The investment round was led by Vulcan Capital, the multi-billion-dollar investment arm of Microsoft co-founder and philanthropist Paul G. Allen, with participation from Caldecott Music Group and K3 Ventures, a venture capital firm that was an early backer of super app Grab and tech giant Bytedance. BandLab says the funds will allow it to expand its team and continue “to refine and grow its offerings to music creators and aspiring artists worldwide”.
Source: Social music creation platform BandLab closes Series B funding round at $65m
In the wake of big content spender Netflix’s shocking Q1 subscriber loss, David Zaslav made a point to say Warner Bros. Discovery “will not overspend to drive subscriber growth” during Discovery’s first-quarter earnings call Tuesday. “As you’ve heard me say, we are not trying to win the direct-to-consumer spending war,” the WBD CEO said, instead promising that the newly combined WarnerMedia-Discovery company would “invest in scale smartly.”
Soundful claims to “democratize music production” by giving its users access to what it says is music theory-trained algorithms and one “of the biggest original sound libraries ever assembled” to make music. Users can create a new track from scratch using a variety of templates and genres and all tracks are fully licensed for use in videos, advertisements and social media campaigns.
Netflix shares plummeted more than 20% in after-hours trading after the company announced that it actually lost ground in terms of subscribers, falling to 221.64 million around the world. Usually, the question when Netflix reports numbers is about how many new customers it managed to acquire. This time, its global subscriber base declined by 200,000 from where the company ended 2021.
On the eve of a hearing and vote for the Free Artists From Industry Restrictions (FAIR) Act before the California Assembly’s Committee on Arts, Entertainment, Sports, Tourism and Internet Media, Assemblymember Ash Kalra (D-San Jose) has pulled the bill with plans to move it forward as two bifurcated bills.
Today (April 19), GoDigital has confirmed that it’s investing its largest funding round yet into Cinq – USD $100 million – in order for Cinq to “purchase music rights, both masters and publishing, and to further its international expansion”. In a press release, GoDigital confirmed that its music portfolio is backed by Bank of America as lead lender, with East West and Union Bank rounding out the syndicate.
US-headquartered music distribution and payments platform Stem has today (April 18) confirmed that it’s raised a $20 million new round of funding. The investment is being led by QED Investors, a significant venture capitalist firm in the fintech space. It’s also being supported by Block, Inc., a global tech and financial services company.