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In The Know: Music News Summary March 2, 2018

SoStereo's weekly music and advertising round-up with news from Spotify, Doug Morris potentially starting his own label and Splice.
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Splice Acquires Remix Platform Pioneer Indaba

Cloud-based music collaboration platform Splice has acquired remix platform Indaba. Splice gives users the ability to collaborate on songs through their platform digitally without having to send files back and forth. It is also known for its banks of sample packs created by other artists. Indaba was a similar service that have artists the tools to create remixes together online, while also hosting contests for songwriting and remixes. The terms of deal were not disclosed, but Splice will take Indaba’s one million users and its team.

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Doug Morris Leaving Sony To Launch His Own Music Label:

Music industry veteran, Doug Morris, the only person to be the top executive at all three major record labels, is set to exit from Sony Music Entertainment at the end of March and start his own label according to Variety. One report in Hits says he is going to name it 12 Tone and former Def Jam CEO Steve Bartels will join him. There are still a lot of unanswered questions about what artists might join him at the company, funding and more, but with someone of his stature, he aught to at least be able to get the company off the ground.

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Spotify & Smirnoff Partner To Show Gender Imbalance In Listener Habits:

Spotify has partnered with Smirnoff to show users the percentage of women and men that they listen to. The initiative is being done in honor of International Women’s Day on March 8 and also because the top 10 most streamed songs on Spotify were by men. The feature can be found here and could show a pretty strong imbalance for some. For those who listen to Spotify curated and algorithm-generated playlists, it also could show the imbalance that is already on the service and they need to fix themselves.

Spotify Filed Its Direct Public Offering:

The big news of the week was Spotify filing its DPO with the SEC. It gave the most detailed analysis of the company’s financials to date, showing increasing losses, but also increasing user growth and revenues as well. There is no set supply or price for the stocks yet, though they are basing it on prices from the past few months between $90 and $132.50. There are no underwriters and will not have a roadshow to go out and sell the shares. The 180 page filing has a lot more info and data on the company for those who want to dive into it. We will see how the stock fluctuates when it gets listed as SPOT, potentially sometime this month. 

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