Rumors have been flying across the music enterprise for a number of months now relating to the sale of a catalog by Allen Kovac‘s Higher Noise Music (BNM) label.
At present (Could 10), MBW can clear up what’s actually been occurring, by way of affirmation from Higher Noise Music CEO Dan Waite and President Steve Kline.
MBW has confirmed that Allen Kovac offered 50% of the rock label’s 20-year-old catalog to Raven Capital in 2022.
Sources near the deal inform MBW that the acquisition was priced “within the area of $100 million”.
Kovac was suggested within the transaction by Tim Mandelbaum and the regulation agency of Fox Rothschild and by RBC Financial institution, Royal Financial institution of Canada.
The sale of 50% of the BNM catalog included titles from Awolnation, Papa Roach, Escape The Destiny, Buck Cherry, The Hu, Unhealthy Wolves, Soiled Heads, Drowning Pool, Hellyeah, Nico Vega, Chilly, Attica Riots, amongst different deeper catalog albums from BNM’s historical past.
The offered catalog albums at the moment are administered by Endurance Music Group, which is owned by Raven and headquartered in Nashville.
The Raven deal was fully separate from the Kovac-managed sale of Mötley Crüe’s grasp recordings to BMG in 2021, which was in the identical ballpark price-wise. (BMG known as the deal on the time its “largest single catalog acquisition”, suggesting it was someplace across the USD $90 million mark.)
What occurs now to the windfall from Kovac’s take care of Raven Capital?
In response to Waite and Kline, a big proportion of this cash has been – and is being – re-invested into Higher Noise to construct the label’s international footprint within the fashionable period.
Dan Waite, CEO of BNM, stated: “The sale of half of the Higher Noise Music catalog in 2022 signifies that lots of our ambitions for acquisition and enlargement at the moment are potential.
“A lot of our ambitions for acquisition and enlargement at the moment are potential… We’ve the deep pockets to spend on international advertising and promotion – in each USA plus Worldwide – that giant acts count on.”
Dan Waite, Higher Noise
“As Exhausting Rock and Various offers are ending at different labels, Higher Noise Music is turning into the pure house for these acts that need ‘main label’ outcomes with indie label sensibilities and a focus to element.
“We’ve the deep pockets to spend on international advertising and promotion – in each USA plus Worldwide – that giant acts count on.”
BNM CFO, Harris Masood, added: “The sale offers the funds to synergistically increase BNM international employees, purchase different labels and catalogs. In the meantime, it permits BNM to maintain all frontline artists, and the lively frontline albums from our present artists, plus our latest catalog titles, so 50% of the catalog stays in-house, a quantity that’s rising annually with new releases”.
Allen Kovac moved from CEO to Chairman of New York-headquartered BNM final yr; Dan Waite was promoted to the Chief Exec place, whereas Steve Kline was named President, including the position to his duties as COO.
In the meantime, BNM continues to chalk up US chart success within the onerous rock and different house.
The label at the moment has 3 of the Prime 15 tracks (and a couple of of the Prime 10) within the Lively Rock Mediabase radio chart: If It Doesn’t Harm by Nothing Extra (No.3), This Is The Approach by 5 Finger Loss of life Punch feat. DMX (No.6), plus Barely Respiratory by From Ashes To New (No.11).
(As of the week ending April 22, BNM had 4 of the Prime 15 on this chart, together with Darkish Void by Asking Alexandria.)
Moreover, BNM says it had the longest length of any monitor at No.1 on the Mediabase Various Radio Chart in 2023 with Rescue Me by Soiled Heads, whereas This Is The Approach (by FFDP and DMX) just lately hit No.1 on Billboard‘s Exhausting Rock Digital Tune Gross sales chart.
Steve Kline, President/COO of BNM, stated: “Higher Noise Music has been the #1 Billboard Exhausting Rock imprint year-on-year, and the #1 Lively Rock Radio label for five of the final 6 years.
“Higher Noise Music has been the #1 Billboard Exhausting Rock imprint year-on-year, and the #1 Lively Rock Radio label for five of the final 6 years.”
Steve Kline, Higher Noise
“We’re growing The Funeral Portrait and can break them like we did with Nothing Extra, Unhealthy Wolves and From Ashes to New, and we proceed to develop established acts like Asking Alexandria, giving them their first two number one hits of their lengthy profession.
“We’ve extra new signings we’re enthusiastic about to announce later in 2024”
Kline is on the advisory board to US-based indie label org A2IM, whereas Waite is on the Administration Board of EU-based indie label org IMPALA – every maintaining BNM near digital improvements throughout the worldwide enterprise.Music Enterprise Worldwide
