Who says Spotify gets to have all the IPO fun?
South Korean management giant Big Hit Entertainment just doubled its 2017 revenues to 92.4 billion won ($86 million), thanks largely to the success K-pop superstars BTS. The company is mulling an IPO, according to Bloomberg.
Ousted Epic Records exec L.A. Reid is bouncing back from sexual harassment woes with his new label, Hitco. According to Variety, Reid has just inked Big Boi to his new label.
The Allocation for Music Producers (AMP) Act has now been introduced into the Senate. “The bipartisan and now bicameral support for the AMP Act marks the first time U.S. legislation would protect the rights the studio pressionals who help create the essence the recordings we love,” Daryl Friedman, Chief Industry, Government, & Member Relations Officer for the Recording Academy told DMN.
Elsewhere, longtime Dixie Chicks manager Simon Renshaw is ficially retiring after 43 years.
Pandora has closed its $143 million acquisition AdsWizz, a company solidly focused on digital radio advertising. The move could help Pandora figure out some perplexing advertising problems.
Elsewhere, digital distributor INgrooves is possibly on the block to the tune $100 million — at least according to a report in Billboard. The company, now majority-owned by Shamrock Capitol, with Universal Music Group retaining a heavy chunk.
Turns out Jimmy Iovine is existing Apple after all: he’ll shift into a consultancy role starting in August.