In The Know: Weekly Music News Summary November 10, 2017

SoStereo’s weekly music and advertising news round up
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Musical.Ly Being Sold For Crazy Price Tag:

The music karaoke app is being sold for a price tag from $800 million to $1 billion according to the Wall Street Journal. Chinese company Beijing ByteDance Technology Co., which also bought rival Flipagram back in February, is acquiring it. Louis Yang and Alex Zhu founded the company in Shanghai in 2014. It claims over 100m active users and has helped launch or propel the careers of some semi-successful singers. There are some who believe the platform is starting to peak as it struggles to find new consumers beyond millennial or those younger, but this acquisition is a sign that somebody highly values the company.

Stubhub, Viagogo UK offices Raided As Part Of Investigation Into Secondary Ticketing:

Stubhub and Viagogo had their London offices this year as part of an ongoing investigation into secondary ticketing and potential manipulation of U.K. consumer law. The raids happened according to The Guardian when the companies refused to hand over documents about how they operate to the Competitions and Market Authority (CMA). The Guardian is reporting that one specific area of the investigation is whether the major ticketing touts gain special advantage from the secondary ticketing sites and thus consumers are being misled.

Twitter Rolls Out 280 Characters:

If you have been on Twitter in the past few days, you will have noticed that your feed has noticed a little different. Posts are longer. Twitter officially upped the character limit to 280 after testing it out on a few select individuals. Just like any change with the social media site, there will be some who make the most of it and then those who can’t figure out how to best use the extra space without pissing off their followers. The feature is still in its nascent days so it will take some time to get used to, but be ready for longer tweets for better or for worse. 

Spotify, Deezer, SoundCloud Form EU Lobbying Group:

The three major streaming services are joining forces to help create a lobbying group that will "advocate for policies that shape a favorable business environment for digital music." Named Digital Music Europe (DME), it will also include streaming service Qobuz, B2B firm 7digital and music-analytics startup Soundcharts as parts of the group. Deezer CEO Hans-Holger Albrecht will be president, while Spotify’s director of EU regulatory affairs Olivia Regnier has been named president. It says some of its main issues are access to online platforms, e-privacy, digital contracts, copyright, geo-blocking and taxation.

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