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The Music Industry
Transcript of The Music Industry
1963: Warner Bros. Records bought Reprise Records.
1970: The first major music distribution company in the United States is formed called Warner- Elektra- Atlantic (WEA Corp.), and this marks the beginning of Warner Music Group.
1971: WEA International is formed and WEA Australia and Japan are created followed with WEA Germany, France and Canada.
1973: Warner buys Asylum Records and offices are opened in New Zealand. 1975: WEA International open offices in Italy and the Netherlands and the following year they open offices in Latin America.
1978: Bought half of Sire Records and entered Southeast Asia.
1986: WMG creates WEA Manufacturing, the first CD manufacturing plant for the company.
2000: WMG offers a library of digital downloads in the U.S. and Canada for the first time.
2001: WMG begins selling its music through iTunes.
2003: Time Warner announces the sale of WMG to a private investment team and WEA Manufacturing is sold to Cinram International.
2007: WMG is named one of America's "Most Admired Companies" by Fortune magazine. 2008: Atlantic Records becomes the first label to make more than 50% of its music sales from digital products in U.S., and WMG partners with two other major labels and MySpace to form the MySpace Music joint venture.
2010: in Q4, WMG accounces that new reveune streams made up of 40% of company revenue.
2011: Access Industries, Inc. buys WMG for $3.3 billion and WMG is now a wholly-owned subsidairy of Access and thus no longer traded on the NYSE. Key People Stephen F. Cooper CEO Stephen Bryan Executive Vice President,
Digital Business Development Paul M. Robinson Executive Vice President &
General Counsel Mark Ansorge Executive Vice President,
Human Resources & Chief
Compliance Officer Brian Roberts Executive Vice President
& CFO WIll Tanous Executive Vice President, Communications & Marketing History Economics Employ over 4000 people History 1938 2000s- Present 1960s CBS bought American Record corporation, ARC was renamed Columbia Recording Corporation 1951 William S. Paley, head of CBS, was convinced by Ted Wallerstein to buy ARC and was thus named head of ARC Before retiring in Wallerstein restored Columbia's status as a leading record company
Wallerstein introduced the company to the long player (LP) record
Columbia severed its ties with EMI Records 1953 Epic Records is founded 1958 Columbia founded Date Records 1960 Columbia. CBS began negotiations with its main international distributor, Philips Recordss.
CBS' main goal was to become its own global record company. 1962 the international arm of CBS was launched using the CBS name only
Philips Records continuing to ditrbute the label in Europe 1964 CBS extablishes its own UK distribion using Oriole records EMI continues to distribute for Epic and Okeh records until the distribution deal expires in 1968 1966 CBS reorganises its structure and Leiberson is now the head of the new "CBS-Columbia Group and CBS Records company is a separate unit of this new group 1968 CBS and Sony form CBS/Sony Records, a Japanese business joint venture.
Since Sony is one of the developers behind the compact disc, a CD production plant is constructed in Japan under the joint venture 1970 CBS revived Embassy Records which was closed when CBS took control of its parent company Oriole Records 1971-1972 CBS Records is expanded into its own "CBS Records Group" led by Clive Davis. It was led successfully by Davis until his dimissal in 1972 and is replaced with Goddard Lieberson. 1980s During the 80s is when CBS/Columbia gained alot of recgonition. In 1986 CBS Songs was sold for $125 million. 1987 CBS was the only big three American TV networkto co-own a record company
The Sony Corporation of America bought CBS Records for $2 billion 1990s In 1990 CBS Records is renamed the CBS Masterworks classical Music label to Sony Classical records 1991 On January 1st, 1991, the Company was renamed Sony Music Entertainment Also, the Columbia label was introduced world wide 1995 Sony and Michael Jackson formed a joint venture called "Sony/ATV Music. Sony/ATV is a music publishing company. In August 2004, SME merged with BMG to form Sony BMG Music Entertainment On August 5, 2008, Sony agreed to buy Bertelsmann's 50%, and once again the company is camed Sony Music Entertainment. July 1, 2009 SME and IODA announced partnership to leverage combined online retail distribution and supporting technology. Currently, SME is the second largest label Kevin Kelleher Clive Davis Key People Doug Morris Chairman &CEO CFO Chief Creative Officer Economic Overview Sony Music Entertainment has offices in 47 countries. Headquarters: New York City Stock Price: $11.23 Operating Income: $6 billion Revenue: $75 million Universal Music Group Sony Music Entertainment Universal Music Group Game Changers Vevo
Songza Overcoming Economic Problems Game Changers Vevo is a joint venture music video website operated by SME, UMG and Abu Dhabi Media. Avaliable in U.S., U.K., Canada, France, Ireland, South Africa, Australia, New Zealand, Brazil, Spain, Greece, and Italy Top Ten Viewed Songs The Most Viewed Video: 10. Call Me Maybe by Carly Rae Jepsen
9. Not Afraid by Eminem
8. Ai Se Eu Te Pego by Michel Telo 7. Bad Romance by Lady Gaga
6. Waka Waka by Shakira
5. Party Rock Anthem by LMFAO 4. Love The Way You Lie by Eminem
3. On The Floor by Jennifer Lopez
2. Baby by Justin Bieber 1. Gangnam Style by PSY Napster was the first peer-to-peer file sharing program avaliable
Developed by Sean Parker, Shawn Fanning and John Fanning and was released in 1999. Effect on the Music Industry Music sales dropped 47% from $14.6 billion to $7.7 billion Approximatly between $7 billion to $20 billion worth of music is illegally downloaded Over claims of copyright infringments, RIAA ordered LimeWire to shut down In early 2011, RIAA announced their intention to sue LimeWire On May 13, 2011; 13 record labels were paid $105 million in an out of court settlement. Overcoming Barriers There are many songs featured in televison commercials One strong player of helping the music busniess is Televison and FIlm "Good music makes good times" I'd like to say thank you on behalf of the group and ourselves and I hope we've passed the audition. Conclusion - John Lennon How does the music industry help the economy? Guess the song!