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ASCAP, BMI and SESAC open MusiCares relief fund for songwriters
Donations to the MusiCares COVID-19 relief fund have now exceeded $10million.
Story Highlights
- Donations to the MusiCares COVID-19 relief fund have now exceeded $10million.
- The Recording Academy says more is needed to meet the growing demand.
Performing Rights Organizations have joined in with the widespread donations to MusiCares, in aid of music professionals affected by the COVID-19 pandemic. ASCAP, BMI and SESAC have, together, opened a special MusiCares fund to specifically cater to songwriters and composers. Whilst the MusiCares fund (which has now exceeded $10million) was already open for music creatives in need of financial assistance, this newly-created songwriters fund will be available only to members and affiliates of the three performing rights organizations.
Though donations to the overall MusiCares fund has gone beyond expectations, so has the demand. Thus, according to a statement released today by The Recording Academy, more finances are needed to meet the needs of industry workers – as the coronavirus impact continues to take effect.
“It‘s inspiring to see every sector of the music industry band together during a time of need”, said Harvey Mason Jr. – Chairman of The Recording Academy.
Mason later added: “With the help of these latest contributions and the generous donations over the past few weeks, we‘ve been able to garner more than $10 million to provide aid for music people across all genres, crafts and disciplines affected by the coronavirus pandemic. That said, the need is still so great and these times remain critical for music people”.
the need is still so great and these times remain critical for music people
Echoing Harvey’s comments, Steve Boom – Chair of MusiCares – thanked ASCAP, BMI, SESAC and others who have extended an arm to grow the fund. But also emphasized that more is needed.
Boom shared:“We’re thrilled to see the continued support from organizations to help all the people who were depending on their next gig to make ends meet. There is still much more work to be done, and we hope that those who have supported us will continue to inspire others to do what’s needed for the music industry during this unprecedented time”.
BMI’s President, Mike O’Neil, said the company was ‘grateful’ to be able to join in with ASCAP and SESAC in being a help to the community of music creators during this time.
O’Neil closed by saying: “The creative community is resilient and will continue to inspire the industry as we get through this together”.
Elizabeth Matthews (Chief Executive of ASCAP) and John Josephson (SESAC Chairman/CEO) also acknowledged and thank each of the other two PROs – with the latter noting that “It is essential that we do all we can to make sure that our creators have the resources they need to navigate this crisis and continue practicing their craft”.
In addition to opening the MusiCares COVID-19 Relief Fund, The Recording Academy has made an appeal to Congress for further assistance for affected workers in the music industry. Local Chapters of the organization are also raising funds to help those within their respective regions.
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MBN Staff
News
UK Albums Chart Data: Kylie Minogue Hits No. 1 From Vinyl Alone
Australia pop icon Kylie Minogue recently scores her ninth UK No. 1 album with ‘Tension’, according to chart data.
Story Highlights
- Minogue shifted over 19k on vinyl, outselling the Number 2 album’s total combined sales.
Australian singer Kylie Minogue’s latest record moved 53,200 units to clinch the top spot on last week’s UK Albums Chart. ‘Tension’ marks Minogue’s first chart-topping album since 2020’s ‘DISCO’. The album’s title track and lead single ‘Padam Padam’ also cracked the UK Top 10 in recent months.
With nine UK No. 1 albums now to her credit, Minogue now joins elite company, with only Taylor Swift and Madonna now having more chart-topping albums as female solo artists (10 and 12 respectively). Additionally, Kylie is now tied with Coldplay and Bob Dylan, who also each boast nine UK No. 1 albums.
Breaking down to individual formats, ‘Tension’ moved 19,200 vinyl units, which allowed it to concurrently top the Official Vinyl Album Chart – demonstrating a generational love for physical amongst boomers. Impressively, Minogue’s vinyl sales alone not only outsold her streaming equivalent units, but it also would’ve still landed her the No. 1 spot even if the album did not sell on any other format.
Elsewhere on last week’s chart, pop phenom Olivia Rodrigo’s sophomore album ‘GUTS’, held firm at Number 2 in its third week, selling 16,600 copies. Rodrigo notably co-penned every one of the 11 tracks.
Rounding out the Top 3 is The Weeknd’s greatest hits compilation ‘The Highlights’. Now at 138 weeks on the chart, the album continues selling – which we can assume is partly in thanks to the success of singles like ‘Blinding Lights’, ‘Save Your Tears’, as well as his current world stadium tour.
Making waves with a No. 4 debut is the collaborative drill project ‘STRENGTH TO STRENGTH’ by Headie One & K-Trap. The album moved 6,300 units last week, becoming Headie One’s third Top 5 entry. For K-Trap, it marks a new personal best on the UK Albums chart.
US rapper Doja Cat claimed No. 5 with her fourth studio set ‘Scarlet’. Propelled by lead single ‘Attention’, the album kicked off with 6,100 total sales. Now with her third Top 5 LP, Doja Cat affirms her pop dominance on both sides of the pond.
Pop juggernaut Taylor Swift also claims two titles inside the Top 10 – ‘Midnights’ at Number Eight and ‘1989’ at No. 10, continuing to rack up notable sales week after week.
See below for a full sales breakdown of the UK’s Top 10, for the week ending Thursday, September 28th, 2023.
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MBN Staff
News
JKBX Allows You To Invest in Beyoncé’s Catalog
Music tech startup JKBX seeks to revolution music investment by allowing everyday fans to invest in their favorite songs.
Story Highlights
- JKBX, Founded by Scott Cohen, Seeks to Revolutionize Music Investment.
The emergence of song royalty trading platform JKBX has been creating quite the buzz in the music biz over the past year. After announcing plans to give fans and investors the chance to own royalty shares in hit songs, the company officially launched its platform this week.
Founded by former Warner Music Group Chief Innovator Officer Scott Cohen, JKBX is aiming to shake up the industry by bringing high-value songs to retail investors and music lovers. The platform went live on Tuesday, September 12, allowing users to reserve shares in smash hits ahead of their public listing.
While you can’t buy just yet, reserving secures you a spot to purchase royalty shares ahead of JKBX’s full approval from the United States Securities and Exchange Commission (SEC). The company will need the green light from the SEC before it can start officially selling stakes in these songs.
JKBX has already listed dozens of chart-toppers written by superstars such as Beyonce, Ed Sheeran, the Jonas Brothers and more. Each listing shows you stats like price per share, estimated royalty yield, streaming numbers, and revenue.
For example, one share in the composition for “Sucker” by the Jonas Brothers is currently priced at $28.41, whereas a share in the sound recording of the song (the master), is priced at $28.54 per share.
For anyone wondering how Ryan Tedder is able to offer shares in the master recording of the song through JKBX, let us explain. While Tedder does not actually own the ‘master’ (the song is owned by vanity label Jonas Brothers Recording, exclusively licensed by Republic Records), Tedder does have royalty points on the song as a producer, which is what he is offering on JKBX.
Cohen, who co-founded Sony Music’s The Orchard before joining Warner, says JKBX was created to give everyone access to owning successful songs. In a press release, the company says they are “bringing high-value songs to millions of retail investors and music fans alike”. “It’s an opportunity for people to invest in music they know and love.”
While JKBX awaits SEC approval, Cohen remains optimistic they will give them the go ahead. He stated, “We’re in the process of seeking regulated approval so customers can start purchasing royalty shares as a regulated offering.”
But how likely is it that the SEC grants approval to this disruptive and unprecedented business model? Forbes Contributor Bill Hochberg questioned whether or not exchange-traded song royalties will be a good investment.
We are bringing high-value songs to millions of retail investors and music fans alike.
In additon to its main platform, JKBX has also launched a Creator Program to pay artists whose songs get listed. The company will share revenue with them, even if they don’t own rights. Cohen defended the move, saying “When a songwriter or producer sells the rights to their work, they do not need to get the consent from the original recording artists. We wanted to defy this industry norm and actively go out of our way to make the recording artists aware of the listings on our marketplace.”
The platform’s affiliate Jukebox Hits Vol. 1 will work with rightsholders to determine which songs to list. They’ll then purchase a cut of the royalty streams and then sell pieces to investors on JKBX. So while you won’t actually own the rights, you’ll get paid as the songs earn royalties.
JKBX believes this new way of investing in music will transform the industry. Everyday people now have a chance to profit off the success of their favorite songs. As Cohen put it, “We’re a small company with big ambitions”. Time will tell if the SEC agrees to let their vision become a reality.
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MBN Staff
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