Also Happening: BMI, Sony Music, Cherry Lane, Paula Abdul, UMGD, INgrooves, Wall Street

  • Performance rights group BMI posted a small, 0.4 percent revenue increase to $905 million during the most recent fiscal year (ending June 30th).  Distributions also edged slightly upward to $788 million.  The company pointed to incredibly difficult market conditions.
  • The suite of artist sites associated with Sony Music Entertainment collectively ranked tenth among all music destinations, according to a June ranking by comScore.  The label counted 33 million visits and almost 20 million unique visits globally.  Others in the ranking included AOL Music, Yahoo Music, MySpace Music, MTV Networks, Last.fm and Imeem.
  • Cherry Lane Music Publishing recently sealed a multi-year music administration pact with Summit Entertainment.  The agreement does not include North America.
  • Paula Abdul is returning to the tube as host of ‘VH1 Divas,’ her first post-Idol gig.
  • Universal Music Group Distribution has now finalized a direct-to-fan deal with Echospin.  The benefits can be accessed by the entire UMGD roster of artists and labels.
  • INgrooves has now released a Spinal Tap short film on iTunes.  The exclusive, a collaboration with Shorts International, is titled Stonehedge: ‘Tis a Magic Place.
  • In Tuesday action on Wall Street, the Dow edged upward by 30 points to reach a yearly high of 9,539.29.  The mood was somewhat upbeat, and a number of music-related stocks posted slight gains – including Apple (AAPL), Hot Topic (HOTT), Rovi Corporation (ROVI), and CBS (CBS).  Among the bigger movers, RealNetworks (RNWK) bumped 11.38 percent to $3.52, while Sirius XM Radio (SIRI) slipped 4.11 percent to just under 7-cents.  Low-lying terrestrial radio stocks remained volatile.