Spotify & Tencent Make Share Swap Official:
Spotify and Chinese tech conglomerate, Tencent have agreed to swap shares. The swap is specifically between Tencent’s music division and Spotify, where they have agreed to swap 10% of each other’s companies. Spotify has been valued at nearly $15 billion in recent trades as it continues on its seemingly unstoppable path towards an IPO. Tencent Music Entertainment Group is potentially valued at around $10 billion. The move will give Spotify more leverage going forward with a massive international backer and Tencent a stake in a rising music tech company abroad.
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YouTube Plans Another Streaming Service In 2018:
According to a Bloomberg report, YouTube has plans for yet another paid music service that will launch in 2018. Internally called Remix, the service is being developed to try and compete with Apple Music and Spotify and will potentially be launched in March. Warner has already signed on and Sony, Merlin and Universal are in talks. It isn’t totally clear how this would be different from past services like Google Play Music and YouTube Music Key, which evolved into YouTube Red in 2016. It will likely use both video and streaming, but we will see what it will look like and the price point in the coming months.
Cryptocurrency Monero Now Being Accepted by 45 Musicians & Counting:
Monero may not be seeing the ridiculous rise in value that Bitcoin has seen over the past few days, but with a price of $284 and a market cap of $4.4 billion, there is still a large market. The move is part of an initiative called Project Coral Reef, which connects fans with their favorite artists through crypto. Fans will be able to buy music and merchandise directly through the artist’s websites with cryptocurrency. Among the artists who have signed on include Weezer, Mariah Carey, G-Eazy, Kaskade, Motorhead, Fall Out Boy, Judas Priest, Panic at the Disco, Sia, Slayer, Roger Waters and Toby Keith.
UN Presenting Inaugural High Note Music Prize in 2018:
The United Nations High Commissioner will present a new prize in 2018. The High Note Music Prize will honor a recording artist for their promoting humans rights through their music. They must have promoted human rights in their music for at least a decade, a source tells Billboard. This can’t be something somebody does once. The annual award will presented in the fall 2018 at a concert in London and the proceeds from the concert will go to the high commissioner’s office and a charity of the prize winner’s choosing.
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