WUNDER has completed the first digital art-backed assets transactions using the Patron Protocol on blockchain technology. The ING Collection in Amsterdam purchased one of the first fractional ownership shares, representing 12,5% ownership in a master copy from the video art work by the Romanian artist Dragos Alexandrescu.
Last week, Eminem’s publishing company filed a lawsuit against Spotify alleging that the streaming giant has been generating revenue from some of the Detroit rapper’s biggest hits without properly licensing them. The suit speculates that if the company failed to pay royalties for a song like the chart-topping “Lose Yourself,” then smaller publishers probably weren’t paid properly either.
Hipgnosis and its Investment Adviser, The Family (Music) Limited, has confirmed that the company has successfully raised approximately £51.1m ($62.8m) at a price of 105.5 pence per share, principally from existing shareholders. These newly snapped-up shared represent 12.4% of the firm’s Ordinary Share capital.
China’s Tencent Holdings Ltd. has made a bid to acquire 10%-20% of Universal Music Group, at a company-wide valuation for UMG of €30bn ($33.63bn). By default, this approach from Tencent has become the first market-tested barometer of what the strategic value of a major music company may be today.
New research suggests that most newspaper publishers with successful metered pay model strategies do better with higher “stop rates,” not letting a reader sample too much before they’re asked to pay up. “The publishers that reported more than 6 percent of unique visitors reaching their stop threshold had ‘thriving’ digital subscription businesses.”
It’s unclear whether Patreon offers a full-blown solution or a stopgap remedy for game makers grappling with the current landscape. What it does unequivocally provide is the business infrastructure for creators to implement a fan-subscription model of funding. Communities surrounding artists and their work can often appear diffused online, particularly as forums have given way to broader social media platforms.
Corite enables artists to estimate the value of a song they have created based on their streaming history and future projections, before announcing the amount they want to raise, and setting a percentage of streaming royalties which investors will receive in return.
If completed, Vivendi’s deal with Tencent — which owns three music streaming services in China as well as a 10% stake in Spotify through its Tencent Music division — would reverse the current dynamics between the digital services and the major labels from which they license music.
Although it may sound like calling a speck of dust on Andy Warhol’s “Campbell’s Soup Cans” your own, investors might soon have the opportunity to purchase small fractions of multimillion-dollar artwork. It’s all possible through blockchain, known mostly as the obscure technology underpinning the digital currency Bitcoin.
Chinese digital giant Tencent has entered negotiations with French media group Vivendi to buy a 10% stake in Universal Music Group. Vivendi said the two companies were also exploring other areas of “strategic commercial cooperation” that would help grow UMG, the world’s biggest music company with market share of more than 30% in 2018, through new digital initiatives and territories.