$9.1 billion was wiped off its market capitalization this week, after Netflix missed aggressive targets by analysts, despite solid earnings. As Spotify prepares for its quarterly earning report next week, there are lessons for both investors and CEO Daniel Ek that can be learned from the fate of its fellow streamer.
Hipgnosis Songs Fund Limited (LON:SONG) has acquired a 75% stake in the song catalog of Terius Youngdell Nash aka The-Dream. The fund, which listed on London’s main exchange today, will pay $23.75 million USD.
Music publisher One77 Music has launched in New York City, with an eye for new catalog and some very deep pockets. Led by veteran music exec Jennifer Blakeman, One77 launches with a catalog of 6,000 songs, which it values at $27 million, as well as a substantial, but undisclosed capital investment.
CEO Daniel Ek has promised that Spotify going public would not change the culture of the company or its mission to build a more artist centered new music industry. But a study of post IPO hiring at the music streamer reveals that, for now at least, ramping up sales and software is more of a focus than programming, video and artist services.
Austin-based startup Blink Identity has announced that it has raised $1.5M in a seed round led by Sinai Ventures with the participation of Live Nation, Techstars, and a number of other live entertainment related funds.
Chinese internet giant Tencent confirmed it is spinning off its music unit with a US IPO. Details of the offering, which Tencent revealed in a Hong Kong stock exchange filing, are being finalized, but Spotify is a big winner.
ArtistGrowth, a mobile artist management platform, and Pinnacle Financial Partners have announced a strategic partnership and equity investment designed to broaden the financial services and capital available to touring entertainers.
Hipgnosis Songs Fund Ltd has raised $260 million in a private offering and is expected to IPO in the coming weeks. The fund, led by veteran artist manager Merck Mercuriadis, will purchase and manage US and UK song catalogs.
Red hot fitness equipment and service provider Peloton today announced its first-ever acquisition with the purchase of Neurotic Media. The Atlanta-based music tech startup. Terms of the deal were not disclosed.
Two respected executives at Spotify are exiting the music streamer, and at least one is headed for Apple Music. The pair join a handful of others in what could be a growing trend, as Spotify staffers cash out stock options and are lured by lucrative offers in an increasingly competition streaming sector.
[UPDATED] PledgeMusic has fallen behind on payments to artists that have completed their crowdfunding and pre-release campaigns. The music crowdfunding and e-commerce site boasts that more than 3.4 million fans and 50,000 artists ranging from new to platinum selling use the platform.
Adding to the already intense level of criticism being levied at the Music Modernization Act, this piece from Chris Castle delves into the legislation's failure to properly include startups, and why they should be more present in the legislative process and the act itself.
Spotify CEO Daniel EK has now publicly admitted that the company handled the implementation of its new "hate content and hateful conduct" policy badly. More surprising was how the founder and CEO says that he views profitability at the music streamer.
In this fifth and final piece of a five part series, Justina Grayman shares her experience running a successful crowdfunding campaign, and outlines what others considering embarking on a similar journey should keep in mind. In this final piece she details process of actually rolling out the completed project.
Pandora has added an ad-free Premium family plan that includes up to 6 unique accounts for $14.99 per month. The plan closely mirrors similar plans and pricing from competitors Apple Music and Spotify.
While streaming services may often be touted as the saviors of the music industry, label execs are no fans of the 'free tiers' offered by most of these platforms, arguing that the widen the music business's value gap.
Online recording studio Soundation is relaunching with the help of $5000,000 in funding, a new CEO and a mission to build the world’s premier launchpad for new producers. Soundation has over 75,000 active users monthly.
In this fourth of a five part series, Justina Grayman looks back on her successes (and failures) running a successful crowdfunding campaign, and outlines what others considering embarking on a similar journey should keep in mind.
TuneGO, a data driven music A&R startup has completed a Series B financing totaling more than $7.7 million. Private equity firm Falcon Capital led the round. TuneGO will use the funds to enhance its technology platform and global infrastructure, which is already being used by many leading music and entertainment companies.
In the second part of the three phase series, Justina Grayman describes the trials and tribulations of finding a partner in crime with whom to collaborate on the product, and the challenges and rewards which ensued.
Thomas Dolan has raised a $2 million seed round for Eyellusion, the startup behind hologram tours of Frank Zappa, Ronnie James Dio and others. Dolan serves on the board of Madison Square Garden and AMC Networks, and will serve in an advisory role for Eyellusion.
In part one of this three phase series, Justina Grayman describes the process of raising the necessary money to successful fund the production of dance video. In phase one she details the creation and communication of a community-oriented vision.
Live Nation has established the Women Nation Fund, an early-stage investment fund focused on female-led live music businesses. It will provide access to the company’s resources and capital for underrepresented female entrepreneurs in the concert promotions, events, and festival spaces.
Former Ticketmaster exec Nathan Hubbard recently announced plans to take on the ticketing giant with the formation of a brand new company he’s calling Rival. The Los Angeles-based startup has raised more than $30 million in venture capital over the last 18 months.
Chinese streaming company Tencent Music is rumored to be headed for an Initial Public Offering in the very near future, with a valuation high enough to make it the fourth biggest streaming company in North America.
Midemlab has named 20 finalists for 2018. Now that SXSW has downgraded the category, this startup competition is, along with a handful music tech incubators like LA's Techstars Music, Nashville's Project Music and London's Abbey Road Red, the best early indicator of what's coming next in music tech.