Finance

According to the company’s annual report, which was filed with the SEC Wednesday afternoon, Disney plans to spend approximately $33 billion on content over the next year, inclusive of its streaming programming, linear programming, and sports content.

Source: Disney Plans to Spend $33B on Content Next Year

Epic Games, the maker of hit video game Fortnite and Unreal Engine, has acquired Harmonix, creator of the popular Rock Band and Dance Central franchises for an undisclosed sum. The buyout of the Boston-based music-related game studio Harmonix follows a period of successful fraternization with the music industry for Epic.

Source: Epic Games buys Rockband developer Harmonix to ‘reimagine how music is experienced, created and distributed’

Chinese technology giant NetEase Inc. has confirmed that its subsidiary Cloud Village – which operates music streaming service NetEase Cloud Music – will list on the Main Board of the Hong Kong Stock Exchange on December 2 under the symbol “9899.HK.” A pre-IPO prospectus reveals three “cornerstone investors” are backing Cloud Village’s listing: current parent company NetEase, Orbis Investment Management Limited, and last – but definitely not least – Sony Music Entertainment.

Source: Sony Music buys $100m of shares in NetEase’s music service; Chinese platform’s IPO set for December 2

The round was led by Octopus Ventures, with participation from existing management and shareholders. Synchtank’s latest investment round follows a total of $750,000 seed funding from management, shareholders, and Juno Capital Partners in 2020, bringing the total raised in the past year to $6.6 million.

Source: Synchtank raises $5.8m in Series A funding round led by Octopus Ventures

Aimi says that its platform offers listeners “endless, bespoke experiences” created by DJs and producers “in collaboration” with the platform’s artificial intelligence. Following a limited free period this fall, the premium service of Aimi+ will shift to a paid model, using blockchain technology and smart contracts to administer royalties and revenue to artists using the platform.

Source: AI-powered music platform Aimi raises $20m in Series B funding round

Royal is a blockchain startup trying to bring about such a change. Launched this summer by Justin Blau—better known by his stage name DJ 3lau—Royal helps artists create and sell NFTs, but also offers a new business model where fans can invest in an artist’s work and receive royalties in return.

In today’s complex content ecosystem, studios are spending more and more to lure general audiences to theaters with blockbuster franchise films while the streamers are primarily trying to keep their fragmented audiences glued to their services by offering niche content. Teen comedies might not have enough consistent commercial potential for the studios, but Mr. Garelick thought that if he could offer a consistent flow of films, surely a streaming service would bite.

Source: How Do You Make Teen Comedies Today? Buy a High School.

“Fresh Kills” will have nontraditional financing; the project intends to be the first feature film to be funded and traded by a global group of fan investors. It will be financed by an offering on the Upstream Exchange, which on Thursday announced a $3.5 million IPO.

Source: Annabella Sciorra to Star in Crime Drama ‘Fresh Kills’ (EXCLUSIVE)

Spotify said it will buy Findaway, an Ohio-based firm that distributes audiobooks, as the Swedish streaming giant continues to expand its audio offerings. Financial terms of the deal, which is expected to close in the fourth quarter, were not disclosed.

Source: Spotify to buy Ohio audiobooks firm, expanding audio ambitions