Finance

Reservoir is now a public company, as it successfully floats on Nasdaq via SPAC merger

The acquisitive music rights company confirmed the closing of its previously announced business combination with Roth CH Acquisition II Co. (ROCC), a publicly traded special purpose acquisition company (SPAC) formed by Roth Capital Partners and Craig-Hallum Capital Group. That combined company’s name is Reservoir Media Inc., and it continues to be led by Reservoir’s founder and Chief Executive Officer, Golnar Khosrowshahi.

Source: Reservoir is now a public company, as it successfully floats on Nasdaq via SPAC merger

Scarlett Johansson Sues Disney for Breach of Contract Over ‘Black Widow’ Release

In a lawsuit filed Thursday in Los Angeles Superior Court, attorneys for Johansson allege that the actress’s contract was breached when the studio opted not to debut the film exclusively in theaters, a move they claim depressed ticket sales for the Avengers spinoff. Much of Johansson’s compensation was tied to the box office performance of “Black Widow” — if it hit certain benchmarks, bonuses would kick in.

Source: Scarlett Johansson Sues Disney for Breach of Contract Over ‘Black Widow’ Release

YouTube Q2 Ad Revenue Hits Record $7 Billion as Alphabet Trounces Estimates

Advertising revenue at the world’s biggest video platform jumped 84%, up from $3.81 billion in the year-earlier period when COVID put a damper on marketing spending. Alphabet, Google’s parent company, reported YouTube’s ad revenue as part of its Q2 earnings — which blew past Wall Street expectations.

Source: YouTube Q2 Ad Revenue Hits Record $7 Billion as Alphabet Trounces Estimates

Songwriters Urge CRB to Reject Proposed Mechanical Rate Freeze

Back in late May, songwriters demanded greater mechanical-royalty transparency from the Copyright Royalty Board (CRB). Now, music-creator organizations are once again expressing “strong opposition” to a proposed mechanical-rate freeze as well as “non-transparent elements” that could be introduced to the CRB by the National Music Publishers’ Association (NMPA) and the Big Three record labels.

Source: Songwriters Urge CRB to Reject Proposed Mechanical Rate Freeze

Spotify’s paid subscribers hit 165M as podcast listening ‘improved modestly’

Spotify now has 165 million premium subscribers and 365 million monthly active users according to a new earnings report released today. It’s a year-over-year increase of 20 percent and 22 percent respectively, and up from the 158 million subscribers and 356 million MAUs seen last quarter.

Source: Spotify’s paid subscribers hit 165M as podcast listening ‘improved modestly’

What’s Fueling a Surge of Content M&A Talks — and Driving Up Valuations

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

Livestream startup LiveControl raises $30m in Series A round

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

Musiio secures funding at $10m valuation as it signs Hipgnosis and expands product portfolio

Fast-growing AI company Musiio has completed a new round of investment, signed Hipgnosis as its latest client and unveiled a new ‘Custom Filters’ feature, which it claims provides a significantly more bespoke and effective catalog search facility. The size of the funding round is undisclosed, but has given Musiio a $10 million valuation. That’s up from $3.5 million in 2019.

Source: Musiio secures funding at $10m valuation as it signs Hipgnosis and expands product portfolio

HITCO-backed fan funding firm Corite to launch blockchain platform, closes $2.2m pre-sale for $CO token

The platform will allow $CO token holders to participate in blockchain fan funding and promotion, get early access to invest in music projects, in addition to earning rewards for “contributing and participating in the governance of the Corite ecosystem”, according to a media release.

Source: HITCO-backed fan funding firm Corite to launch blockchain platform, closes US $2.2m pre-sale for $CO token

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