Four Things Worth Knowing In Recent Music Business News
The holidays are over and the music industry is back in full swing. Here are some recent major happenings in music business news that you should be up on:
SoundCloud to begin ad-supported and paid tiers
Universal Music Group and SoundCloud have announced an agreement that allows UMG’s artists and songwriters to benefit on the new ad-supported and paid tiers, expected to roll out later this year. The agreement also benefits UMG’s artists as well as songwriters signed to Universal Music Publishing Group. In addition, UMG’s labels and publishing company will gain access to SoundCloud’s promotional tools, analysis and data to provide recording artists and songwriters with new opportunities to generate revenue and to strengthen their connections with fans. Read More…
Spotify Admits Their Music Publishing Payment System Is Broken, Commits To Major Overhaul, Gets Sued
Spotify has been under the gun for royalties since the service launched. Artists get paid fractions of pennies per play and have increasingly put pressure on the service to be more transparent about their payment system. Now, they’ve gotten a little kick in the butt. David Lowery, who has been somewhat the face of the movement to get Spotify to change their ways, is leading a class action lawsuit to get Spotify to dole out purported unpaid and misrepresented royalties to artists.
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40% Of Customers Would Change Providers if Music Came with their Mobile Plan [SURVEY]
If there was any doubt that streaming music through a phone has become the dominant source for people to listen to music, this should remove that doubt. For consumers, this move would make sense, it would give them one less payment to make a month, instead bundling it with the cost of their monthly mobile service. We have a strong feeling that most of the people that make up the 40% are under the age of 35…
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MyMusicTaste, A Crowdsourcing Platform For Concerts, Raises $10M Series A
Crowdsourcing (Kickstarter, GoFundMe, etc) have become the major way people now fund creating albums, indie movies and potato salad. It should come as no surprise that live concerts would be the next step. Putting on a live concert has traditionally been a risky investment, this platform will remove some of that risk by raising money in a place to attract a band to come play there. This “Series A” part means they’ve received money from investors to make it happen. It will also offer great insights into how many people would attend and how much they would willing to pay. Do you and your friends want your favorite band to play in your home town of Peoria, Illinois? Start a crowdfunding campaign…
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