In The Know: Weekly Music News Summary October 20, 2017

SoStereo’s weekly music and advertising news round up
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Songkick Shutting Down:

Just a few months after parts of the company were sold to Warner Music Group, Songkick has announced that it is shutting down at the end of the month. In a memo sent to clients, it sights pressure from Live Nation and Ticketmaster for why it is shutting down, though the company says it will continue its lawsuit against the entertainment giant. This will put more music professionals on the street without jobs and consolidate positions with the big players. We will see how the lawsuit plays out with Songkick officially shut down.

Read more here.

INGrooves Founder Rob McDaniels Named Beatport CEO:

Founder of pioneering digital distributor and eventual publisher, INGrooves, Rob McDaniels, has been named the new CEO of Beatport. He will continue as a venture advisor at TechInvest and executive chairman at Faction, which provides tech management services to artists. He hopes to strengthen the position of Beatport among DJs and the electronic music community.

Universal Music Group Launches Music Tech Startup Accelerator:

Universal is looking to find the next big tech startup in the music business. As you might imagine, this isn’t just out of the good of their heart – they want a piece of the action early so they can invest and then have some control. Seeing what happened with streaming companies, they want to help facilitate accelerators in tech hubs around the world like Berlin and New York to build the next big music tech companies. 

Read more here.

Native Instruments Announces €50 million Investment:

Native Instruments used Amsterdam Dance Event (ADE) to announce that it is receiving a €50 million investment from private equity firm EMH Partners. The software and hardware for music production and DJing says it plans to use the extra capital for expanding its core business, as well as creating new digital services for its clients. It expects to hire new people at its offices in Europe and North America to manage this.

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