Digital-media company LiveXLive Media will acquire PodcastOne parent Courtside Group in a bet that bigger is better amid the coronavirus pandemic and that ad revenue for podcasting will continue to soar. The all-stock deal, which will make PodcastOne founder Norman Pattiz a major shareholder in LiveXLive, values the podcast network at $18.1 million.
Even the most optimistic predictions don’t foresee any traditional concerts returning until late this year at the very soonest, and realistically, it will be at least 18 to 24 months before arena-sized crowds gather — if anyone can find an arena’s worth of people who dare. So where does that leave the live-music industry?
Last year at this time, Disney was celebrating the record-breaking arrival of “Avengers: Endgame” in theaters. On Tuesday, with movie theaters closed worldwide, along with theme parks, Disney said that its quarterly profit fell more than 90 percent. And that was for a period that was only partly affected by the coronavirus.
Slow Ventures, a VC firm focused on the tech space, is launching a new product to help creators more easily monetize their live streams. While Slow doesn’t typically serve as an incubator, it has been readying a new product in the wake of the lockdown across California that is bound to have a special resonance at this moment in time. LiveStack is a platform that enables any creator to set ticket prices and subsequently host a live broadcast.
Deadline was slipped a net profit participant sheet on “Yesterday” showing the movie is still in the red by as much as $88 million, despite an estimated profit of $45 million for the studio. A net profit participant sheet specifically shows the film’s profitability in regard to a person’s specific deal, and it’s often loaded with heavy expenses that aren’t necessarily subtractions to a film’s bottom line, rather just to that specific participant’s deal.
The American Federation of Musicians (AFM) and SAG-AFTRA have distributed $62 million to musicians from their Intellectual Property Rights Distribution Fund (IPRDF). The Fund secures owed royalty payments (from “non-interactive digital streaming providers”) on behalf of non-featured performers, including session vocalists and musicians. This $62 million payout is the largest that the Fund has produced since being established in 2008.
US-based collection and licensing society ASCAP has reported that its revenues topped $1.274 billion in 2019, which marks a $47 million increase over 2018, and a fifth year of record-breaking financial results. Royalty distributions to ASCAP members in 2019 increased by $75 million, crossing the $1bn mark for a third year with $1.184bn in total royalties paid out.
The impressive revenue benchmark – which totals about $4.038 billion overall – represents a 33 percent uptick from YouTube’s Q1 2019 earnings of approximately $3 billion. And significantly, YouTube’s Q1 2020 income accounted for nearly 10 percent of Google’s earnings, despite the fact that the leading search engine also experienced a substantial revenue increase from Q1 2019.
All of Hollywood is grappling with the production shutdown caused by the coronavirus pandemic, but the limited flow of new programming looms especially large for Disney+, which has been a bright spot for the company over the past two months. Disney’s theme parks and theatrical business have cratered amid closures of public places, and once-lucrative divisions like ESPN are drying up as sports stays on the sidelines.
Cable giant Comcast, led by chairman and CEO Brian Roberts, on Thursday reported lower earnings for entertainment unit NBCUniversal for the first quarter as the novel coronavirus pandemic started hitting TV advertising revenue and the firm’s theme parks unit.