Bainwol To Exit RIAA?
RIAA Chairman/CEO Mitch Bainwol is a candidate to take a leadership role with the Alliance of Automobile Manufacturers, a trade group consisting of 12 vehicle manufacturers, according to a Billboard.biz update of a Cnet report. Though specific details regarding his departure have yet to be confirmed, Bainwol has notified the RIAA board of directors that he may exit the company soon. (8/1)
U2 Closes Record-Breaking Tour
U2's 360° tour totaled more than $736 million in gross revenue and yielded an attendance of more than 7.2 million. Both figures are the highest tour totals ever reported, according to a Billboard.biz report. The gross revenue figure topped the Rolling Stones' previous record of $558 million during their Bigger Bang tour in 2005–2007. U2 kicked off the 360° tour in Barcelona, Spain, on June 30, 2009, and performed 110 dates, winding up in Moncton, New Brunswick, on July 29. (8/1)
Music Startups Receive $14.5 Million From Investors In July
Investors contributed a total of $14.5 million to music startups during July, bringing the year-to-date investor total to approximately $413 million, according to a Digital Music News report. Turntable.fm received the most investor capital in July with $7.5 million, followed by Scratch Music Group ($3.3 million), SoundOut ($2 million), CHNL ($1.2 million), and Dubset ($500,000). Cloud-based music service Beyond Oblivion secured $77 million in March, the highest total of investor funding for a music startup in 2011 thus far. (8/1)