On this episode of the Music Business Worldwide Podcast (supported by Voly Music), we speak to a legendary entrepreneur in the world of dance and electronic music: Patrick Moxey.
Moxey hit the headlines last week after Sony Music confirmed it had acquired 100% of the famed record label he founded, Ultra Records.
According to Moxey, Sony acquired 50% of Ultra Records via a partnership deal in 2013, and has now acquired the remaining 50% stake – from Moxey himself – to take full control.
As such, Moxey is walking away from Ultra Records, the label he founded way back in the mid-nineties, after more than 25 years. (Ultra's history really is a who's who of dance music: the label has released music by everyone from Steve Aoki to Roger Sanchez, Kygo, Deadmau5, Benny Benassi and many, many more.)
There are, though, big plans afoot: Moxey says he's readying the launch of a new independent record label, for which he has already employed 38 staff worldwide.
Moxey has additionally maintained ownership of Ultra's sister publishing company, which he says has a portfolio of 35,000 copyrights.
On this podcast, Patrick Moxey – also the founder of hip-hop specialist Payday Records – discusses the reasons he decided to leave Sony Music, and explains why he believes the streaming-led modern music business is the perfect place to grow his new venture.
He also talks NFTs, and why he thinks they will be an increasingly meaningful piece of the music business as it heads into the web3 era: Moxey says Ultra recently worked with DJ NGHTMRE on an NFT drop that raised $1.3 million within three hours.
The Music Business Worldwide Podcast is supported by Voly Music, the new bespoke financial management platform for people in the music business.