Nine years ago, on October 1, Radiohead guitarist Jonny Greenwood took to the band's official Dead Air Space blog with the deceptively low-key statement: "Well, the new album is finished, and it's coming out in 10 days. We've called it In Rainbows."
The group that has arguably done more than any other artist to revolutionise the distribution of music in the internet age – beginning with the ground-breaking "pay-what-you-want" roll out of In Rainbows – once again made global headlines with the surprise arrival of their latest album on Saturday. A Moon Shaped Pool was announced just 48 hours before its release.
It is the latest example of pop and rock stars forgoing traditional release plans in favour of unexpectedly dropping albums on the public with little or zero notice.
So far in 2016, we've seen "surprise" records from Drake (Views); James Blake (The Colour in Anything); Rihanna (Anti); David Bowie (Blackstar); Beyoncé (Lemonade); and Kanye West (The Life of Pablo). In some instances, such as U2's much-criticised decision to give away their 2014 LP Songs of Innocence free to all iTunes customers, the method grossly backfired.
In others, such as the unexpected release of Beyoncé’s self-titled 2013 record – the singer’s first experiment with dropping an unexpected album – it successfully repositioned the singer at the forefront of musical innovation while also proving a huge commercial hit.
“I didn’t want to release my music the way I’ve [previously] done it,” said Beyoncé at the time of the record’s midnight bow.
“I am bored with that. I feel like I am able to speak directly to my fans.”
For A-list artists such as Beyoncé, Rihanna and Drake, the appeal of flash albums lies in their ability to cut through the noise and create instant global headlines that can be turned into big sales via download stores and streaming sites.
In its first six days of release, Drake's Views album, which was made available exclusively on Apple Music and iTunes, was streamed more than 250 million times, selling the equivalent of 1.2 million copies.
The financial windfall that brings for Drake and his label is considerable (not including whatever Apple paid to land the exclusive), but more important is the publicity that it brings ahead of his upcoming North American summer tour (also sponsored by Apple).
In an era of diminishing returns from album sales, the social-media-driven rush release method also significantly cuts marketing costs, lowers the risk of leaking and reduces the influence of music critics. Interestingly, the same reasoning is prevalent in the television industry.
Louis C K released his weekly acclaimed comedy series Horace and Pete on his website with little fanfare. Also, it would be hard to imagine Netflix comedies such as the critically mauled Fuller House and Richie Rich becoming a hit with viewers if the online network previewed it to the press first instead of releasing all episodes on the service at once.
The surprise element, however, is not effective for everyone and this is especially true in the music industry. Flash releases works to the advantage of big name acts with an already dedicated fan base.
For new and upcoming artists, the traditional method of building anticipation over several months remains the most effective option.
Artists with an older audience following also tend to shun the surprise release. Adele announced last year's biggest-selling record one month ahead of 25 hitting stores for the simple reason that CDs still make up a large number of her sales, requiring manufacturers and retailers to plan ahead.
Taylor Swift has also tended to follow traditional release patterns and like Adele famously kept her past two albums off streaming services.
Those two artists, however, are proving to be the exception rather than the rule. As CD and download sales slide, we can expect to see more and more unannounced album drops frequently tied to digital platforms.
"Release dates is played out," said Kanye West ahead of his endlessly teased, ultimately anti-climatic The Life of Pablo, which was distributed exclusively on Tidal earlier this year.
Public interest in rush releases will inevitably wane as the once revolutionary sales tactic becomes the norm, but for now, the surprise album launch retains sufficient shock appeal for artists and fans alike.
artslife@thenational.ae
Company%20Profile
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
COMPANY%20PROFILE
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
COMPANY%20PROFILE%20
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Tips%20for%20holiday%20homeowners
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UAE currency: the story behind the money in your pockets
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Kill%20
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The years Ramadan fell in May
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Company%20Profile
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
FROM%20THE%20ASHES
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Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
BIRD%20BOX%20BARCELONA
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Company%20Profile
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Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
%20Ramez%20Gab%20Min%20El%20Akher
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
65
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EScott%20Beck%2C%20Bryan%20Woods%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAdam%20Driver%2C%20Ariana%20Greenblatt%2C%20Chloe%20Coleman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
THE%20SPECS
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Company%20Profile
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Company%20Profile
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