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Industry Updates: Acquisition and Bankruptcy

Welcome to this week’s industry updates. We strive to keep you informed on the latest and greatest news throughout the industry!

Trouble Across the Ocean:

An investigation has been opened into the ticket website Viagogo by the National Trading Standards  for the persistent misleading of consumers. This occurred only hours after the digital minister, Margot James, urged consumers to boycott the company. This is shocking as it’s rare for a government minister to place the spotlight on a singular company for its behavior.

Viagogo is accused of misleading consumers by failing to be transparent about excess fees added to the ticket prices displays online. It had received previous warnings from the regulator, but nothing was done. It also deluded customers by listing the phrase “official site”, creating the assumption that Viagogo was a primary ticket agent rather than a website designed to resell tickets. Furthermore, they promise “100% guarantee” to those who purchase tickets from their website although this cannot be promised through a resale site.

The ASA has requested that search engines such as Google and Bing remove some of the Geneva-based company’s listings. It has also launched an advertising campaign to highlight the Viagogo’s deception.

Big News For Sony:

One of the powerhouses of the music industry just got stronger. Sony has made the move to pay $2.3bn to take control of EMI Music Publishing. This cements the company’s place as the globe’s largest music publishing company.

2.1m EMI songs have been added to Sony’s already extensive catalogue of 2.3m songs as a result of this acquisition. EMI’s catalogue includes a variety of artists such as Carole King, Kanye West, Pink, Sam Smith and Drake. This marks Kenichiro Yoshida’s first deal as the new chief executive.

The music publishing sector of the industry has become a progressively significant cash-flow generator as the music industry moves into the digital age. Each moment something is streamed or sold, the label accumulates income for the recording, while the publisher collects for the songwriters.

Gibson Guitar Bankrupt:

The makers of rock and roll’s favorite guitars, Gibson Brands, has filed for bankruptcy protection after enduring a demoralizing financial fall from its investments in consumer electronic brands. Gibson stated Tuesday that it needed court protection from creditors to reorganize its business. The company plans to continue the business of designing, building and selling instruments and equipment but will close its branch that makes Philips headphones and other electronic accessories.

EchoMe Artist of the Week May 17 – Whethan

Whethan

Talented beyond his years, DJ and producer Ethan Snoreck, better known as Whethan, is building upon an already fast-paced breakout onto the electronic music scene. The eighteen-year-old Chicago native has transformed from a gifted SoundCloud producer to travelling the United States alongside The Chainsmokers and shredding his first headline tour within two years. His first release on SoundCloud was his edit of Mssingno’s “XE3”, which now has over 10 million plays. Wheaty continued by remixing tracks for the likes of fellow Chicagoans Louis The Child, Elohim, and ZAYN, and quickly gained himself attention. Two innovators of the EDM sound, Skrillex and Flux Pavilion, discovered Whethan’s raw potential and set him up to start producing tracks of his own.

Releasing fire single after fire single since early 2016, the kid was a regular at all the biggest festivals throughout Spring and Summer 2017. His sets on the Do LaB Stage at Coachella 2017 confirmed his spot as the next up-coming DJ. What sets Whethan apart from any DJ doing it right now is his assortment of sounds. He has the ability to create an up-tempo EDM jam with a big drop such as his late 2016 single “Savage” (feat. Flux Pavilion & MAX), or slow it down and combine indie vibes with electro like his hit single and debut tour’s title “Good Nights” (feat. Mascolo) June, 2017. While most DJs find their sound and stick to it, Whethan gives versatility a new meaning.

With the help from friend and up and coming vocalist Oliver Tree, the future star is producing heat with their first two collabs. In 2016 they dropped “When I’m Down”, which now has over 8.5 million hits on Spotify, a new Pop-style vibe with dope lyrics and a catchy beat. In Fall 2017 Whethan and Tree dropped “Enemy”, following in this Pop-style direction. He has continued down this avenue while producing “Aw Yeah” April, 2018, for the talented young rapper Blaise Railey.

Eighteen years old with almost 5 million Monthly Listeners on Spotify and a plethora of raw remixes and originals already under his belt, Whethan is exploding onto the scene. His style and creativity will continue to push him to the next level.

 

Instagram followers when published: 65k

SoundCloud followers when published: 127k

Spotify Monthly Listeners when published: 4,699,205

 

By: EchoMe SBM John Faus