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
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
Sony Music made a big splash with its announcement that some legacy acts would be able to earn from streaming for the first time. Now Sony Music Publishing is introducing the Legacy Unrecouped Balance Programme to qualifying Sony Music Publishing songwriters.
Source: Sony Music Publishing opens up streaming income for legacy songwriters
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.
Billionaire investor Bill Ackman announced early Monday that he has decided not to use his SPAC to acquire a 10% stake in Universal Music Group after the Securities and Exchange Commission voiced concerns about the the complicated agreement, which would have been the biggest SPAC transaction to date.
Source: Bill Ackman Calls Off SPAC Deal for Universal Music Group
Source: How a Longtime Music Executive Is Trying to Protect Artists’ Legacies
The news is further proof of the positive investor sentiment surrounding music rights today, and follows Hipgnosis Songs Fund also exceeding its minimum target for a share issue earlier this month. (Hipgnosis was aiming for $210 million, but due to an oversubscribed round, ended up with $215 million.)
Source: In more good news for music’s value, Round Hill raises $86.5m in share issue – far exceeding target
Special Purpose Acquisition Companies are everywhere and they’re spending huge sums, from long-time Geffen Records President Neil Jacobson’s $200m IPO in New York, to Reservoir’s NASDAQ plans via SPAC merger, to Bill Ackman’s financial vehicle buying 10% of Universal Music Group. Now a new SPAC, launching in Europe, with over $300m at its disposal, could be another game-changer for the music industry.
Source: A new SPAC has $325m to spend – and it’s got its eye on the music industry
The music industry is weighted against artists, with even successful pop stars seeing “pitiful returns” from streaming, a committee of MPs has said. They are calling for a “complete reset” of the market, with musicians given a “fair share” of the £736.5 million that UK record labels earn from streaming. In a report, they said royalties should be split 50/50, instead of the current rate, where artists receive about 16%.
Source: MPs call for complete reset of music streaming to ensure fair pay for artists
One of the streaming platforms that pays out the highest amount of artist royalties for every song played isn’t Spotify, Apple Music, or the supposedly artist-friendly Tidal—it’s Peloton. That is to say, not a streaming service, but the luxurious, glitzy fitness company, whose recent megapopularity has been matched only by its controversy.
Source: How the Hell Is Peloton the Best-Paying Music Streaming Service?