Here’s a recap of important music business news you need to know:
Warner Music Group Acquires Spinnin Records:
For those who have been following the news surrounding Spinnin' Records closely, this shouldn’t come as too big a surprise, but this is still quite a bombshell for dance music. One of the labels who helped revolutionize modern EDM marketing and fueled the EDM boom to where it is today. Details haven’t been officially disclosed, but the deal price has been reported at around $100 million. Spinnin' was founded in 1999 and has released music from the likes of Afrojack, Martin Garrix, Dimitri Vegas & Like Mike, Tiësto and Fedde Le Grand. It also has numerous dance music sub-labels.
Spotify & Hulu Announce New Streaming Bundle For Students:
Spotify and Hulu announced a partnership yesterday that could be a game changer for both parties and for students. The two streaming giants have announced they are partnering for a new deal that will allow students to sign up for Spotify Premium with Hulu’s Limited commercials plan for just $4.99 per month. The offer is available to all current and new student subscribers.
It would be a way for Spotify to get new, young customers hooked on the service, while also a way for Hulu to pry younger users away from Netflix and Amazon since there are only so many services people will subscribe to. At $4.99 per month, it is a very reasonable price point.
Read more about the move here.
YouTube.mp3, Popular YouTube Ripping Site Shut Down:
The top site for making mp3 files out of YouTube clips has apparently agreed to shut down. According to court documents, the site accounted “for upwards of 40 percent of all unlawful stream ripping that takes place in the world.” In a proposed settlement, the owner must pay an undisclosed settlement to plaintiffs, hand over the domain to the RIAA and shut down the website. It is a win for the copyright holders, but there are still many other YouTube ripping sites out there. It is just a game of whack-a-mole.
Read more here.
Facebook Reportedly Offering “Hundreds Of Millions Of Dollars” To Copyright Holders:
Facebook is looking to speed up its licensing negotiations with a quick infusion of cash to labels and publishers. It wants this so that its users will be able to legally use those songs in their videos. This is all part of Facebook’s attempt to police copyrighted material more closely, and their material in general better. Facebook is rolling out its new hub for videos Watch, that will attempt to compete with YouTube. A complete copyright tagging system could take two years to create, so this would be a way to make all parties happy. Especially because Facebook is making a lot of money.
Read more here.