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In The Know: Weekly Music Industry Round-Up August 4 - Magnetic Magazine

In The Know: Weekly Music Industry Round-Up August 4

There have been some big moves by Gary Richards and Paul Rosenberg, while Spotify continues its path towards world domination
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Here’s a recap of important music business news you need to know:

Spotify hits 60 million subscribers:

The streaming giant maintains its large lead over competitors in paying subsribers as it just passed the 60 million mark. The company is now growing at over 2 million paid subscribers per month. It hit 50 million in March and is now outpacing competitors like Apple Music as the go-to service for consumers around the world. The company also has about 140 million active users in total as of June, which shows an impressive ability to convert users to paying subscribers.

Read more here.

HARD Founder, Gary Richards, Leaving Company & Live Nation:

In the week leading up to his penultimate festival HARD Summer, Gary Richards made the announcement that he is exiting from his role as the head of HARD Events, the dance music events company he started. He sold 50.1% of the company to Live Nation in 2012 and according to LA Weekly, had a five-year contract that is expiring this year. 

What has gone on behind the scenes that led to his exit is not known yet, nor has he officially announced his next move, but some reports are linking him to a move to LiveStyle, the name of SFX post-bankruptcy. He is no longer booking Holy Ship, which is ostensibly supposed to set sail in January, though a lineup still has not been announced.

Read more here.

Eminem’s Manager Paul Rosenberg Named CEO of Def Jam Records:

Eminem’s longtime manager, business partner and president of Shady Records, Paul Rosenberg, has been named the new CEO of Def Jam Records. Rosenberg will succeed Steve Bartels, who will remain on during the transition period until Rosenberg takes over in 2018.

Rosenberg has his hands in many different parts of the entertainment business, serving as a producer on movies such as 8 Mile and Southpaw and several TV shows. He is the producer for Eminem’s Shade 45 radio station on Sirius XM. He is the founder and CEO of management firm Goliath Artists Inc., where he oversees the careers of artists like Danny Brown and Eminem. This is just another piece to add the resume. Bartels has been in his position since 2014.
Read more here.

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