The big green circle is about to get even bigger. At Spotify’s Stream On event on Monday, February 22nd, the music streaming giant announced it would be introducing a new high-fidelity audio tier and expanding into 80 additional markets (via Billboard). Spotify is remaining tight-lipped on their Hi-Fi plans, declining to reveal what sized audio files they’ll be rolling out, when the new tier will introduced, or how much it will cost. But the news has to send a shudder down the spines of music execs at places like TIDAL, Deezer, and Qobuz, where high-end audio fidelity is one of the features that has allowed them to stand out. Still, a deep-pocketed competitor is by no means a death sentence — after all, Amazon Music unveiled an HD option in 2019, and those smaller platforms have managed ju...
From all available statistics, facts and figures no other Nigerian musical artiste, male or female, was able to pull off what the quartet of Davido, Wizkid, Burna Boy and Olamide pulled off in 2020. The duopoly of Davido and Wizkid, which has been going on for years was questioned most especially by Burna Boy and the new face on the international scene, Olamide. Each one of them released an amazing album and it was a staggering success story on all streaming platforms. The figures showed Nigerian music has arrived on the international stage. Particularly of interest is Olamide, whose music has not really been able to cross the continent to the international stage. Well, thanks to his international connection, which has given wings to fly over the Atlantic. For Burna Boy, his fortunes have ...
It’s been two years and counting since we last got a proper album from Death Grips, but today’s surprise drop should keep fans preoccupied in the meantime. The group’s experimental EP Gmail and the Restraining Orders and one-off single “More Than the Fairy” have finally been added to streaming platforms like Spotify and Apple. Gmail and the Restraining Orders is a 30-minute collection of noise rock that was played prior to Death Grips’ live shows in 2015. The project was then featured in Warp Records’ WXAXRXP radio festival in 2019, before subsequently being released onto YouTube. As for “More Than the Fairy”, this track was initially put out on YouTube in 2016. It notably features bass from special (and very unexpected) guest Les Claypool of Primus. The collaboration is consider...
It’s become crystal clear this year that without touring revenue, many musicians have little hope of making a living. Streaming royalties are a pittance, and musicians have had to turn to new creative ways to stay afloat. Some sell exclusive vinyl, cassettes, and other merchandise on Bandcamp. Others have turned to the subscription service, Patreon, where fans can pay their favorite creators for access to exclusive content like B-Sides, live sessions, podcasts, and more. But their qualms seem to have fallen on deaf ears at Spotify. All year, the company and its CEO Daniel Ek, have been callous, if not downright contemptuous, towards artists that are trying to eke out a living. Complaints about Spotify revenue have been floating around for years now. Even in 2013, Radiohead’s frontman Thom ...
Since our beginning as a humble, festival-focused music publication, Consequence has always been a go-to source for the best in new music and rising artists. While we’ve grown over the years into a full-blown pop culture destination, music is still at the core of everything we do. That’s why we’ve launched two fresh, continually updating Spotify playlists to keep you up-to-date on all the latest tracks. First is Top Songs, where we’ll collect all our favorites from our ongoing Top Song of the Week feature. Each week, we’ll spotlight our pick for the best track of the week along with a handful of “runners-up.” We’ll spotlight them in our recurring feature, and then gather them all together for your listening pleasure on Spotify. Then to help expand your listening horizons, New Sounds functi...
Spotify’s share price was already in retreat, dropping 12.5% from an all-time high of $370.95 reached on Wednesday (Jan. 13), however. Some experts would argue it’s still too high. The 25 analysts covering Spotify have a median price target of $298.53 with a high of $425.90 and a low of $141.30, according to Refinitiv. Key Takeaways: 1) The three leading audio streaming companies — Spotify, Apple and Amazon — are pushing hard into podcasts. If turning a music service into an all-around audio service attracts subscribers and reduces churn, record labels and publishers will benefit.2) Regardless of how its podcasts perform in the next year or two, Spotify has the resources to see its strategy through. It had €1.18 billion ($1.43 billion) on its balance sheet on Sept. 30, 2020, en...
What recession? The leader in the fast-growing music streaming market, Spotify reached an all-time high of $354.60 on the New York Stock Exchange on Friday, and closed at $353.48, up 7% from Thursday’s closing price and up 12.2% for the week. At Friday’s high, Spotify’s enterprise value rose to roughly $66.1 billion. Why the investor enthusiasm? An obvious factor is Bank of America Merrill Lynch analyst Jessica Reif Ehrlich’s price target hike from $357 to $428 on Wednesday. But a number of factors have had investors excited about the stock over the past year: It is the leader in music streaming and is aggressively expanding its podcast business, most notably with the strong — although controversial — launch for the Joe Rogan Experience podcast. Plus, limited pricing experiment...