Spotify
After Months Declining, Music Stocks Tick Up as Fed Raises Interest Rate
Music stocks that had been pummeled in recent months received a respite on Wednesday (March 16) after the Federal Reserve moved to combat inflation and soaring economy by raising the federal funds rate from 0.25% to 0.50%. The federal fund rate is the benchmark rate for inter-bank loans and borrowing costs for credit cards, mortgages and auto loans. Shares of Universal Music Group rose 5.0% on the day to 21.96 euros while Spotify improved 7.9% to $133.58 and Warner Music Group climbed 1.4% to $35.47. The Fed’s move had been expected since its first announced its intention to do so on Dec. 15, 2021. By raising the federal funds rate, the Fed will make borrowing money more costly, reducing businesses and consumer spending to rein in inflation. The Fed stated on Wednesday it “anticipates that...
The Ledger: Leaving Russia Will Have Little Impact on Streaming Services, Record Labels
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. Strong steps taken by Western music companies to cease operations in Russia will have a big impact on the country but will do little damage to the global market. Russia is the 16th largest recorded music market in the world with a trade value $199 million in 2020, according to the IFPI. That was on par with Sweden, which has about 7% of Russia’s population, as well as Mexico, India and Switzerland. For the largest record labels, music publishers and music streaming companies, each with multi-billion-dollar revenues, Russia is a tiny part of their worldwide businesses. Spotify’s decision to suspend operations in Rus...
Executive of the Week: Spotify Global Head of Editorial Sulinna Ong
As global head of editorial at the biggest music streamer in the world, Sulinna Ong has plenty on her plate — not least of which is overseeing the programming of Spotify’s playlists across genres, territories and fandoms. And this past week has been a big one for Ong and her team, as they revamped Spotify’s flagship K-Pop playlist, K-Pop ON! (온), with a new name, a massive marketing push and a focused plan for new content catered to fans of the genre that has expanded significantly around the world in recent years. And the push has already started to pay off: daily streams and listening hours for the playlists grew 40% week over week, according to Spotify, and the playlist moved into the top five of the company’s most-streamed playlists, which Ong says is “a first for the playlist and the ...
Spotify Assures Users The Platform Is All Good After Widespread Reports Of Access Issues
HipHopWired Featured Video Source: NurPhoto / Getty For about an hour and a half Tuesday, Spotify users were cut off from the music and podcast streaming world as the platform experienced widespread technical problems causing its users across the U.S. to complain about access issues across its app and website. From Variety: User complaints about Spotify began to spike at around 1:10 p.m. ET, according to monitoring site DownDetector.com. It was not immediately clear what caused the technical problems. In the U.S., the issues reported were concentrated in New York and Los Angeles. Spotify users reported the platform telling them their usernames and passwords were incorrect when they weren’t. Some users said they tried to play songs from the platform but got messages that read, “We’re a...
Joe Hadley Exits CAA, Joins Spotify as Global Head of Artist and Audience Partnerships
Joe Hadley is leaving his position as one of the most powerful booking agents in hip-hop to join Spotify, the streaming company confirmed to Billboard. In his new role, Hadley will serve as Spotify’s global head of artist and audience partnerships. Based in Los Angeles, Hadley joined CAA in 2016 after five years at Windish Agency and was promoted to serve as global co-head of hip-hop and R&B at the agency along with Mark Cheatem in February 2021. The 34-year-old’s clients at CAA include Beyonce, A$AP Rocky, Zayn, Anuel AA, Koffee and Jorja Smith. Hadley is also reported to have led CAA’s diversity and inclusion efforts. A graduate of California Lutheran University in Thousand Oaks, Calif., Hadley got his start in music by promoting concerts in Germany before relocating to Chicago, wher...
Songwriters Protest Spotify in LA: ‘I Just Want to Be Able to Pay My Bills’
A group of songwriters led by the organization The 100 Percenters gathered outside of Spotify’s old West Hollywood office Monday afternoon (Feb. 28) to protest the streaming service’s low royalty rates. Dubbed “#WeWroteThat,” the collection of creatives began congregating around noon while holding signs with phrases like “My time costs money,” “Would you work for free?,” “Spotify is valued at $67 billion — pay artists” and “1 cent per stream.” Event organizer Tiffany Red — a professional songwriter and founder of The 100 Percenters who has credits on songs performed by Jennifer Hudson, Jason Derulo and more — says the protest at 9200 Sunset Blvd. (a building Spotify previously occupied before moving to its current headquarters in Downtown Los Angeles’ Arts District in 2018) was motiv...
David Crosby’s Advice to Young Artists: “Don’t Become a Musician”
The world is pretty dire right now and the music industry is no exception. In light of the recent Spotify vs. Joe Rogan debacle — in which issues of censorship, misinformation, racism, and paying artists an adequate wage all came to a head — Stereogum recently got on the phone with one of the biggest artists who pulled their music from the platform: David Crosby. During the interview, he revealed why, in his eyes, the modern music industry is pretty hopeless. “Don’t become a musician,” Crosby said when asked what he would tell younger artists trying to navigate the penniless world of streaming. “I don’t like Spotify. I don’t like any of the streamers, because they don’t pay us properly. Their proportion is wrong. They’re making billions with a ‘b’ and they’re paying out pennies with a ‘p.’...
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EDM.com Playlist Picks: Alok & Alan Walker, Kungs, Vini Vici and The Knocks [2/18/22]
The electronic music community is constantly evolving with new sounds every week, as artists become more innovative with their compositions. EDM.com’s weekly “Playlist Picks” series highlights the top releases in the genre, helping uncover the latest tracks that will soon dominate the dance music scene. EDM.com Top Hits Headlights (feat. KIDDO) – Alok & Alan Walker Clap Your Hands – Kungs In The Middle – Vini Vici & Omiki Slow Song (feat. Dragonette) – The Knocks Festival Hits 2022 Hasta La Vista – Gabry Ponte & Blasterjaxx Recommended Articles How We Do – CID & Joshwa Late Night Phone Call – Kyle Watson Electronic Avenue Blow The Roof (with Kasbo & EVAN GIIA) – Louis The Child Spider – Said The Sky...
Dan Rutman Joins Spotify as Head of Music Creator Partnerships
Dan Rutman has been hired at Spotify as head of music creator partnerships, the confirmed with Billboard on Friday (Feb. 18). Music Business Worldwide first reported the news after Rutman posted an update to LinkedIn the day prior. According to a job post advertising the role, Rutman will spearhead a partnerships strategy “that drives positive sentiment toward Spotify for Artists, accelerates creator adoption of our offerings, and positions Spotify as the ultimate place to build, reach, and monetize an audience.” He’ll also be tasked with developing “scalable processes to manage multiple partnerships simultaneously” while collaborating with Spotify for Artists leadership, creator marketing and Spotify’s corporate and business development teams. Rutman arrives at Spotify from TuneCore,...
Spotify Deal With Joe Rogan Is Actually More Than $200 Million
HipHopWired Featured Video Source: MANDEL NGAN / Getty As the podcaster Joe Rogan is embroiled in controversy over his disrespectful language and choice to peddle misinformation about the coronavirus, the huge deal he received from Spotify is larger than many thought. And so is the headache the platform now has. In an article from the New York Times, it appears that the sum that the comedian and sports commentator received from Spotify was higher than many outlets stated in their reporting. The deal, which saw the streaming service acquire exclusive licensing to host Rogan’s show in May 2020, was then valued at $100 million dollars for a period of three and a half years. According to confidential sources who were privy to the full information of the deal since they worked on the negotiatio...
Joe Rogan’s Spotify Deal Is Reportedly Worth Double What Was Originally Thought
Joe Rogan’s podcasting deal with Spotify was worth at least double previously believed, according to a report from The New York Times. On Thursday, The Times reported the streaming services’ exclusive arrangement with The Joe Rogan Experience was priced at “at least $200 million” for three and a half years, according to two anonymous sources — far exceeding the originally reported deal sum of more than $100 million. This puts the former Fear Factor host and comedian’s deal in the same ballpark as Spotify’s acquisition of entire audio studios — like Gimlet and Ringer — for slightly less than $200 million. The spending was all part of the company’s plan to become a premier destination for all audio content, not just music. Music, for the streaming service, has not proven to not incredib...
Ava DuVernay’s Production Company Cuts Ties with Spotify
Ava DuVernay’s production company Array has cut ties with Spotify, The New York Times reports. The decision comes just a year after Array signed an exclusive, multiyear deal with Spotify to produce podcasts. No projects were released, but several scripted and unscripted series had been in development. Neither DuVernay nor Array has given a reason for the split, and Spotify has not offered comment. But the A Wrinkle in Time director joins a growing list of artists who have exited the streaming giant in recent weeks, ever since Neil Young called out the company for spreading COVID-19 misinformation on The Joe Rogan Experience. Since Young’s music was removed, many artists have either followed suit or offered their support to Rogan, and #CancelSpotify t...
