Spotify’s purchase of Findaway, a platform that allows users to create, distribute, and monetize their own audiobooks, cost it €117 million, or around $123 million USD, the company revealed today. Findaway will provide the infrastructure for what will become the third pillar of Spotify’s business. The streaming service first announced the acquisition last November.
Source: Spotify paid $123 million for Findaway, the bedrock of its audiobook ambitions
In its Q2 results announced today (July 27), Spotify has confirmed that it added 6 million net Premium subscribers to its user base in Q2, taking its total global subs up to 188 million. That was bigger than the 5 million subscribers SPOT previously told investors it was expecting to add in the second quarter. It also means that, with2 million net subscriber adds banked in Q1, Spotify added a total of 8 million additional net Premium subscribers in the first six months of 2022.
Source: Once again, Spotify avoids Netflix’s woes: Music streamer added 6m net subscribers in Q2
The CMA has confirmed that it has made a preliminary decision not to pursue a full-scale investigation into the music streaming industry in the UK. (Or, at least, it has issued a “proposal” not to do so; its final, final decision will be taken on August 19.) The CMA has, for the past six months, been conducting a light-touch ‘market study’ into streaming economics in the UK, which would ultimately decide whether a full-blown investigation was required.
MELON’s seed funding comes from backers including Crush Ventures, Gaingels, Comcast Spectacor, and an SPV led by Matt Finick, formerly CFO at Roblox and Marvel Entertainment. Notably, Crush Ventures, the investment arm of Crush Music, has a management roster spanning the likes of Miley Cyrus, Sia, Green Day, Panic! at the Disco, and Weezer, among others.
Source: Metaverse experiences startup MELON raises $5m from backers including Crush Music’s investment arm
CEO Hartwig Masuch told MBW today: “If you believe as we do that the long-term prospects for music are positive, there’s no reason to back off right now. On the contrary. With much of the froth going out of the market as pure investment vehicles face pressure in funding, there is even more reason to invest. “That’s why quietly we have struck more than 30 deals for publishing and/or recorded rights already this year.”
New subscriptions to Hulu have outpaced those of Disney’s flagship streaming platform, Disney+, in 18 of the past 24 months, and total new subscriptions to Hulu have exceeded those to Disney+ in each of the last six quarters, according to data from subscriber-measurement firm Antenna. Hulu’s subscriber gains come as Disney leadership is under pressure from investors to keep up the momentum in Disney+ subscriber growth.
Source: Hulu Is Driving More Streaming Subscribers to Disney Than Marvel or Star Wars
There’s a storm brewing in Hollywood’s creative community, just as the largest unions and employers are preparing to wrestle anew at the contract bargaining table. The discussions are sure to be more charged than usual because of the tectonic shifts across TV and film that were accelerated by pandemic conditions in 2020 and ’21.
Source: The End of Ownership: Why the Battle Over Paying TV Creatives Is Only Getting Crazier
Netflix’s better-than-expected quarterly results on Tuesday bodes well for music streaming services. Netflix’s woes have caused analysts and investors to question the health of music streaming platforms. Shares of Spotify plunged 6.3% and 10.9%, respectively, on the day following Netflix’s two previous earnings releases. Following Netflix’s earnings announcement on Tuesday, Spotify shares rose 2.9% to $111.80 in after-hours trading.
Source: Netflix’s Better-Than-Expected Subscriber Forecast is Good News for Music Streamers
Netflix executives see content spending of about $17 billion in 2021 lingering there through 2023. It’s the latest shift for the giant streamer that’s always been gung-ho about spending and was seen as nosing up to the $20 billion range. But as part of an overall industry rethink — and its own — CFO Spencer Neumann said, “We are expecting to spend about $17 billion this year, and we are in the right ZIP code.”
Source: Netflix Content Spend Set To Plateau At $17B For Next Few Years
Netflix reported its fiscal second quarter earnings on Tuesday after market close as the company battles ongoing inflationary pressures, increased competition, and an uptick in subscriber churn. The streaming giant’s Q2 subscriber numbers showed a narrower loss than expected, causing shares to surge more than 8% in after-hours trading.
Source: Netflix shares jump as Q2 subscribers beat estimates