PM Update: Cash Poor Thumplay Close To Sale, Investors Re-Like Music, Doug Morris, BMG & NMPA
Beginning today, Hypebot will publish our morning roundup of music industry news every weekday morning prior to 11AM ET and when warranted we'll add a PM addition every afternoon around 4:30PM ET.
Thumplay Music is reportedly running out of cash and very close to being sold. (MocoNews)
Since the end of 2010 at least $57 million in investor cash has gone into digital music and more is expected flow into Pandora, Spotify and an array of startups like Rdio, SoundCloud and RootMusic. (NY Times)
Universal's Doug Morris will have to wait until summer to take the helm at Sony, according to The Telgaraph. Other sources say things are still up in the air.
BMG Rights Management has named Steven Moran as Global COO based in Berlin.
Today the National Music Publishers' Association (NMPA) announced three new board members: Laurent Hubert, BMG Rights Management; Cameron Strang, Warner/Chappell Music; and Richard Stumpf, Imagem Music USA.