“It was almost too good to be true,” says Udell, who has worked with artists like Krewella and ZHU. “All these people involved? Really? But then I read the white paper, and I was super inspired.” That white paper described a platform resembling Twitter, where users have profiles and can post, like, comment and share content. Anyone who joins the platform gets a creator coin in their name, the value of which theoretically fluctuates depending on that person’s social standing and how many coins are in circulation. Users can then can buy and sell each other’s coins using the platform’s native cryptocurrency, BitClout. (“If Elon Musk succeeds in landing the first person on Mars, his coin price should theoretically go up” because more users would buy his coin...
The company has had a series of high-profile partnerships with major music streams — from a lyric deal with Spotify to display context behind songs, to a built-in Apple Music player on the Genius website — and even launched its own livestreaming platform last year called Genius Live. But none of its initiatives were enough to move its valuation up in the past few years. The result is a sale that will come with job cuts. “We are restructuring the way in which original content is produced at Genius and as part of that some very talented individuals on the content and production teams were let go,” MediaLab said in a statement to Bloomberg. MediaLab says it will invest in the “community platform” as it focuses on emerging artists for the platform. MediaLab owns a small group of co...
Second-quarter advertising revenue at YouTube was reported at $7 billion, up 83 percent from the year-ago period, after $6 billion in the first quarter, up 49 percent. That don’t include subscription revenue generated by YouTube Music and YouTube Premium. Netflix recorded $7.3 billion in the latest quarter, up 19 percent, after $7.2 billion in the first quarter, up 24 percent. The executive also discussed content spending. “When you think about our payouts, we are now the largest content licensor in the world,” Kyncl said. He mentioned that YouTube’s partner program covers about 2 million creators, with the company paying out $30 billion to them over the past three years. Kyncl said to ensure diversity, companies must focus on it, including in hiring and c...