Live music streaming service LiveXLive announced financial results for the 4th quarter of 2019 and full results for their fiscal year. The company reported record revenue for their full fiscal year of $33.7 million, which was up by 368% year-over-year and $9.2 million in Q4 2019, up 29% year-over-year.
This week music merchandiser Bandwear announced expansion of its crowdfunding platform and an offer to help musicians affected by the PledgeMusic collapse. Included is a staggered payout system similar to one which PledgeMusic reportedly abused by funding daily operations with money intended for artists and labels.
BeatStars has paid out more than $50 million to the producers who license and sell their work on the marketplace, the startup announced today. The site boasts has more than 340,000 active sellers, and its tracks have been used on a number of major hits, including Lil Nas X "Old Town Road."
Sofar Sounds, a service which specializes in setting up artists with shows, particular house concerts, has had a pretty successful financial track record, putting on over 600 shows a month and bringing in an impressive amount of revenue - unfortunately, not much of that money seems to be ending up in the pockets of the actual musicians.
Has crowdfunding for musicians become too risky? Is it dead altogether? These kind of questions are being asked by tens of thousands of artists who had counted on PledgeMusic and fan funding to finance their next project. Hypebot asked four music marketing experts with experience in crowdfunding to share what they are telling their clients about the future of music crowdfunding.
In this edition of 'In the Hot Seat' with Larry LeBlanc, he speaks with music industry heavy-hitter and publishing pariah Merck Mercuriadis about how he's shaking up the music business with his publicly traded intellectual propery acquisition vehicle Hipgnosis Songs Fund Limited.
In this latest chapter in the saga of the still-smoldering wreckage that is PledgeMusic, Mario Putzar examines some of the underlying causes that led up to the platform's current state of crisis, many of them eerily similar to another music direct-to-fan platform (now also defunct), Sellaband.
Few failures have had a more direct impact on the indie music community than the recent demise of PledgeMusic, not only for those owed millions of dollars, but also for the many others who had come to rely on the platform for pre-sales and fundraising. In recent days, a variety of sources has accused the PledgeMusic board of being at the root of the failure. Here David Lowery takes his own critical look.
Music sampling startup Tracklib has raised $1.7 million. The new funding for the Stockholm based company was led by the Sony Innovation Fund, WndrCo and Jörg Mohaupt, an early-stage investor who also has stakes in Discogs and Amuse.
Sofar Sounds has announced $25 million in new funding led by Battery Ventures and Union Square Ventures with participation from existing investors Octopus Ventures and Virgin Group. That brings total investments in Sofar to $31 million. Three months ago, former Spotify and The Echo Nest executive Jim Luccesse was name Sofar CEO.
While many artists view crowdfunding as their ticket to music industry success, recent events like the PledgeMusic train wreck may have them second guessing the concept. That said, crowdfunding can still be effective if you know what you're doing. Here, we look at the truth behind five commonly believed crowdfunding myths.
Music WorX Accelerator 2019, the start-up funding program of the German Ministry of Culture and the Media and the Hamburg Kreativ Gesellschaft, is accepting applications. Music WorX Accelerator helps music and music tech founders from all over Europe.
Where Was the Board? Reflections On Potential Legal Issues In PledgeMusic “Administration” Bankruptcy
In the wake of PledgeMusic's recent implosion and almost total silence in response to the issue, attorney and artist advocate Chris Castle takes a moment to share some thoughts on the failed crowdfunding platform's bankruptcy, and where they're headed from here.
Nashville music tech startup Soundstripe has closed a $4 million Series A financing round led by Vocap Investment Partners. Soundstrip offers subscription based royalty-free music micro-licences to YouTubers, advertisers and other video creators.
With the news that crowdfunding platform PledgeMusic is entering Administration, the UK equivalent of bankruptcy, music marketing veterans Michael Brandvold and Jay Gilbert of the Music Biz Weekly podcast explore what went wrong, was it means for artists and the future of music crowdfunding.
The demise of PledgeMusic and the hundreds of musicians left in its wake are a sadly familiar story for music industry veteran Dave Cool of Bandzoogle. "The company takes on millions in investment to support rapid growth," writes Cool. "Flashy headlines ensue." But when things fall apart, too often it's the unsuspecting musicians that suffer.
UPDATED: UK Music CEO Michael Dugher is leading a music industry campaign demanding that Small Business and Consumer Minister Kelly Tolhurst refer PledgeMusic to watchdogs at the UK's Competition and Markets Authority.
As news that PledgeMusic was declaring the UK equivalent of bankruptcy, reaction was swift and almost universally negative. Many blamed PledgeMusic's management and board of directors. "I honestly don't know how they sleep at night," said veteran music marketer Jay Gilbert.
PledgeMusic co-founder and former CEO Benji Rogers penned an open letter after it was announced that the troubled crowdfunder would be filling for bankruptcy. "I went back into PledgeMusic just over three months ago as a volunteer to try and help the board and team turn around and sell the company," said Rogers, "but I am sad to report that this effort has not met with success and that PledgeMusic will shortly be heading into administration."
As an independent artist, there's a lot to be learned from the startup world in relation to how you manage your career. here Kedar Frederic illustrates some valuable principles from startup culture, and how artists can effectively integrate them with their careers.
PledgeMusic.com Limited is in pre-administration, the UK version of a pre-bankruptcy, sale or reorganization, sources tell Hypebot. But as we previously reported, there is also still an active potential buyer. A confidential email leaked by DMN, which purports to offers potential buyers a look at PledgeMusic's assets and financials, only tells a small part of the story.
In many ways, being an artist is harder now than it's ever been, and the path to music industry success is crowded with obstacles. Streaming services have taken note of this challenge however, and several of them have been working to put programs in place designed to help emerging artists succeed.
UPDATED: Spotify's monthly active users grew 26% over the last year to 217 million at the end of 2018, the streamer reported on Monday. Now in 79 countries, a February launch in India added 2 million to its global total. Overall, Spotify posted a smaller first-quarter loss of $158 million vs $189 million for the same period last year.
Spotify (NYSE:SPOT) will share its first quarter 2019 financial results this morning before the market opens. It is the first report to investors since the streamer's big bet on podcasting with the acquisition of Gimlet Media and Anchor.
K-Pop is certainly having a moment as far as its Stateside popularity goes, but will South Korean pop music's recent surge in popularity in the US translate to more than just flash in the pan, and develop into longterm sustainable popularity?
Snapchat's user base is finally growing again, though not dramatically enough for investors. The social channel added 4 million daily active users last quarter, marking its first gain in a year. Snapchat now has 190 million DAUs, up from 186 million at the end of 2018.