In the job listing, posted last week, Netflix said the financial analyst for residuals will be “a key member in our Contingent Compensation & Reporting Department” whose main responsibilities will be “interpreting and analyzing residual impact in accordance with various guilds, unions and production service agreements and execute accordingly.”
Finance
Web3 Streaming Platform Tune.fm Announces $20 Million Raise
Web3 streaming and superfan-monetization platform Tune.fm has announced a $20 million raise and plans to score major label licensing deals. Founded in 2011 by brothers Andrew and Brian Antar, Tune.fm says its Hedera Hashgraph-built JAM token and adjacent “micropayments technology” afford artists “instant royalties” for on-platform streaming. The overarching model also enables creators to pull in between 10 and 100 times more royalties than they would on traditional services like Apple Music and Spotify, according to Tune.fm.
Source: Web3 Streaming Platform Tune.fm Announces $20 Million Raise
Universal Music Preparing Major Layoff Round of ‘Hundreds’
Universal Music Group is reportedly preparing to cut ‘hundreds’ of jobs in Q1, with UMG’s recorded music to be ‘hit the hardest.’ “We continue to position UMG to accelerate its leadership in music’s most promising growth areas and drive its transformation to capitalize on them,” said a spokesperson for UMG on Friday. “Over the past several years, we have been investing in future growth — building our e-commerce and D2C operations, expanding geographically, and leveraging new technologies.”
Source: Universal Music Preparing Major Layoff Round of ‘Hundreds’
Amazon Is Laying Off Hundreds at Prime Video, MGM Studios and Twitch
Amazon is eliminating hundreds of jobs across its film and television studio and Twitch streaming platform in an effort to rein in costs. The e-commerce company has invested billions of dollars into building out its Prime Video service, and acquired MGM for $6.5 billion in 2022. Twitch, Amazon’s videogame streaming platform, is also cutting about 500 roles.
Source: Amazon Is Laying Off Hundreds at Prime Video, MGM Studios and Twitch
Google Trims Hundreds of Jobs as It Marshals Resources for AI
Source: Google Trims Hundreds of Jobs as It Marshals Resources for AI
OpenAI Under Scrutiny as EU Unpacks Microsoft Deal
The European Commission is weighing whether to launch an in-depth investigation into Microsoft’s $10 billion investment in OpenAI, maker of ChatGPT and other leading AI systems. At issue are EU merger rules. If the regulators find that the companies breached competition laws, it could lead to a full-scale probe and potential restrictions on the partnership.
Source: OpenAI Under Scrutiny as EU Unpacks Microsoft Deal – Decrypt
Iron Horse Announces $69 Million IPO Close; Targets ‘Music Rights Aggregators,’
Now, equipped with a sizable tranche, the company is poised to explore purchases in several areas, among them “production studios, celebrity-backed content creators, talent-facing consumer products,” AI startups, and gaming businesses, per the SPAC’s own description. Particularly on the music side, Iron Horse has relayed that it may also scoop up “music rights aggregators, music licensors, international music labels, [and] K-POP” companies.
Source: Iron Horse Acquisitions Announces $69 Million IPO Close
Spotify France Preps Price Increase Amid ‘Streaming Tax’ Rollout
Spotify and others had pushed for both a voluntary-contribution system as well as a model wherein the tax would be spread out among radio stations, physical sales, and more. But with the efforts having failed to bring about the desired result, Antoine Monin, Spotify’s MD for France and Benelux, made clear earlier in December that his company may well pass on the new charge to subscribers.
Source: Spotify France Preps Price Increase Amid ‘Streaming Tax’ Rollout
Why Google’s lobbying in California skyrocketed this year
The 30-second video ad struck an ominous tone, urging Californians to tell their lawmakers to vote against legislation that would force Google, Facebook and other large platforms to pay news publishers. The ad stated that it was “paid for” by the California Taxpayers Assn., a nonprofit advocacy group, but it really was bankrolled by Google.
Source: Why Google’s lobbying in California skyrocketed this year
Hipgnosis Delays Half-Year Financial Results Over Valuation Concerns
Hipgnosis Songs Fund has announced a last-second delay in publishing interim results for the six months ended Sept. 30, citing concerns over its valuation following a series of hiccups for the Merck Mercuriadis-led company. In explaining the delay, the Hipgnosis board said the valuation it received from an independent firm was “materially higher than the valuation implied by proposed and recent transactions in the sector.”
Source: Hipgnosis Delays Half-Year Financial Results Over Valuation Concerns