The sole copy of a Wu-Tang Clan record, forfeited by the infamous “Pharma Bro” Martin Shkreli, has been sold by the US government, according to a Justice Department press release published Tuesday. Shkreli is currently serving out a seven-year prison sentence issued in August 2017 for securities fraud by a Brooklyn, New York, federal court.
Source: “Pharma Bro” Martin Shkreli’s Wu-Tang Clan album sold by US government
People who’ve spent a decade in music have likely seen a dozen of companies promising to disrupt come and go. Disruption doesn’t sell. Solving problems does. The most common misunderstanding seems to stem from a fallacy around intermediaries and that disintermediation always improves things. The oversimplified view is that everything besides the artist & fan is ‘extra’ and both would profit if it can be successfully disrupted.
The NFT market saw a 90 percent drop before the start of summer, according to studies. What’s unclear now is if they’ll fade back into obscurity or, as many tech-obsessed entrepreneurs still hope, if they can still transform the entertainment industry.
Source: NFTs May Seem Like Frivolous Fads. They Should Be the Future of Music
Like it or loathe it, this sound tracking dynamic is likely to play a key role in what the future of music consumption looks like. But it is not all sonic dystopias; personalization, algorithms, user data and programming also have the potential to reinvigorate music passion.
France, Spain, Italy and 20 other EU countries may be taken to court for their tardiness in enacting landmark EU copyright rules into national law, the European Commission said on Monday as it asked the group to explain the delays. The Commission said it had sent letters of formal notice, the first step of its infringement proceedings, to the countries group asking for explanations. The deadline for enacting the EU rules was June 7.
Source: Commission starts legal action against 23 EU countries over copyright rules
Universal Music Group has signed a licensing deal with Singapore-based video sharing app and TikTok rival, Lomotif. As first reported by the Financial Times, UMG and Lomotif, which has been downloaded over 225 million times globally, have been negotiating a deal since 2016. Lomotif counts 31m MAUs (monthly active users) in 200 territories and 300m videos are being watched on its app each month.
Source: Universal Music Group inks licensing deal with TikTok rival Lomotif
The ruling was announced on Saturday by China’s State Administration for Market Regulation. It gave Tencent Music 30 days to unwind its exclusive deals with major international music suppliers and fined the company RMB500,000 ($77,100). The regulator also said that Tencent Music cannot seek hefty pre-payments from rivals to which it sub-licenses content.
Source: Tencent Music Ordered to Unwind Exclusive Content Deals With Global Labels
The content M&A market is booming, triggered by low interest rates and increasing streaming competition. “It does feel like a bit of a frenzy,” says Thomas Hughes, CEO for the Americas at Vuulr, a global online content marketplace. However, seemingly outlandish prices can be justified based on the long-tail value of well-known intellectual property. Hughes, for one, doesn’t think Amazon is overpaying for MGM, calling the studio “a treasure trove.”
Source: What’s Fueling a Surge of Content M&A Talks — and Driving Up Valuations
British artist Damien Hirst looks set to make $20 million with his latest art-drop, “The Currency,” which forces prospective buyers to choose between physical and digital art in the shape of non-fungible tokens. Applications for ownership of Hirst’s 10,000 spot paintings closed on Wednesday, with Heni, the marketplace hosting the drop, reporting that it was oversubscribed by more than six times.
Source: Damien Hirst’s $20 Million Twist on NFTs 6X Oversubscribed – Decrypt
Los Angeles-based livestream platform LiveControl has raised $30m in Series A financing. Led by Coatue, the round also saw participation from existing investors First Round Capital, Box Group, Susa Ventures, and TriplePoint. The round brings LiveControl’s total funding to $33m, following a $3.2m seed round in August 2020.
Source: Livestream startup LiveControl raises $30m in Series A round