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NEWS BRIEF: Sony Loss Doubles, FB Buys Instagram, Court Denies Grooveshark & Much More

FavVHRZSony has doubled its projected loss to $6.4 billion. The company has announced it will lay off 10,000 worldwide and it's hard to imagine that at least a portion of those cuts won't come from Sony Music.

  • Facebook is spending $1 billion to buy the photo-sharing company Instagram in the social network's largest acquisition ever.  FB says it will remain a standalone app, but is expected to use it's new team to jumpstart FB mobile.
  • All defendants' dismissal motions denied in Grooveshark case, Arista v Escape Media (RIvsTP)


  • If Piracy Is So Devastating, Why Are We Seeing An Unprecedented Outpouring Of Creativity? (techdirt)
  • Selling You on Facebook - Many popular Facebook apps are obtaining sensitive information about users and users' friends. So don't be surprised if details about your religious, political and even sexual preferences start popping up in unexpected places. (WSJ)
  • Bands Improvise New Ways to Live-Stream Shows. (NY Times)
  • Storytelling on crack: Could Spotify's new Facebook Timeline change music education? (CultureMap)
  • MUST LISTEN: Our FMC pals talk artist revenue streams on NPR's All Things Considered