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In The Know: Weekly Music News Summary February 9, 2018

SoStereo's weekly music and advertising round-up with financial news from Twitter, Snap Inc and pressure on the Recording Academy.
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Snap Inc Reports Better Than Expected User Growth, Revenue, Stock Soars:

Snap Inc, aka Snapchat, reported its Q4 financials and it did much better than expected. Snapchat ended the year with 187 million daily active users, which is a 18% improvement from last year and 5% from the previous quarter. The biggest improvement was its revenue grew by 72% year-on-year to $285.7 million. With this news, its share price jumped from $14 to $20, though it is starting to fall a bit today. The news wasn’t all rosy. It’s net losses grew by 106% to a little under $350 million in Q4. Evan Spiegel, CEO of Snap Inc, says the increased revenue is from better user engagement and ad impressions.

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Twitter Is Finally Profitable?!

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For the first time ever, Twitter has reported a profitable quarter. The company grew its revenue in the fourth quarter of 2017 grew 2% year-on-year to $732 million, but managed to cut down on costs and turned a $167 million loss into a $91 million profit. Twitter has been embroiled in various political controversies with Russian bots spreading fake news, the seemingly unencumbered rise of bots, hate speech and more, but that doesn’t seem to stop the money from coming in. It also has been seeing pretty slow user growth, averaging 330 million active users per month, up just 4% year-on-year.

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The Pressure Mounts On the Recording Academy and Neil Portnow:

More letters have been released directed at the Recording Academy and Neil Portnow after the Grammys seemingly shut out women and Portnow in an interview said women needed to “step up” because they would be accepted. A group of six powerful female executives from major labels and Roc Nation wrote their own letter this week calling for a change of culture in the Academy and now a group of male executives are doing the same. They have called for significant restructuring of the academy, calling out “structural flaws in the makeup of The Recording Academy itself,” which have led to problems with gender and racial diversity among members. 

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