5 Things You Missed in Music Business News
Things are constantly changing in the music industry and it’s important to stay on top of trends and news updates, especially as an independent artist. We’ve got you covered with a weekly recap of the top stories you need to know.
GLASTONBURY MUSIC FESTIVAL CANCELED
Glastonbury is one of the world’s biggest music festivals, featuring previous headliners like Jay-Z, Beyonce and Kanye West. However, due to the recent global COVID-19 pandemic, the festival runners decided to cancel the June show, which would have been its 50th anniversary. This year was supposed to include headliners like Kendrick Lamar and Taylor Swift but it looks like fans will have to wait for next year.
BANDCAMP TEMPORARILY WAIVING REVENUE SPLIT FEES DUE TO CORONA
Last Friday, March 20th, the independent music distribution service Bandcamp announced they were waiving their profit-split fee for 24 hours. In response to the fact that COVID-19 is affecting artists, producers, and writers’ income, they wanted to help out by ensuring “service fees received from music and merchandise sales (are given) directly to the artist whose work is purchased.”
PRESIDENT OF UNIVERSAL MUSIC GROUP TESTS POSITIVE FOR CORONA VIRUS
Sir Lucian Grainge, long time president of Universal Music Group, has tested positive for COVID-19 and is being treated at UCLA Medical Center. UMG oversees label operations for Republic Records, Def Jam, Island Records, Interscope Records and more. We hope he gets better soon!
LIVE NATION’S STOCK VALUE DOWN 50%
The music industry has taken a particularly large financial hit since the spread of the coronavirus, but touring is seeing the worst of it. With shows of all sizes getting canceled across the globe, Live Nation’s market capitalization plummeted from $16 billion to $7 billion, with share prices being slashed from $76/share to $36/share in just a week.
SOUND ROYALTIES GIVING OUT $20M IN ADVANCES TO MUSICIANS AFFECTED BY COVID-19
Sound Royalties, which is a US-based finance firm for artists, producers and songwriters, is making a huge effort to support music creatives who are losing income because of coronavirus. The company’s CEO is offering musicians the chance to “apply for zero-interest cash advances on a one-year repayment schedule with ‘no fees or costs of any kind.'” He is setting aside a pot of $20 million for this cause and says as long as you have proof of royalty income, you are eligible. You can apply on the Sound Royalties site or by calling 888-987-3224.