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Digital Economy

Tencent Music takes a minority share in virtual entertainment platform Wave

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By Emmanuel LegrandChina's Tencent Music Entertainment Group has acquired a minority stake in US start-up Wave, a Los Angeles-based company providing animated live concert technology that transforms artists and fans into animated avatars. Under the partnership, Tencent Music will be able to broadcast Wave's concerts on its various platforms, including QQ Music, Kugou Music, Kuwo Music and WeSing. Terms of the transaction were not disclosed. "Through creative cooperation models, both companies w...

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Emmanuel is a Washington, DC-based freelance journalist, blogger and media consultant, specialising in the entertainment business and cultural trends. He was the US editor for British music industry trade publication Music Week. Previously, he was the editor of Impact, a magazine for the music publishing community (2007-2009), the global editor of US trade publication Billboard (2003-2006), and the editor in chief of Billboard’s sister publication Music & Media (1997-2003).

Digital Economy

beatBread appoints Troy Skabelund as CFO

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AI-driven funding platform for music beatBread has appointed Troy Skabelund as Chief Financial Officer. At beatBread, he will oversee all financial strategy and operations, including capital efforts, financial reporting, financial planning & analysis, compliance, and risk management.

Based at the company’s Utah offices, he reports to John Haller, beatBread’s COO and co-Founder. Skabelund has held finance leadership roles in a series of tech businesses over recent years, after more than ...

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Creative Industries

Music deals — Week 21, 2023

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Here's a list of the main music deals announced in the past week:

Universal Music Group is on course to acquire the recording and publishing catalogues of British band Queen for $1 billion, according to a report from CNN. Citing a source familiar with the music acquisition, CNN said that discussions are “well underway” for Universal Music Group to acquire Queen’s catalogues. The source also added that the sale could exceed $1 billion and that the de...

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Creative Industries

Key figures — Week 21, 2023

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$5.4 billion

That's the combined market capitalisation of South Korea's four biggest K-pop music agencies — Hybe, SM Entertainment, YG Entertainment and JYP Entertainment Corp. — whose shares have jumped at least 30% this year, double the advance in the benchmark Korea Composite Stock Price Index (KOSPI) this year. Bloomberg said overseas funds are "snapping up the stocks" as they outperform global recording labels including Universal Music Group and Warner Music Group.

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