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Tracy Maddux is stepping down from his function as Chief Industrial Officer at Downtown Music Holdings, efficient instantly.
The corporate confirmed the information on Monday (November 20).
Downtown says that Maddux has “dedicated to proceed offering his insights and experience” to Downtown Music Holdings as a advisor and advisor in help of “key strategic initiatives” all through 2024.
In keeping with Downtown, Maddux has “been a significant half” of Downtown’s management group, “considerably contributing to the corporate’s strong progress and strategic acquisitions”.
Tracy Maddux, who beforehand served as CEO of CD Baby and AVL Digital, which Downtown acquired in March 2019, transitioned to the function of Chief Industrial Officer for Downtown in October 2020.
Downtown says that in his 10 years as CEO of CD Child, Maddux “navigated elementary adjustments in the way in which music is launched and consumed and shepherded greater than a billion {dollars} of royalty funds to unbiased artists worldwide”.
Most not too long ago, based on Downtown, Maddux contributed to Downtown’s acquisitions of FUGA in 2020 and Curve Royalty Methods in 2022.
Downtown Music Holdings mentioned in an announcement on Monday that it “stays devoted to supporting the worldwide inventive group, guaranteeing artists, labels, and publishers obtain the popularity and royalties they deserve” and added that “the corporate will proceed to innovate and increase beneath its robust management group”.
“It has been a outstanding journey at Downtown, and I’m pleased with all the things we’ve got achieved collectively.”
Tracy Maddux
Commenting on his exit from the function at Downtown, Maddux mentioned: “It has been a outstanding journey at Downtown, and I’m pleased with all the things we’ve got achieved collectively.
“From the strategic sale of CD Child, AdRev, and DashGo, to main our M&A observe and dealing in direction of the mixing of FUGA and Curve, we’ve got set new trade requirements.
“I’m now desirous to embrace new challenges and alternatives that lie forward. I need to thank Andrew Bergman and Justin Kalifowitz for his or her unwavering help and partnership throughout our work collectively over the previous 13 years.”
“Tracy has made materials contributions to our tradition and to the expansion of the enterprise.”
Andrew Bergman, Downtown Music Holdings
Downtown Music Holdings’ CEO, Andrew Bergman, added: “Tracy has made materials contributions to our tradition and to the expansion of the enterprise.
“He’s universally revered by his friends and I personally contemplate myself lucky to have labored alongside him. We look ahead to our continued affiliation with Tracy.”
Downtown says that it “has undergone a major transformation of its music providers companies” following the sale of its owned track copyrights in 2021.
In April 2023, Downtown Music formed a brand new Artist & Label Companies division. Ben Patterson was promoted to the function of President of the division.
The Artist & Label Companies division was born from Downtown’s distribution arm, DashGo, which was acquired by Downtown in 2019 when it acquired AVL Digital Group for an estimated $200 million. Patterson based DashGo in 2004.
Information of Downtown’s new Artist & Label Companies division in April arrived six months after DMH formed the Downtown Music unit.
Downtown Music mixed all of Downtown’s world enterprise {and professional} providers together with distribution, label and artist providers, publishing administration, video and user-generated rights monetization, neighbouring rights, royalty accounting options, sync licensing and inventive help providers.
Amongst these mixed divisions have been Downtown Music Companies, music publishing platform Songtrust, rights administration firm Adrev, indie distribution firm CD Baby and B2B music tech and providers platform FUGA.
FUGA CEO Pieter van Rijn was appointed to guide the Downtown Music unit as President.
In March 2023, Mike Smith departed Downtown after practically three years as International President of Downtown Music Companies.
In September 2023, Downtown Music Holdings appointed Pieter van Rijn, President of Downtown Music, to its Board of Administrators.Music Enterprise Worldwide
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