Creative professionals whose livelihoods have been impacted by the COVID-19 outbreak are flocking to membership platform Patreon in record numbers, the company claims. During the first three weeks of March, more than 30,000 new creators launched on the site — a much larger number than usual.
Like many stocks, Hipgnosis took a hammering as the spread of COVID-19 rose to the top of the global news agenda: from London Stock Exchange close on Friday, February 21 to Tuesday, March 17, the firm’s share price shrunk all the way from £108.00 to £87.50, a fall of 19%. Yet since that March 17 low point, the value of SONG has rocketed back up.
One music industry player that has come under particular pressure to do something to help artists during the pandemic is Spotify – which has even been petitioned to triple what it pay artists per stream in order “to put urgently needed cash into artists pockets”. Today (March 25), SPOT has revealed how it plans to do just that.
Concert notification service Bandsintown has partnered with Twitch to help out artists who are unable to tour because of the novel coronavirus pandemic. The partnership lets qualified Bandsintown artists bypass the normal qualifications needed to become a Twitch Affiliate and get fast access to the live streaming platform’s monetization tools.
Late last year, the auction for composer DJ Kalkutta’s “New Americana” royalty rights closed. The final bid? $79,200. The bounty? Perpetual IP ownership of her (now-former) piece of the pie. Kalkutta essentially exchanged the future dividends she would continue to make on her Halsey hit for a lump sum of money.
The Seattle law firm that in 2011 was first to file suit against Apple and five major publishers for fixing e-book prices has a new target: Amazon. On March 19, lawyers from Hagens Berman filed a class action suit on behalf of consumers in the U.S. District Court in Seattle, accusing Amazon of a massive horizontal price fixing scheme involving its two million third-party sellers.
Cowen analyst Doug Creutz on Monday cut his earnings estimates for the entertainment giants he covers, including the Walt Disney Co. and ViacomCBS, through 2022 due to the new coronavirus, an expected recession and their longer-term fallout and lowered his stock price targets. “We are lowering estimates and price targets across the board for our media companies today to reflect the impact of heavy social-distancing measures and the impact of the resulting recession that we expect,” he wrote.
German performing rights organization GEMA has announced the launch of an emergency aid fund worth up to €40m ($43m) for its songwriter and composer members. “It is already foreseeable that the economic consequences of the corona pandemic will be devastating for the entire creative industry,” says Dr. Harald Heker, CEO of GEMA.
The coronavirus crisis is posing an unprecedented threat, on a global scale, to a generation of people who make a living and a profession as creators. We write today as the President and Vice Presidents of CISAC, and as artists from different regions of the world, to call for action by governments on a global scale to help creators survive the current crisis and eventually help lead it to recovery.
The members of Congress who represent the entertainment industry are trying to make sure the next coronavirus relief package includes aid to freelance workers. But while there is sympathy for the theater business — which has almost entirely shut down — there appears to be little appetite for an industry-specific bailout package.