Joshua Sason, whose Magna Group is one of PdgeMusic's largest investors, has been sued by the U.S. Securities and Exchange Commission for fraud. A Friday SEC filing accuses Sason of an elaborate scheme to illegally obtain $25 million in shares of penny stock to unload on investors.
Music licensing platform Songtradr has acquired global music licensing agency Big Sync Music. The combined companies will offer Songtradr clients more access to top tier brands and give Big Sync direct access to Songtradr's massive catalog and propriety technology platform.
The suspension of all music crowdfunding campaigns on PledgeMusic continued Tuesday, six days after they began. The company has been silent since last week, leaving thousands of musicians in the dark and in many cases, owed tens of thousands of dollars in funds pledged by fans.
Techstars Music has named international nine music tech startups to its class of 2019. The startups for this third edition of the mentoring and accelerator program were chosen from about 1000 applicants.
Musiio has raised a $1 million seed round to continue development of its use of artificial intelligence (AI) which brings Spotify-like discovery and curation tools to other music services and AI driven A&R tools to labels and other music companies. Singapore’s Wavemaker Partners, US's Exponential Creativity Ventures and undisclosed angels participated in the round.
Spotify (SPOT) stock fell 2.83% Wednesday after the streamer's Q2 earnings report and news of two major acquisitions. The stock was trading down another 2.21% at $132.46 in pre-market trading Thursday.
Festicket has added a $4.5 million investment from music industry veteran Harvey Goldsmith led Edge Investments. UK based Festickets serves as a music festival discovery and booking platform, including accommodations and VIP experiences.
In response to a new wave of interesting music tech startups, we're bringing back THE PITCH, a semi-regular feature that allows promising apps and services to share a very short "pitch" about why we should all be paying attention. First up is music + fitness app Feed.FM.
[UPDATED] Sound Royalties has added a Nashville location. To oversee the expansion of the music industry specialty finance firm, Sound Royalties’ CEO and Founder Alex Heiche is now operating full time out of Nashville.
Here Jake Udell explores how one artist is reinventing the traditional album cycle by using a marketing a strategy which goes past building anticipation, instead using the groundwork of fan loyalty to propel the release.
RealNetworks has doubled its stake in Rhapsody International, which operates the Napster music streaming service. RealNetworks now owns 84% of Napster and will operate it as an independent subsidiary. The transaction values Napster at less than $140 million.
Just weeks after Tencent Music's belated IPO on the New York Stock Exchange, JPMorgan has given a strong endorsement to the Chinese Music streamer, moving it from hold to buy with a $16.00 target price. Tencent Music closed Friday trading at $14.35, up 10.6% on the news.
Wefuture announced that it has closed a$12.8 million series A round from a UK-based corporate investor. The UK startup will use the funds to transition its Show4Me site from concert crowdfunding platform to a broader "music interaction network."
In a recent announcement, the Nashville, TN non-profit Music Health Alliance revealed that they have successfully saved the music community more than $40 million in healthcare costs during the course of the past six years, helping over 9,700 clients.
Spotify (NYSE: SPOT) will post its fourth quarter 2018 financial on February 6th before the market opens. This week, four key analysts downgraded the streamers target price.
Deutsche Bank has raised its valuation of Universal Music Group 45% to $33.19 billion, up from a previous $22.86 billion. That values UMG higher than the market capitalization of its parent company Vivendi, which currently sits at $32.35 billion.
Four top stock analysts have shifted to a bearish outlook for Spotify (NYSE: SPOT). Monday, Guggenheim, Deutsche Bank, Stifel and Nomura reset their target prices to $120, $135, $170 and $188 respectively. All are above Spotify's current $119.36 price at close of market Monday.
Beleaguered music retailer HMV may be saved from bankruptcy by Buyvia, an online discount club with more than 200,000 members in the UK. The proposed plan would save a number of retail stores and use Buyvia's expertise to overhaul HMV's digital presence.
Spotify (SPOT) Stock To Rise Up To 80%, says Top Analyst, Sees "Music Industry As Highly Investable"
UPDATED: Spotify stock will rise to $200 within the next 12 months, according to top analyst Rob Sanderson of MKM Partners. Spotify (SPOT) stock was trading at $110.96 in pre-market trading on Wednesday, making the $200 prediction an 80% upside. The stock closed at $112.71 on Wednesday. The Dow ended the day up just .08%.
Audiobyte, creators of the popular music clip app Gifnote, has announced plans to extend its latest round of venture capital after “blowing past” its initial $6 million goal. The round, which was led by Manhattan-based Evolution VC Partners, will now be joined by Northwood Ventures, which provided earlier angel-stage funding.
As always, one of the best gifts you can give this holiday season is a donation to charity, but with so many options out there, it can be difficult to know where to begin. Here Angela Mastrogiacomo looks at ten outstanding charities centered in and around the music industry that could benefit from you help.
After opening at $14.10, Tencent Music ended its first day of trading Wednesday up $1.00 at $14.00 or 7.69% above it's $13.00 target IPO asking price. At one point in the day, the stock was trading at $14.75. 60,190,565 shares of TME traded hands on Wednesday.
Audiobyte, the parent company of Giftnote and Songbytes has completed a $6 million financing round led by Evolution. The company's apps create short licenced music plus graphics clips that can be shared in social and text messages.
Tencent Music [TME] will launch its scaled down U.S. IPO on Wednesday. China's largest music streamer priced shares at $13 ahead of its NYSE listing hoping to raise $1.1 billion. The IPO had originally been scheduled for October 18th.
While consumer need for a hi-res streaming services seems to have cooled down of late and most listeners seemingly content with CD-quality music, Qobux close to imminent launching its hi-res streaming and download platform in the US. The news comes on the same day that Sony became the first major label to launch its own hi-res streaming service.
Here Dana Feldman looks at how Los Angeles-based company Create Music Group has been able able to impact the online streaming economy in artists' favor by tracking down $60 million dollars in unclaimed streaming revenue.