Overnight news from around the world: Friday, August 5

Warner losses down as revenue rises

Warner Music Group losses shrunk to $9 million on revenues of $811m for Q2 2016, well down from the $44m loss it reported in the same period last year. Revenue was up 14%, which the firm attributed to increases in digital and physical revenue, artist services and expanded rights. Its recorded music arm accounted for 83% of total revenues at $680m, with digital making up 51.2% at $348 million. Record label operations posted $680m in operating income before depreciation and amortization, interest and taxes, up 48.8% year-on-year from $43m. (Billboard)

Crowdmix sold to main investor

Bankrupt social music startup Crowdmix has been sold to billionaire real estate tycoon Nick Candy, who was also its main investor. Candy had previously invested more than $10 million of the $18 million that the London-based company had spent prior to going into administration last month. It is yet to officially launch. (Business Insider)

Warner 'considering LA office move'

Warner is considering moving its west coast headquarters from Burbank to downtown Los Angeles. The company is said to be eyeing the Ford Factory in downtown's newly revamped arts district. The new west coast headquarters would also move other WMG businesses - such as Warner/Chappell - into a unified space, according to sources. (Billboard)

US DOJ rejects confirms 100% licensing

In a massive blow to songwriters, publishers and performance rights organisations, the US Department of Justice has decided not to alter the consent decrees ruling rights societies ASCAP and BMI. In addition, despite vehement opposition, it decided to implement what is known as “100% licensing,” a scheme which allows a right holders to license full works even thought they only own a fraction of the rights. (Music Week)

ASCAP and BMI on the offensive against the Department of Justice

ASCAP and BMI have vowed to fight the US Department of Justice’s recent decision not to alter the consent decrees governing the two performance rights organisations and to push for consent decree reform, for BMI through litigation and for ASCAP through legislative action. In an unprecedented display of union, the two societies have issued a joint statement in which they shared their belief that the DOJ’s decision to mandate 100% licensing "will cause unnecessary chaos in the marketplace and place unfair financial burdens and creative constraints on songwriters and composers". (Music Week)

SESAC and SUISA combine to launch Mint Digital Licensing JV

US music rights organisation SESAC and Swiss collection society SUISA are forming Mint Digital Licensing, the first transatlantic alliance between organisations that represent musical works on behalf of music publishers, songwriters and composers. From January, the two companies will work closely together to licence and administer the rights to use musical compositions in online music services. (All Access)

BMG bolsters production music business with Altitude Music acquisition

BMG has expanded its production music offering with the acquisition of UK agency Altitude Music. Altitude was founded in 2010 by custom TV and film composers Caspar Kedros and Scott Doran. Its catalogue has been used in several TV campaigns (Spooks, CSI: NY and the BBC’s The Night Manager), and well-known adverts for the likes of Ikea, Sky and Google. (Music Week)

For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to receive our daily Morning Briefing newsletter