Finance

Hollywood in Web3: StoryCo Raises $6M to Decentralize Storytelling

StoryCo also revealed its first narrative experience, The Disco Ball, which will be released in 2023. The “immersive and collaborative storytelling experience” will be produced by the Halo television series writer Kyle Killen and artists shelby and sandy, but invites collaboration from the community to finish the main character’s journey.

Source: Hollywood in Web3: StoryCo Raises $6M to Decentralize Storytelling

Over-spending and under-pricing: Spotify’s commercial missteps have come back to haunt it.

In his reasoning for cutting 6% of Spotify’s global workforce, Daniel Ek wrote: “In 2022, the growth of Spotify’s [operating expense] outpaced our revenue growth by 2X. That would have been unsustainable long-term in any climate, but with a challenging macro environment, it would be even more difficult to close the gap.” Added Ek: “In hindsight, I was too ambitious in investing ahead of our revenue growth.” That’s something of an understatement.

Source: Over-spending and under-pricing: Spotify’s commercial missteps have come back to haunt it.

Steven Soderbergh Presents Blockchain Award to NFT-Funded Film ‘Calladita’ 

While Web3 has yet to catch on outside of the cryptocurrency space, Film3 had a big moment under the spotlight in Park City, Utah, on Saturday when ‘Calladita,” a new film by director Miguel Faus, was named the winner of the Andrews/Bernard Award. Established by director Steven Soderbergh and the Decentralized Pictures platform, the three-part award provides a total of $300,000, divvied up into three $100,000 checks, in finishing funds for noteworthy films and shorts, for up to three filmmakers.

Source: Steven Soderbergh Presents Blockchain Award to NFT-Funded Film ‘Calladita’ – Decrypt

Justin Bieber Sells Music Rights to Hipgnosis Songs for $200 Million-Plus

The deal includes Bieber’s shares of his publishing and recorded-music catalog, Bieber’s interest in his publishing copyrights (including the writer’s share of performance), master recordings and neighboring rights for his entire back catalogue, comprising over 290 titles released before December 31, 2021. The acquisition has been made on behalf of Hipgnosis Songs Capital, a partnership between Hipgnosis Song Management and funds managed by Blackstone.

Source: Justin Bieber Sells Music Rights to Hipgnosis Songs for $200 Million-Plus

Global Music Rights Settles Months-Old Radio Group Lawsuits

A little less than one year after concluding a long-running legal battle with the Radio Music License Committee (RMLC), performance rights organization Global Music Rights (GMR) has settled a pair of lawsuits that it filed against radio groups Red Wolf Broadcasting and One Putt Broadcasting in October of 2022. 10-year-old Global Music Rights just recently announced these promptly finalized settlements, which, as mentioned, stem from a pair of complaints that the PRO levied in October.

Source: Global Music Rights Settles Months-Old Radio Group Lawsuits

SoundHound, the voice AI company, raises $25M after laying off 40% of staff earlier this month

AI may be getting hyped as the next billion dollar opportunity these days after that mega round for OpenAI from Microsoft, but that rising tide is not lifting all boats. SoundHound — the voice AI company — earlier this month laid off 40% of its staff and as a follow up, today announced that it had raised $25 million in equity to shore up its position in the market.

Source: SoundHound, the voice AI company, raises $25M after laying off 40% of staff earlier this month

Primary Wave buys music rights of Robby Krieger and Ray Manzarek of the Doors

Primary Wave says that the “monumental acquisition” includes Robby Krieger and the estate of Ray Manzarek’s interests in The Doors’ music publishing catalog, recordings, trademarks, and merchandise rights and income, among other things. The price of the deal with Primary Wave has not been disclosed. The Jim Morrison entities and the band’s drummer John Densmore retain their interests separately from Primary Wave.

Source: Primary Wave buys music rights of Robby Krieger and Ray Manzarek of the Doors, in ‘monumental’ deal

Warner strikes ‘milestone deal’ with YES, buys recorded music rights to catalog

The deal sees Warner acquire the recorded music rights and income streams from the band’s “complete” Atlantic Records era catalog. The company notes that the acquisition continues “a longstanding relationship” between the band and Warner Music, which now spans over a half-century, beginning with YES’ self-titled 1969 Atlantic debut album.

Source: Warner strikes ‘milestone deal’ with YES, buys recorded music rights to band’s Atlantic Records catalog

EMPIRE partners with Web3 music investment platform Nebula

Nebula was founded by Alessandro De Luca, Fuad Hawit and Startup Incubators, and claims to be “a first-of-its-kind platform that lets fans own rights to royalty payouts for any song available in its marketplace”. EMPIRE’s venture into the Web3 space comes as the company doubles down on its approach to the digital music era across its label, distribution and publishing units.

Source: EMPIRE partners with Web3 music investment platform Nebula

Spotify to Lay Off 6% of Employees, Dawn Ostroff to Exit

Spotify is undertaking a broad restructuring amid economic uncertainty, announcing that it is cutting 6% of its headcount to reduce costs. The layoffs will eliminate nearly 600 jobs; Spotify most recently reported having 9,800 full-time employees worldwide as of Sept. 30. The company estimated that it will incur approximately €35 million-€45 million in severance-related charges.

Source: Spotify to Lay Off 6% of Employees, Chief Content and Advertising Officer Dawn Ostroff to Exit

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