Music Week's round-up of essential music biz stories you might have missed...
7digital funding
In its interim results, 7digital has reported that licensing revenue is up 5% to £2.5 million. The company's adjusted operating loss is down 21% to £2m. 7digital has also announced a subscription to raise a further £1.8m. It brings the total funding over the past three months to £5m.
Paul Langworthy, CEO, said: "The music industry has experienced continued growth, which has been led by the expansion in streaming services. Having reduced our operational costs and secured this new funding, we are in a good position to benefit from this industry trend and expedite the scale-up of the business. With the additional financing we are able to implement our plan to build a new partner programme to drive new customer growth, expand sales and support in the US market as well as invest in market-driven product development thereby delivering sustained growth and shareholder value."
BMG Production Music
BMG Production Music has promoted senior management executives Scott Doran and Paul Gulmans.
Marking the first major changes since the promotion of John Clifford to global EVP and MD, Doran succeeds Clifford in running BMGPM’s UK business as MD. Gulmans moves into a new combined role, MD Benelux & VP international business development. Current BMGPM Benelux MD Laura Bell has decided to step down at the end of September.
UTA Nashville
UTA has signed a long-term lease for new Nashville headquarters. The Nashville team plans to move in within the first quarter of 2020 following construction.
Since opening in 2012, UTA’s Nashville office has grown to nearly 20 times its original size and has promoted 10 employees in the past two years alone. The group represents touring headliners including Toby Keith, Clint Black, Trace Adkins, Craig Morgan and Clay Walker.
“Nashville is a powerful creative hub, built on storytelling and compelling live entertainment,” said UTA CEO Jeremy Zimmer. “We are excited for our new space to serve as a great resource for the creative community and are committed to building our presence in Music City.”
Depeche Mode movie
Depeche Mode, Trafalgar Releasing, Sony Music Entertainment and BBH Entertainment have announced a feature-length documentary and concert film. Spirits In The Forest arrives in cinemas worldwide for a one-night event on November 21.
The Global Spirit Tour saw the band play to over 3 million fans at 115 shows around the world.
Marc Allenby, CEO of Trafalgar Releasing, said: “As a band who have always been on the cusp of innovation with their unique sound, we look forward to bringing fans around the world together to celebrate one of the most exciting and influential music acts of the last century.”
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