Finance

Spotify said it will buy Findaway, an Ohio-based firm that distributes audiobooks, as the Swedish streaming giant continues to expand its audio offerings. Financial terms of the deal, which is expected to close in the fourth quarter, were not disclosed.

Source: Spotify to buy Ohio audiobooks firm, expanding audio ambitions

Last year was a great year for Peloton, with Covid lockdowns inspiring consumers to invest in home fitness products and services like never before. That, in turn, led to a boom in music royalties paid out by the company. That story, though, has just hit something of a speed bump – with the news that Peloton’s YoY revenue growth slowed significantly in the three months to end of September (calendar Q3).

Source: Music’s rosy fitness story hits a speedbump, as Peloton reduces annual revenue forecast

Universal Music Group CEO Lucian Grainge is reportedly set to earn north of $200 million in 2021 – more than the combined 2019 income (attributable to streaming and sales) of every songwriter in the UK – and the 61-year-old’s massive salary is drawing criticism from some fans, industry organizations, and lawmakers.

Source: UMG CEO Lucian Grainge to Earn Over $200 MM in 2021 Following IPO

According to an SEC filing, Reservoir, which floated on the NASDAQ via a merger with a SPAC (special purpose acquisition company) in July, generated total revenues of USD $30.4 million in calendar Q3, an increase of 45% compared to $21 million in the prior year quarter (fiscal Q2 2021).

Source: Reservoir’s revenues grew 45% to $30.4m in calendar Q3

Disney CEO Bob Chapek told investors Wednesday that the company is increasing its multibillion-dollar spending on content for Disney Plus as it adds more local and regional content for worldwide audiences. Last December, Disney projected it would spend between $8 billion-$9 billion on content for its premiere streaming service in its fiscal year 2024, and Chapek said that amount would now rise.

Source: Disney Will Boost Investment in Disney Plus Through 2024, Focusing on Global Content Expansion

The world’s largest entertainment company posted a significant slowdown in subscriber sign-ups at its flagship streaming service in the most recent quarter, ending two years of strong growth that had helped the company survive Covid-19 and expand its media dominance into the home.

Source: Disney Streaming Sees Slower Growth as Consumers Venture Out of the House

A group of roughly 30,000 session musicians have won tentative approval of an $8 million settlement to resolve a class action that accused the American Federation of Musicians (AFM) and SAG-AFTRA of charging an improper “service fee” on streaming royalty payments.

Source: Session Musicians Win Greenlight for $8M Royalty Fee Settlement With AFM, SAG-AFTRA

Soaring U.S. streaming consumer subscription revenue is up 19% to $18.5 billion through the first nine months of 2021 versus a year ago, according to Digital Entertainment Group. Streaming revenues is the only home entertainment consumer spending category to show gains this year, as physical and digital sales and rentals of movie and TV content — including video-on-demand — have declined.

Source: Television News Daily: Home Entertainment Rise: Streamers Record 19% Uptick In Subscription Revenue

The bill, which passed Congress with a final vote of 228–206, signals a historic moment for crypto in the United States. In drafting the legislation, senators inserted a provision that changes the Internal Revenue Service’s definition of a “broker” to include organizations that trade crypto assets. Brokers will have to file 1099 forms disclosing the names and addresses of their customers.

Source: Congress Passes $1.2 Trillion Infrastructure Bill, Paving Way for Extra Crypto Taxes in U.S. – Decrypt