The cryptocurrency-driven music service Audius aims to offer a hybrid of streaming giant Spotify and sharing platform Soundcloud, and its star has risen in recent months via integration with TikTok and new NFT features. Now popular musicians including Katy Perry, Nas, and others have officially come onboard via a new investment round.
Source: Katy Perry, Nas, Jason Derulo Invest in Crypto Music Platform Audius – Decrypt
OpenSea, the biggest NFT trading marketplace, said today that one of its employees used internal information to buy NFTs that were about to be featured on its homepage — and likely spike in value. Accusations were made against OpenSea’s head of product, Nate Chastain, last night after a community member publicized suspicious transactions from his wallet.
Source: OpenSea product chief accused of flipping NFTs using insider information
Genius Media, the widely used lyrics-database company formerly known as Rap Genius, has been acquired by app and internet media holding company MediaLab for $80 million. With the acquisition, MediaLab is making layoffs at Genius, according to Bloomberg, which first reported the sale. Genius and MediaLab would not confirm how many employees are being pink-slipped.
Source: Genius Acquired for $80 Million by MediaLab, Which Is Making Layoffs at Music Lyrics Company
This week, it was reported that Mayer’s company is in talks to acquire Will Smith and Jada Pinkett Smith’s Westbrook Inc, marking its second major buy, and the exec today teased that the deals won’t end there. “We’re going to bring in other category-defining businesses and brands that will fill out a whole spectrum of audiences,” he commented, adding that he couldn’t spill the beans on any specific acquisitions but that they “are considering some”.
Los Angeles-headquartered GDMG has teamed with MEP Capital to acquire Sound Royalties, the music financing platform that pays out advances to artists and rights-holders based on predicted future royalty income. Peterson didn’t disclose the price of the deal but confirmed it was a “high eight-figure purchase” – i.e. tens of millions of dollars – backed by funding from MEP.
The U.K. regulator Competition and Markets Authority has raised concerns around Sony Music’s purchase of Kobalt’s recorded-music services division AWAL, after the first phase of its investigation into the acquisition. The investigation found that the distribution of recorded music in the U.K. is currently “highly concentrated,” with the three major labels accounting for the majority of the market and the independent sector handling the remainder.
Source: Sony Music’s Acquisition of Kobalt’s AWAL Raises U.K. Regulatory Concerns
The Department of Justice has accelerated an investigation into Google’s digital advertising practices and may file an antitrust lawsuit against the internet giant before the end of the year, two people with knowledge of the government’s thinking said on Wednesday.
Source: Justice Dept. Is Said to Accelerate Google Advertising Inquiry
Source: Apple to Allow Media Apps to Link to Own Websites for Payment Options
Private equity firm Apollo Global Management this morning announced that it has completed its acquisition of Yahoo (formerly known as Verizon Media Group, itself formerly known as Oath) from Verizon. The deal is worth $5 billion, with $4.25 billion in cash, plus preferred interests of $750 million. Verizon will be retaining 10% of the newly rebranded company.
Source: Apollo completes its $5B acquisition of Verizon Media, now known as Yahoo
Thirty-four groups from the Writers Guild of America West to Public Citizen to Demand Progress have appealed to the Federal Trade Commission to block Amazon’s proposed acquisition of MGM, which they say reflects the e-commerce giant’s growing dominance.