Sony Corp. is placing each Sony Music Leisure and Sony/ATV Music Publishing underneath the brand new umbrella of Sony Music Group, which Sony Music’s CEO Rob Stringer will helm as chairman.
The transfer is efficient Aug. 1, in accordance with an inner Sony memo obtained by Billboard, and represents a major structural change for the Tokyo-based conglomerate. For years, Sony/ATV has been separate from Sony Music Leisure, with their respective leaders till now reporting into company administration individually.
Beneath this new construction, Jon Platt, Chairman and CEO of Sony/ATV Music Publishing, will report back to Stringer. Platt will retain the authority and accountability he at the moment has with respect to the operation of the music publishing enterprise, in accordance with the memo from Sony Corp. president and CEO Kenichiro Yoshida. Till November of final yr, Sony/ATV had been owned as a three way partnership with different financials fairness stake holders, however Sony Corp. acquired the 70% it didn’t personal in a deal valued at $4.75 billion.
Along with taking up the chairman function, Stringer stays CEO of Sony Music Leisure, now the recorded-music arm of the brand new Sony Music Group.
In the meantime, Platt simply joined the corporate as chairman/CEO of Sony Music Publishing on April 1, shifting over from Warner Chappell Music, the place he held the identical title. He changed Martin Bandier, who had been in command of Sony/ATV since 2007.
“The aim of this new Group is to additional strengthen and solidify Sony’s place as a pacesetter within the music business and create new worth for the corporate,” the memo states. “This unification will assist us foster a better stage of collaboration between our recorded music and music publishing companies, whereas respecting and sustaining the independence and distinctive tradition of every group.”
In the meantime, Sony Music Leisure Japan will stay a separate entity reporting to Yoshida, who mentioned he expects the 2 firms “to proceed and additional strengthen their collaboration within the spirit of One Sony.”
Moreover, Yoshida mentioned to Sony Music Group staffers, “I’ve the utmost respect and belief in Rob and Jon who’re excellent leaders with huge business experience and have the robust assist of their workers, artists and songwriters. Working collectively, and together with your assist, I’m assured they may lead Sony Music Group to a brand new stage of success, remaining the world’s most artist- and songwriter-friendly music firm, and additional strengthening and securing our legacy for the longer term.
The memo says that the rise of streaming and different adjustments within the markets was behind the transfer to create the brand new construction. “We felt it was significantly necessary at this juncture for Sony to take proactive steps to maintain its management place within the music business by accelerating the collaboration and worth creation between our world-class recorded music and music publishing companies to strengthen our price to artists, songwriters and enterprise companions,” the memo states.
“It’s been 51 years since Sony entered the music enterprise by way of a three way partnership of CBS Sony Data in 1968,” Yoshida famous. “And, with the acquisition of EMI Music Publishing in 2018, Sony has turn out to be a good stronger music firm.”