAC, whose affiliates include rock legend Bob Dylan and 16-time Grammy Award winner Adele.
Its sweetened offer on Monday comes days after Concord outbid the world’s largest private equity firm by 10 cents and had won Hipgnosis’s board backing for the deal.
The fund’s board withdrew its recommendation for the offer from Nashville-based music firm Concord.
Concord declined to comment.
“We are delighted that, following competitive interests in acquiring Hipgnosis, our investors now have a chance to immediately realise their holding at an increased premium,” Hipgnosis Chairman Robert Naylor said.
Blackstone is a majority shareholder in Hipgnosis’ investment adviser, HSM, which manages artists and songwriters for the fund, and holds a call option to make a higher offer for Hipgnosis’ portfolio if their advisory agreement were to be terminated.
The Blackstone proposal is independent of HSM.
Founded by industry veteran and ex-CEO Merck Mercuriadis in 2018, Hipgnosis started a strategic review last year after a shareholder vote against the continuation of the fund led to a tumultuous period and a dispute with HSM over the call option.
HSM had earlier warned Hipgnosis against terminating the advisory agreement as the previously agreed Concord deal involved the US-based firm taking over the management of Hipgnosis’ assets.
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John Lennon’s lost 1960s acoustic guitar to go up for auction
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The auctioneers said Lennon played the guitar, which is expected to exceed its estimate of $600,000 to $800,000, on the Beatles’ 1965 album “Help!”.
A previously lost 12-string acoustic guitar that belonged to the late John Lennon will go up for sale at an auction in May after it was recently found in the attic of a home in Britain.
The auctioneers said Lennon played the guitar, which is expected to exceed its estimate of $600,000 to $800,000, on the Beatles’ 1965 album “Help!”.
The guitar was lying in an attic and was rediscovered by the current owners during a house move.
The founders of U.S.-based Julien’s Auctions said they travelled to Britain to verify the guitar and found the original case – a Maton Australian-made guitar case – in the trash.
Martin Nolan, executive director and co-founder of Julien’s Auctions, told Reuters the owners knew they had the instrument at one point, but thought it had been lost.
The guitar is believed to have ended up in their hands through British musician Gordon Waller, a member of the 1960s pop duo Peter and Gordon.
“Gordon was gifted it from John Lennon, then Gordon gifted it to his road manager, and that’s where the guitar stayed for all these years,” Nolan said.
The guitar will be auctioned on May 29 at the Hard Rock Cafe in New York and on the auctioneer’s website.
Earlier this year, a stolen Hofner bass guitar belonging to Paul McCartney was found and returned to Lennon’s fellow Beatle after 51 years following a global hunt.
Musical instruments belonging to prominent members of the Beatles have fetched a high price at a previous auction.
In 2015, a guitar stolen from Lennon in the 1960s sold for $2.41 million at an auction in California.
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Inside Hipgnosis, founded by former music manager Merck Mercuriadis in 2018, lies a treasure trove of 146 catalogues, housing 65,413 songs, including 163 Grammy-winning numbers.
Merck Mercuriadis, a former manager of Elton John and Beyoncé, founded Hipgnosis in 2018 in London. The company — listed on the London Stock Exchange — has been actively acquiring song catalogues for artists intending to transform music into an asset class.
According to its official website, it currently owns 146 catalogues with 65,413 songs, of which 163, like Shape of You by Ed Sheeran and Royals by Lorde, have won the Grammy Award. The company earns royalty from the use of these songs.
For example, streaming platforms pay a portion of their revenue to Hipgnosis as royalty for these songs.
Some of its collection, housed under Hipgnosis Songs Fund, is now up for sale, and there are at least two bidders.
Private equity giant Blackstone has reportedly made a preliminary offer of $1.5 billion. Hipgnosis also received a $1.4 billion bid from its rival Concord Chorus, which was backed by Apollo Capital Management last week.
Shareholders will vote on June 10 to approve one of the bids, including any that may arrive later.
Here’s a look at some of the most popular artists and songs inside one of the most sought-after music catalogues:
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How big is Taylor Swift in India — ask the small businesses
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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From scented candles to journals, these businesses bridge the gap for fans unable to access official merchandise, fostering a vibrant community united by their love for Taylor Swift.
Taylor Swift is more than just a singer-songwriter. She is a global phenomenon, a living legend, especially since she set her record-breaking The Eras Tour in motion. She is the true story of a writer’s billion-dollar success — a success that came from being relatable and aspirational, at the same time.
Her latest album The Tortured Poets Department (TTPD) scored 313 million streams on Spotify, while simultaneously selling over a million copies — all in a single day. This is something that no other artist in history has been able to achieve and everyone is vying for a piece of this pie, regardless of whether they’re a fan or not.
But things haven’t always been the way they are now. As little girls growing up in a small town in Uttar Pradesh, Swift was our best-kept secret back in 2008. Passing hand-written lyrics of Love Story in between classes to painting our nails sky blue just like her in the Our Song music video or writing 13 on the back of our hands because that’s what she does — our friends and we would hop on to every chance to feel close to her.
Cut to 2023 and almost everyone is a Swiftie — what the fanbase likes to call itself. This woman who started her music career 17 years ago isn’t just relevant today but is also constantly making headlines and how! There has never been a better time to be a Swiftie, especially in a country like India.
When Swift announced the international leg of The Eras Tour — a three-and-a-half-hour concert where she performs various numbers from her career — in June 2023, Indian Swifties were seemingly upset finding no mention of the country in the list. The closest was Singapore and fans left no stone unturned to find a seat in the National Stadium, Singapore where Swift performed six shows in March 2024.
We got to play 6 shows in Singapore for the most wonderful crowds – just want to say thank you from the bottom of my heart to everyone who traveled and put so much effort into being at our shows. What an unforgettable way to end this leg of the tour!! See you in May when we get… pic.twitter.com/CpFhBhHg1F
It was her only stop in Southeast Asia and getting the tickets was not a walk in the park. Fans had to wait hours in a virtual queue just to be able to grab a spot to book the tickets — ranging from 88 SGD (₹5,456) to 1,228 SGD (₹76,136).
According to a March 2024 report by The Hindu, Sanjana Shankar, a Chennai-based law student, spent ₹15,000 on tickets and ₹50,000 for a five-day stay in the country with her friends.
Agasthya Shah, a 21-year-old content creator, also attended the concert with his girlfriend with 13 painted on the back of their hands and friendship bracelets to exchange. He said that they met about 25 other Indians at the stadium on the night.
(Image: Twitter)
“Being a Taylor Swift fan is an experience. The first song I ever heard of hers was Blank Space (Swift’s single from her album 1989) and became a fan when Midnights came out. She brings out the emotions in her songs, and that’s what makes her relatable. Nobody does it like she does,” Shah told CNBC-TV18.
The fans who could not attend the concert were delighted when Swift announced that Taylor Swift: The Eras Tour concert film would be coming to Indian theatres and like Swift said in Long Live “the crowds went wild.”
“The musical, a passionate tapestry of her journey and experimentation with music complete with Swift’s connection with her audience and her saga resonated with audiences all over the country. We spanned an impressive 75 cities, selling a total of 3 lakh tickets. While Mumbai, Delhi NCR, Bangalore, Chennai, Hyderabad, Pune, and Kolkata locked the top spots, who could have guessed that fans from emerging markets like Nashik, Kota, Siliguri, Ludhiana, Jalandhar, Salem, Guntur, Rourkela, Ranchi, and Srinagar would drive the sales to astounding new heights,” Sanjeev Kumar Bijli, Executive Director, PVR INOX told CNBC-TV18.
Swifties were absolutely ecstatic as they got to experience the magic of Taylor Swift’s live performance on the big screen at PVR! 🎬🎵
Swifties went all out for the film, donning merch, era-inspired outfits, and chanting lyrics — it was an experience of its own, even on weekday afternoons.
However, getting their hands on official Taylor Swift merchandise remains a pricey affair. As a result, many turn to small businesses selling ‘unofficial’ but more affordable and diverse options. Despite not being official, these products still offer good quality, allowing fans to express their love for Swift without emptying their wallets.
“Every time I browse the store on Taylor Swift’s website, I quickly close it because of how expensive the merchandise is. But thanks to small businesses on Instagram, it’s not inaccessible. My best friend and I love to collect customised stickers for our laptops and phone cases, and accessories like the snake ring from Reputation because it helps us feel closer to Taylor,” Sathvika T, a 26-year-old graphic designer from Hyderabad told CNBC-TV18.
One such business is The Umbrella Store, run by Delhi-based Davneet Kaur since 2019. Kaur’s journey with Taylor Swift-related merchandise when she and her team noticed the enthusiasm of Swifties all across India during The Eras Tour.
“Their unwavering love for Taylor Swift and her music inspired us to create a platform where they could celebrate their fandom through high-quality merchandise. I remember when 1989 (Taylor’s Version) was announced during The Eras Tour and the hype it caused over the internet. Being a Swiftie, I could not resist myself from creating something out of it,” she said.
On The Umbrella Store’s website, under Taylor Swift merch, you will mostly find scented candles and journals, ranging from ₹399 to ₹999. For context, currently, users can only find The Tortured Poets Department merchandise on Swift’s official website — ranging from $25 (₹2,083) to $95 (₹7,917) and primarily consisting of clothing and jewellery. This would most likely be the case till the Europe leg of her tour begins in early May.
(Image: The Umbrella Store)
“All our Taylor Swift-themed candles and journals are a big hit amongst Swifties. This year we launched a limited-edition desk calendar that was Taylor Swift-themed and it received so much love from the fandom. We are hoping to come up with another one next year,” Kaur added saying that she has seen “exponential growth, both in terms of sales and engagement” since launching the merch.
“We have been inundated with messages of appreciation, expressions of joy, and heartfelt testimonials from fans across the country. [Swifties’] passion for Taylor Swift’s music and the sense of community they find in our merchandise has been truly inspiring and humbling.”
Tanisha Agarwal, a 22-year-old software engineering intern shared with us how she stumbled upon the cardigan from Swift’s single Cardigan and bought it, something that she had been obsessing over. The cardigan was listed on Swift’s official website when her album folklore was released in July 2020. She wore a similar one in the music video for the single and it sold like hotcakes at around $65, with additional shipping costs for international orders. If Agarwal and I got it from the same place, she paid only half of that.
“Being an Indian Swiftie isn’t easy since we don’t get to watch her live and the stuff that we might order takes days to reach us. A simple solution to this is buying merchandise from local businesses,” she added. “Even though it’s not the official merch, it still reminds me of Taylor every time I see it in my closet.”
Shah also shared that he had bought Taylor Swift-themed clothing from local businesses before and their quality is quite good. “They are decent in quality with unique designs and affordable. It’s great what they are doing and it is making a lot of people very happy,” he said.
Above Minimum is another such store that has a variety of things to choose from — totes, notebooks, t-shirts, hoodies and more. Yash Dixit, an engineer by education, was trying to get into the D2C business in late 2023 when Swifties found him.
“We were figuring out how to enter the market. We tried multiple things — selling plain t-shirts and hoodies and cricket merch as the World Cup was around. We also started doing custom designs and the most asked customisations came to us from Swifties. We gradually started getting traction from the fans and then we rolled out our website with some designs on hoodies and tote bags,” he said adding that the most demand for clothing was during those times.
(Image: Above Minimum)
According to Dixit, the fans love Above Minimum because of its quality and affordability (ranging from ₹349 to ₹1,099). “We’ve been loved by them because we helped them get an outfit they could wear to The Eras Tour — movie premier and the actual event in Singapore” he added.
While he is not a Swiftie himself, his friend, Saumya, who came up with a lot of the designs has been one since 2013. “I’m eager to purchase Taylor Swift merch, provided there are options that match my vibe and preferences. I’m quite selective, so I don’t like everything, but for the things I do like, I’m ready to buy them without hesitation,” she said. She also used to design items herself and get custom-printed because of a lack of options and thus became a part of Above Minimum when Dixit asked her.
The Swiftie community is essentially about turning passion into art and that, into a business. It might not be worth a billion dollars but it is a gesture of how Taylor Swift has managed to sweep us off our feet over time. We loved her in 2008 when we could only see her on our computer and TV screens, and we love her now when she’s everywhere and everything — all at once.
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Taylor Swift’s ‘The Tortured Poets Department’ album breaks multiple Spotify records; 9 tracks rank in top 200 in India
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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American singer-songwriter Taylor Swift now boasts the top three spots for the most-streamed albums in a single day on Spotify.
In a phenomenal feat, Taylor Swift’s latest album ‘The Tortured Poets Department’ which dropped on Spotify on April 19, claimed the title of the most-streamed album in a single day in the audio streaming platforms history.
The milestone adds another feather to the ‘Florida!!!’ singer’s career. The American singer-songwriter now boasts the top three spots for the most-streamed albums in a single day on Spotify. Leading the charge is “The Tortured Poets Department”, followed by “Midnights” and “1989 (Taylor’s Version).”
The 34-year-old has now solidified her status as the most-streamed artist in a single day on Spotify with the release of her latest musical offering.
History made! On April 19, 2024, Taylor Swift’s The Tortured Poets Department was the first album in Spotify history to have over 300M streams in a single day.
After almost a decade of making their friendship public, Swift and British indie powerhouse Florence Welch joined forces. The two singers who made heartbreaks and heartaches, relatable and borderline desirable, came together for a song that will be remembered for ages to come.
Following the announcement of her upcoming album at the Grammys in February this year, fans’ anticipation reached a fever pitch. To amplify the excitement around the album’s release, Spotify held an art installation at The Grove in Los Angeles, transforming the shopping mall into a poetry to captivate music enthusiasts. Swift’s 11th studio album features 16 tracks.
Taylor Swift’s is synonymous for breaking records on Spotify. With each release, whether it be re-recordings or new music, Swift has consistently set new benchmarks on the audio streaming platform. In October 2022, her 10th studio album “Midnights” released on Spotify and went on to become the most-streamed album in a single day at the time.
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