Music Week’s round-up of essential music biz stories you might have missed...
One Media iP multi-million pound placing
Digital music rights acquirer, publisher and distributor, One Media iP, has announced it has conditionally raised £6.04 million through a placing of 86.3 million shares to new and existing institutional and other investors, priced at 7p each. The funds raised by the company will be used to acquire exclusive rights to expand digital assets over copyrights in performance and written shares. This will be through the Harmony iP asset release program.
Rotimi signs with Empire
Singer-songwriter Rotimi has signed a multi-million dollar deal with Empire. The singer is known for his role in the Starz series Power and has four mixtapes and over 40 million streams to his name. “His excitement for his craft cuts through in everything he does,” said COO, Empire, Nima Etminan. “We’ve already enjoyed success together and the Empire family is thrilled to enter the next chapter of our partnership with Ro.”
Reservoir sign multi-platinum rapper Divine
Divine, an India-based multi-platinum rapper has been signed to Reservoir in a worldwide publishing deal. Global rights to his catalogue and future works will be a part of the deal. It has also signed with the rapper’s company Gully Gang Entertainment, which owns Gully Gang Records as they join to sign and develop new songwriters. This combined deal has been named the first of its kind for India.
Jackson Dean signs to Big Machine
Maryland singer-songwriter Jackson Dean has signed to Big Machine Records. Dean joins a roster that includes Tim McGraw, Rascal Flatts, Sugarland, Carly Pearce, Midland, The Cadillac Three, Payton Smith, Noah Schnacky and Dan Smalley. “You best believe the freight train is comin’,” said Dean. “I can’t wait to share my music with the world with the support of such a hardworking and innovative team.”
Big Hit announces H1 2020 performance
Big Hit Entertainment has announced its projected revenue is currently 294 billion KRW (£203.52 million) and 49.7 billion KRW (£34.42 million) in operating profits for H1 2020. It credits its Big Hit Ecosystem to its performance, through the cycle of connecting labels, business