Music Publishing News Roundup 7.15.16: Sony/ATV Michael Jackson EU Scrutiny • Indie Music Publishers Speak Out • PRS Financials
The European Commission will decide this month whether Sony/ATV may finalize its purchase of the Michael Jackson estate’s stake in its joint venture. Music companies and digital services have been invited to complete a survey pertaining to how to $750m buyout could alter or damage the music business in the future.
Sources say that some estimates put Sony’s “control share” of 2015’s Top 100 chart in excess of 60% in at least two European countries, making them a significantly bigger player in these markets than even Universal Music Group.
• The AIMP, CMPA, and A2IM have issued a joint response to the Department of Justice’s 100% licensing position. The three organizations, representing independent music publishers and labels in the US and Canada, joined forces to show unity in their condemnation of the recent decision by the DOJ. The statement concludes with, “The vast majority of music publishers, songwriters, labels, and recording artists are small- and medium-sized enterprises, and it is essential for them to be able to control the use of their copyrights in order to sustain their businesses and careers. If we value music, we need to value those who create it.”
• PRS for Music has published its 2015 financial results, showing revenue up 4.7% and net distributable income up 4% year-on-year. The geographic breakdown shows that the majority of PRS’ revenue came from the UK, followed by Europe and North America. In addition to agreeing on a deficit recovery plan intended to fully fund its two defined benefit pension schemes by the end of 2024, the filing confirms that negotiations with MCPS remain underway to review the two bodies’ service-agreement terms.