- There is that sweet sound of music as Universal Music Group's IPO debuted as the largest in the history of the music business, with the listing on Euronext Amsterdam valuing the company at more than $53 billion. The stock's closing share price was €25.10 – 36 percent above its initial reference price of €18.50. This IPO marks a major turning point for the industry, signaling the strong appetite for music content, also with the rise and sustained popularity of streaming services such as Spotify and Apple Music.
- Will brands continue to widen their scope and collaborate more and more with contemporary artists and designers (in addition to celebrities and star athletes) to transform products into art masterpieces? Such is the case with LVMH Moët Hennessy Louis Vuitton (LVMH), a luxury goods conglomerate, which has an abundance of cultural infrastructure in place to support these partnerships. LVMH's luxury Swiss watchmaker Hublot is partnering with a number of artists such as Brazilian artist Romero Britto, and writer and art world star Takashi Murakami to create new takes on the watch brand's Classic Fusion line.
- NFTs once again dominate the headlines this week with owners of KB24 (Kobe Bryant's former website) launching Kobe-inspired art collectibles as NFTs for a charitable cause and receiving more than 7,000 reservations for the auction already; Tiger Woods releasing an NFT collection of his digital signature and other memorabilia through Autograph (company co-founded by Tom Brady); and Jay-Z embroiled in a legal battle with Damon Dash over NFTs.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
