A new class action lawsuit filed this week in the U.S. District Court in D.C. accuses Google and parent company Alphabet of anticompetitive behavior in violation of U.S. antitrust law, the Sherman Act, and others, on behalf of news publishers. The case, filed by Arkansas-based publisher Helena World Chronicle, argues that Google “siphons off” news publishers’ content, their readers and ad revenue through anticompetitive means.
Finance
Spotify and Deezer slam French government’s plans to introduce a ‘music streaming tax’ in the market
Music streaming services have raised concerns over the French government’s proposed tax on music streaming services. Amongst the companies slamming the new plans is Spotify, which has warned that such a move may lead to the company deprioritizing France in the future. Antoine Monin, the Director General of Spotify France, expressed his dismay, labeling the tax a “monumental strategic error, which goes against the issues of economic, cultural and European technology”.
Source: Spotify and Deezer slam French government’s plans to introduce a ‘music streaming tax’ in the market
Streaming Giants Weigh Costs of Big Licensed TV and Movie Libraries
The perception, fueled by big content removals, is that streamers are ruthlessly paring back the number of movies and series available to users and at the same time raising subscription rates. But the data doesn’t back that up. Among the seven biggest subscription video-on-demand services, only one — Amazon’s Prime Video — has seen its overall catalog shrink between January 2021 and October 2023, according to an analysis by streaming aggregator Reelgood.
Source: Streaming Giants Weigh Costs of Big Licensed TV and Movie Libraries
Songwriters Earn 2024 Cost of Living Adjustment for Physical and Digital Sales
Songwriter royalties will get a cost of living increase for music sales beginning in 2024 for vinyl, CD, cassette and digital downloads. According to a new document, published Tuesday (Dec. 12), the Copyright Royalty Board (CRB) upped the U.S. statutory mechanical royalty rate from the current rate of 12 cents to 12.40 cents if the song has a run time of five minutes or less. (If over five minutes, the rate is 2.39 cents per minute.)
Source: Songwriters Earn 2024 Cost of Living Adjustment for Physical and Digital Sales
What Is Hipgnosis Songs Fund? The Answer Is Complicated
Over the past few months, the term ‘Hipgnosis’ has become treacherously complicated and loaded with questions. As the most prominent Hipgnosis entity — Hipgnosis Songs Fund — has shifted from splashy industry darling to slow-motion train wreck, the music industry has become exposed to an incredibly complex matrix of interrelated companies.
Source: What Is Hipgnosis Songs Fund? The Answer Is Complicated
Hipgnosis Completes 20,000-Song Selloff — At a Steep Discount
Hipgnosis Songs Fund has completed a 20,000-song selloff, but the involved price tag represents a steep discount to the works’ valuation. In an announcement to the market on Monday (December 11), HSF said that “these non-core songs, which are a subset of those identified as the Second Disposal as set out in September, were bundled with the iconic Songs acquired by the Company in 2020 as part of Kobalt Fund One“.
Source: Hipgnosis Completes 20,000-Song Selloff — At a Steep Discount
Sydney-based generative AI art platform Leonardo.Ai raises $31M
Sydney, Australia-based Leonardo.Ai is the one of the latest generative AI startups to raise funding. Today, the AI art production platform for consumers and enterprise users announced a $31 million USD round from investors including Blackbird, Side Stage Ventures, Smash Capital, TIRTA Ventures, Gaorong Capital and Samsung Next. Founded last year, Leonardo.Ai’s founders say that since December, it has hit seven million users, who have generated over 700 million images in total.
Source: Sydney-based generative AI art platform Leonardo.Ai raises $31M | TechCrunch
HarbourView ups credit facility capacity by $100m to buy more music rights
Under the amended facility, HarbourView’s credit facility capacity has been increased by $100 millionto $300 million(from $200m). The firm says that it will use the additional funding to continue acquiring music royalty assets and for “general corporate purposes”. HarbourView has been particularly active in the music rights-buying space over the past few months.
Source: HarbourView ups credit facility capacity by $100m to buy more music rights
Mistral AI Raises $487M in Round Led by Andreessen Horowitz
French AI startup Mistral AI is set to raise about $487 million, led by Andreessen Horowitz and including investments from Nvidia and Salesforce. Mistral AI, founded by former scientists from Google’s DeepMind and Meta, has quickly gained prominence in the European artificial intelligence (AI) startup scene. The company specializes in open-source software for chatbots and generative AI tools, leveraging the experience of its founders in working on large language models similar to those developed by OpenAI.
Source: Mistral AI Raises $487M in Round Led by Andreessen Horowitz
Music credits company Jaxsta rebrands as Vinyl Group
Australia’s sole ASX-listed music company, Jaxsta, has announced a significant transformation that includes changing its name to Vinyl Group, after the company expanded into online vinyl sales earlier this year. This rebranding effort is not merely cosmetic as the company’s constitution has been updated to reflect the new name. The ticker code on the ASX will also change from JXT to VNL.
Source: Music credits company Jaxsta rebrands as Vinyl Group