In The Know: Weekly Music News Summary January 5, 2018

SoStereo's weekly music news and advertising round-up.
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Spotify Reaches 70 Million Paid Subscribers:

Spotify has been in the news a lot lately. From IPOs to lawsuits, the company has been making a lot of headlines. With the public listing potentially happening in the next few months, there is some good news for Spotify. They have just reached 70 million paid subscribers, showing that the company is still growing and gaining the users that help drive a large portion of its revenue.

Jimmy Iovine Reportedly To Leave Apple Music In 2018:

Producer, record executive and Apple Music exec will reportedly leave Apple Music this year. According to Billboard sources, he will leave when his shares become fully vested. It isn’t clear why he might leave or what might follow, but there will be many suitors for someone with his connections and mind.

Vevo Revenue Rises In 2017, Profitability Forecasted:

Video sharing service, Vevo, has stated that its revenue rose in 2017 by 30% to $650 million according to the Financial Times. This is the first time ever that the company has broken even and it is now forecasting profitability in the future. Its music videos attract 25 billion views a month, up from the last reported 19 billion.

Nielsen Releases 2017 Year-End Report:

Nielsen has released its 2017 year-end report tracking music consumption in the United States. There were a few highlights. Hip-hop & R&B became the most dominant genre by the numbers to back up its takeover of culture in the U.S. This was powered by a 72% increase in on-demand audio streaming. Eight of the ten most popular artists based on total consumption (album sales, track equivalent albums, on-demand audio/video streaming equivalent albums) were rap and R&B. Vinyl continued its resurgence for the 12th straight year, comprising of 14% of all physical album sales. Physical sales continued to fall, but this was offset by a 59% increase in streaming in 2017.

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