Posted by Glen Sears, Editorial Content Manager | February 13, 2017 9:54 am | No Comments
Top Story Last Week
A Month After Posting Heavy Losses, SoundCloud Loses Two Top Execs
The news comes five weeks after the Berlin-based company filed a fiscal report for 2015 showing annual revenues up 21.6% to €21.1m ($22m), but net losses accelerating 30.9% to €51.22m ($52m). SoundCloud’s co-founder Alexander Ljung noted in the filing that the company may “run out of cash” before the end of 2017 if it cannot secure further financing.
In reaction to Strigel and Harder’s departure, a SoundCloud spokesperson told the Financial Times: “After five or so years, they felt it was time to move on to new adventures.”
Other Music News Highlights
Grammys 2017 Review: Adele, Tribe and Beyonce Make it an Award Show to Remember. “Such an ending only amplifies the unusual amount of raw feeling produced by the entirety of this year’s Grammys — the excitement, the righteous fury, even the brief moments of humiliation which made these ceremonies so gripping.”
Songwriters Say They Have Standing to Sue the Justice Department Over Consent Decrees. On Tuesday, plaintiffs in this case told a DC Circuit judge they have sufficient standing and concrete injuries to bring constitutional claims over the Justice Department’s latest interpretation of consent decrees stretching back decades.
Google Combines YouTube, Google Play Music Teams, Unified App Appears Likely. “Music is very important to Google and we’re evaluating how to bring together our music offerings to deliver the best possible product for our users, music partners and artists. Nothing will change for users today and we’ll provide plenty of notice before any changes are made.”
Dr. Luke Claims That Kesha Owes Him $1.3 Million in Royalties. “In December 2016 alone, Defendant received payments under her contracts with Plaintiffs in excess of $650,000 — In sharp contrast, Defendant admits that she owes Plaintiff KMI over $1.3 million in ancillary royalties that she has failed to pay.”
Universal Music Wins Battle To Manage Prince Recordings. The multi-year deal struck with the late star’s estate assigns Universal exclusive licensing rights to Prince’s NPG recordings, as well as his (reportedly considerable) vault of unreleased tracks.
For Continued Growth, Music Streaming Needs Product & Pricing Innovation. Analyst Mark Mulligan says “the next phase of the streaming market requires a more sustainable approach to pricing strategy, coupled with some serious product innovation.”
Nearly Half Of US Music Subscribers May Have Amazon Prime Music. According to Parks Associates, given estimates of 102.5m broadband households in the US at the end of 2015, that could mean upwards of 15 million households using Amazon Prime Music.
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