QUICK HITS: Park Avenue + ICM Crescendo • Dre London + Vydia • Sony Publishing + Gregg Allman • Songtrust
ICM Asset Management has partnered with Park Avenue Artists, the NYC-based music management and production company, to identify strategic investment opportunities for its ICM Crescendo Music Royalty Fund.
The first investment to be under the new deal is the purchase of a set of royalties from Park Avenue client Grammy Award-winning classical violinist Joshua Bell.
ICM Crescendo leverages a proprietary data-driven machine learning model to value royalties, working with global rights owners to provide transparent valuations. The fund’s approach is distinguished by its flexibility in evaluating an artist’s revenue portfolio, the diversity of streams it incorporates in its analysis, and its prioritization of an artist-driven perspective.
• Music industry veteran Dre London has launched a new record label, London Music Group, in partnership with music tech platform Vydia. The tech company will provide London and his team the infrastructure and tools to power the label, complete with a full suite of services that include audio & video supply chain, global distribution, analytics, rights management and detailed revenue reporting.
• Sony Music Publishing has signed a global agreement with the estate of Gregg Allman to administer its catalog of songs. The deal covers many compositions from his time as a member of the Allman Brothers Band, as well as songs that were written throughout his solo career.
Some of Allman’s most notable hits include “Whipping Post,” “Melissa,” and “Midnight Rider” by the Allman Brothers Band, and his critically acclaimed solo albums such as 1973’s Laid Back, 1987’s I’m No Angel, and his GRAMMY-nominated 2011 album Low Country Blues, produced by T-Bone Burnett.
• Songtrust, the world’s largest global publishing administration service, has unveiled a new logo and brand system to correspond with the company’s tenth anniversary. The updated look and feel was revealed to attendees of the first Songtrust Summit, a one-day virtual conference event exclusive to Songtrust clients, which was held on October 15.
Along with the design update, Songtrust has launched a new, updated edition of their Modern Guide to Music Publishing, a free, soup-to-nuts guide about music rights, royalties, and the options available to creators when it comes to managing them.