In The Know: Weekly Music News Summary November 24, 2017 - Magnetic Magazine

In The Know: Weekly Music News Summary November 24, 2017

SoStereo’s weekly music and advertising news round up
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Universal Music Posts Third Quarter Revenue, Lofty Valuation:

Universal shared its third quarter financial report this week, with streaming fueling an increase in overall revenue by 1% to €1.32 billion ($1.54 billion), from last year's €1.31 billion ($1.45 billion). It’s earnings were down compared to last year, but this is due to unfavorable exchange rates. Beyond the quarterly financials, Vivendi’s chief executive, according to Reuters, said the major label was worth $40 billion. That is double a valuation Vivendi’s General Counsel Frederic Crepin cited in April. There had been rumors of Vivendi selling UMG, but instead with these lofty valuations, they could be attempting to drum up support for spinning it off.

Read more here.

Google & the Kremlin’s Media War Escalates:

The Kremlin has escalated its media war with Google. It has declared it may block all advertising on the tech giant in the country, which would cut off the company’s revenue stream from Russia. This is in response to Google’s plans to de-rank Kremlin-funded propaganda websites, RT and Sputnik that have been instrumental in spreading the Kremlin’s message abroad. They are accused of spreading misleading or false pro-Kremlin propaganda and potentially influencing the outcome of important elections.

Read more here.

Spotify acquires “Online Recording Studio” Soundtrap:

Spotify is using its growing might and cash reserves to buy another company. It has bought Stockholm-based startup, Soundtrap, which positions itself as an online recording studio. Soundtrap allows musicians to record and edit music from anywhere across multiple devices and then allow others collaborators to work on the project. A price was not given for the acquisition. 

Read more here.

See past round-ups here.

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