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
Continuing its foray into digital art, Christie’s Auction House launched its own venture capital firm July 18. Called Christie’s Ventures, it will fund emerging and financial technology companies relevant to the art market. The firm has already invested in LayerZero labs, a startup focused on easing the movement of assets across blockchains.
Source: Despite an NFT Downturn, Christie’s Just Launched a Venture Fund to Improve Technology in the Arts
London-based Hipgnosis Songs Fund Ltd. said Thursday that revenue for its fiscal year ended March 31 jumped 24.7 percent, partly due to the catalogue acquisitions during the period. “Despite the macro-economic environment, the attractiveness of the music streaming proposition continues to grow,” said Merck Mercuriadis. “It is the lowest-cost entertainment subscription service.”
Is the music business sleepwalking into a generational mistake in its deals with TikTok? According to Bloomberg, TikTok generated revenues approaching $4 billion globally in 2021. TikTok is expected to triple this figure to $12 billion in 2022. As a percentage of that total 2021 turnover, the amount TikTok is estimated to have paid recorded music rightsholders ($179m) therefore works out at4.5%.
Source: So… how much did TikTok actually pay the music industry from its $4bn in revenues last year?