Business

Gimme Shelter: Apple Secretly Moved Some Profits to Offshore Tax Haven

Apple revamped its overseas subsidiaries to take advantage of tax loopholes on the European island of Jersey after a crackdown on Ireland’s loose rules began in 2013, according to The New York Times and the International Consortium of Investigative Journalists. The news outlet and the nonprofit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung and shared. The cache of 13 million secret documents came from Appleby, a Bermuda-based law firm that helps businesses and wealthy individuals find tax shelters. The moves came after a U.S. Senate subcommittee found in 2013 that Apple had avoided tens of billions of dollars in taxes by using overseas havens. The paper said Apple has $128 billion in offshore profits not taxed by the U....

Grammy Music Education Coalition Reveals Plans to Expand Music Education in Public Schools

With the goal of boosting the number of youth creating, playing and performing music in U.S. public schools, the Grammy Music Education Coalition (GMEC) announces its launch today (Nov. 7). The nonprofit collective is comprised of more than 30 of the nation’s most forward-thinking music education organizations, including the National Association for Music Education, the NAMM Foundation (National Association of Music Merchants), VH1 Save the Music Foundation and Lang Lang International Music Foundation. In announcing GMEC and what he calls the “first-of-its-kind” approach, Recording Academy president/CEO Neil Portnow tells Billboard that the concept was sparked by a what-if. “The big dream was what if every young person had the opportunity to be involved with music through the public school...

Scooter Braun Receiving Humanitarian Award at Music Biz 2018

The Music Business Association (Music Biz) announced on Monday that music manager and philanthropist Scooter Braun will receive the Harry Chapin Memorial Humanitarian Award at the Music Biz 2018 conference, being held May 17, 2018 at the Omni Nashville Hotel in Music City. Braun is being singled out for his considerable charitable efforts, which include organizing two major benefit events this year alone. In June, Braun spearheaded the One Love Manchester benefit concert to support victims of the terror attack at Manchester Arena during an Ariana Grande concert. The concert, which featured Grande, Justin Bieber and Coldplay, raised over $22 million for the We Love Manchester Emergency Fund. Three months later, Braun leaped into action to organize Hand in Hand: A Benefit for Hurricane Relie...

Russian Media Outlet Accuses Google of Political Censorship

As the controversy over Russia-linked content on U.S. websites continues, Russian online news outlet Federal News Agency accused Google of political censorship as its stories no longer show in Google News’ search results. “FNA staff believe that that blocking of Google News users’ access to content from Federal News Agency is an act of political censorship in the interest of the US government, aimed at restricting information on fighting international terrorism,” the news outlet said in a statement. “To force Google to observe Russian and international law, the staff of Federal News Agency is preparing addresses to the [Russian] Anti-Monopoly Service and other government agencies, as well as a lawsuit,” it went on to say. FNA has a special focus on the m...

Kobalt Capital Raises $600 Million to Buy More Copyrights

Kobalt Capital, the investment advisor arm of music services firm Kobalt, has raised $600 million in order to acquire new music copyright catalogs. The funding round was led by U.K. railroad pension fund Railpen, along with other backers, and is broken down as $345 million in equity for investors, with the rest in debt. The fund is separate to Kobalt’s core music publishing business, which has been careful to not own copyright as to avoid any conflict of interest with clients. Kobalt Capital was created to give copyright users a path to sell their copyright and earn capital. It launched in 2011 and has spent over $350 million on music copyrights to date, including back catalogs for Steve Winwood, Lindsey Buckingham, the B52’s and others. Kobalt uses its suite of technology and ...

Berklee Online Adds First Master’s Programs, for Music Biz and Production

Berklee College of Music’s online school has announced its first two master’s degree programs, one for music production and another for the music business. Each program will consist of 12 online-based courses and give students a chance “to spend a year doing everything they love and honing their knowledge and skills to advance their career in the music industry,” said Carin Nuernberg, Berklee’s vp of online education. Students seeking a Master of Arts in Music Business will learn about artist management, marketing, licensing, branding, and touring, with featured faculty including SiriusXM expect Casey Rae and lawyer John Kellogg, among others. Those working towards a Master of Music in Music Production will focus on advanced recording, mixing, and mastering, v...

Russian Investor Helped Kremlin-Connected Firms Invest in Facebook, Twitter

A Russia-born billionaire and founder of a host of Russian technology startups was instrumental in helping two Kremlin-connected companies make major investments in Facebook and Twitter, leaked documents show, according to the New York Times and other newspapers. Yuri Milner, a self-made billionaire who founded mail.ru, one of Russia’s top five Internet platforms that is often referred to as “the Google of Russia,” lives in Silicon Valley and channeled a $191 million investment from Russian state bank VTB into Twitter and, via an offshore company, purchased $1 billion in Facebook shares for Gazprom Investholding, according to the Paradise Papers.  The Paradise Papers, a trove of 13.4 million secret documents revealing the complex web of offshore tax dodges used by the ric...

Why JAY-Z’s 4:44 Tour Will Be His Highest Grossing Solo Run Ever Despite Cheap Tickets on StubHub

Compared to the 2013 Magna Carta Tour, sales are up 21 percent. The JAY-Z tickets selling for $6 a pop on StubHub don’t reflect soft demand for his tour: they’re actually a sign that the hip-hop star has successfully priced ticket scalpers out of the game by charging market rates for the best seats in the house. Just three dates in, JAY-Z’s 4:44 Tour is already the rapper’s highest grossing solo tour ever, promoter Live Nation tells Billboard. Average gross for the 4:44 Tour’s completed shows is up 21 percent over his 2013 Magna Carter Tour — Live Nation said the Honda Center show in Anaheim, Calif., earned nearly 49% more than the same stop in 2013. “This tour will be the biggest headlining tour of Jay’s career,” says Omar Al-Joulani, VP of touring at Live Nation. Sales for JAY-Z’s ...

Garth Brooks Returns To Washington With Fives Shows At The Tacoma Dome

Friday’s concert was Brooks’ first show in Evergreen State in 20 years Over 100,000 people are expected to descend on Tacoma, Washington this weekend for a string of five Garth Brooks shows that started Friday night (Nov. 3) and will end Sunday evening (Nov. 5).  “We’re going to be way too loud — I’m just going to warn you right now — and we’re going to play way too late,” Brooks said at a press conference announcing the Tacoma Dome shows, his first in Washington state after a nearly 20-year absence.  Brooks has already sold six million tickets on his North American tour, which launched in 2014, and continues to steam through the U.S. with multiple sellouts in nearly every town he’s played. Tacoma will be one of the last stops on the tour and...

Executive Turntable: New Promotions at BMI, Plus Moves at iHeartMedia, Nettwerk & More

Broadcast Music, Inc. (BMI) has announced a series of key executive promotions within its creative team, effective immediately. Barbara Cane assumes the newly-created role of VP of worldwide creative and advisor to the EVP of creative & licensing. Working with BMI’s creative executives, Cane will continue her efforts to cultivate the company’s industry relationships and support their songwriting roster. She will also serve as an advisor to EVP of creative and licensing, Mike Steinberg, to whom Cane will report. She will be based in both Los Angeles and New York for her new role. “Barbara’s reputation within the industry is unparalleled, and I have asked her to continue her work nurturing, developing and guiding BMI’s songwriters, but now from a global perspective,” Mike O’N...

Pandora Is Losing Active Listeners, Selling Fewer Ads: What Will New CEO Roger Lynch Do?

It’s because of companies like Pandora that many in the industry are referring to this past summer as the “Summer of Streaming” — and not necessarily in a positive light. Within the span of a single month (namely June 2017), Pandora saw its original founder and CEO Tim Westergren, chief marketing officer Nick Bartle and president Mike Herring leave the company, sold its “Eventbrite-killer” acquisition of Ticketfly to Eventbrite and accepted a $480 million investment from SiriusXM after months of searching for a buyer. Roger Lynch, the former chief of video streaming service Sling TV, joined Pandora on Sep. 18 to replace Westergren and Herring as CEO and president and was immediately faced with the ultimate challenge of revitalizing a sinking ship. After six weeks on the job, Lynch ca...

Primary Wave Co-CEO David Guillod Takes Leave of Absence Following Sexual Assault Claims

A day after he was accused of sexual assault, Primary Wave co-CEO David Guillod has taken a leave of absence from the company, The Hollywood Reporter has learned. Ted actress Jessica Barth said yesterday that Guillod drugged her at a dinner in 2012 and then sexually assaulted her. Guillod, an executive producer on Atomic Blonde whose clients include Gina Rodriguez, Paula Patton and Meagan Good, joined Primary Wave in 2015 when it merged with the company he founded, Intellectual Artists Management. “Following recently reported accusations, David Guillod is taking a leave of absence from Primary Wave Entertainment, effective immediately, in order for this matter to be thoroughly investigated,” according to a joint statement from the Primary Team executive team. “We take any accusations...