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Scotland is “seriously considering” ticket levy on stadium and arena gigs to support grassroots venues
Taylor Swift, Beyoncé and Harry Styles to pay a levy to help the nation’s small and medium-sized live music spaces.Angus Robertson, SNP Culture Secretary, has said he would consider the tax amid concerns over the future of arts funding in Scotland.It came after he was questioned in Holyrood by Green MSP Mark Ruskell, who suggested that the introduction of just a £1 levy on each ticket could help raise over a million pounds per year.Robertson went on to say that “new thinking” was needed in terms of arts funding in the country.He explained: “We have gone through a pivot point during the pandemic; there has been a change in social behaviours and there has been extreme distress in the arts and cultural sector.“We acknowledge that and we have tried to support the sector through that difficult period.”Robertson added: “The levy proposal is worthy of further consideration.”The Music Venue Trust (MVT) said 120 grassroots venues have closed across Britain in 2023 alone, and that Scotland is “disproportionately” affected (via The Times).Those in favour of the levy have suggested that the additional £1 would go unnoticed by most concertgoers as tickets for these huge shows usually have high prices to begin with.However, critics have claimed that the tax could further price out those on lower incomes because these concerts are already expensive and come with additional fees.Tickets for Taylor Swift‘s upcoming ‘Eras Tour’ dates at the Murrayfield Stadium in Edinburgh, for example, cost £109.40 for general standing access.
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Hipgnosis Song Fund delays financial results over concerns songs are being under-valued
Chic legend Nile Rodgers and Merck Mercuriadis – former manager of acts including Elton John and Beyoncé – and was set to share its half-year results today (December 19).However, it has confirmed that it will be delaying the publication of the results due to concerns that music catalogues and songs are not being valued high enough amid a sale.As reported by The Independent, the UK firm decided to sell just under 30 music catalogues to the sister fund, backed by investment giant Blackstone in September this year.The deal valued the assets at about $418million (£360million), however, this number was down by nearly a quarter compared to the valuation it was given back in March.It came as the company revealed it did not receive any better offers as interested parties “could not justify” a higher price, and also sold 20,000 “non-core” songs for about $23million (£20 million) – nearly a 15 per cent discount on a September valuation.Amid the potential sale, Hipgnosis – which spent $1billion (£720m) acquiring artists’ back catalogues in 2021 – stated that the valuation received from an independent valuer is “materially higher than the valuation implied by proposed and recent transactions in the sector”.As confirmed by the outlet, a spokesperson for Hipgnosis has said that the company has sought advice from its investment adviser, Hipgnosis Songs Management, which gave the board “concerns as to the valuation of the company’s assets in its interim results”.It was also reported that the fund launched a strategic review two months ago, which could potentially lead to the replacement of founder and chief executive Mercuriadis.The half-year results are now expected to be published by December 31.

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