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

SoStereo's weekly music and advertising round-up with news from IHeartMedia's Bankruptcy, Apple, Universal Music & more.
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CD Baby Paid Out $80 Million To Independent Artists In 2017:

Distributor CD Baby celebrates 20 years in existence and is putting out some stats on how much money it has returned to artists over its time. It paid out $80 million on its catalog of over 9 million digital tracks in 2017, adding nearly 1 million in 2017 alone. Since its inception, it has paid out $600 million to artists. See the graphic below for more info.

CD Baby 20 Year Anniversary Graphic

NME Closing Down Its Print Edition After 66 Years:

In a sad turn of events for music media, NME’s publisher Time Inc UK, has announced that today, March 9, will be the last print edition for the historic music magazine. It will still continue digitally. The magazine went to a free edition on September 18, 2015 with Rihanna on the cover. This increased its circulation, but apparently the financials were not good enough to continue printing. It will continue to focus on digital platforms like the website, its ticketing service, new music marketplace PledgeMusic and two new radio stations according to a spokesperson via The Independent.

Apple Deleting iTunes LP Format, But It Isn’t That Big A Deal:

Apple is quietly deleting the iTunes LP Format. In an email obtained by Metro sent to music partners and distributors, it states “Apple will no longer accept new submissions of iTunes LPS after March 2018." This may seem alarming on the surface, but this was a format that had lyrics, photos, liner notes, band videos, the album and more. It only sold 500 copies, thus never it caught on with fans. Cutting it made sense and does not signal the demise of immediate iTunes as many have thought.

Universal Commits To Sharing Spotify Equity With Artists:

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Joining the other major labels, Sony and Warner, Universal Music has made the commitment that if it sells equity in Spotify, it will share proceeds of that revenue with its artists. “Consistent with UMG’s approach to artist compensation, artists would share in the proceeds of a [Spotify] equity sale,” a Universal spokesperson told Music Business Worldwide. Considering the loft evaluation Spotify is getting, any percentage point sold in Spotify would net artists a lot of money.

IHeartMedia Gets Last Minute Bankruptcy Extension:

The saga continues with IHeartMedia and their impending bankruptcy. It was reportedly knocking on heavens door for Chapter 11 bankruptcy protection last weekend, but has been granted another stay until this Monday, March 12 at 11:59 PM, according to a filing with the SEC via Billboard. The forbearance agreement means that it has a few more days to negotiate with creditors over terms with its billions in debt. There are many issues to be worked out as different classes of creditors want different things and percentages of ownership. A deal has not been worked up until this point, so we will see if this one final deadline gets them to the finish line.

SoundCloud Expanding Premier Creator Program:

SoundCloud is expanding its premier creator program that gives content creators the opportunity to monetize their content. The invite-only program has been a controversial part of SoundCloud, giving a select few artists the opportunity to monetize, while shutting out the vast majority of the rest. The new expansion will make invited creators eligible to be featured on the "Fresh Pressed" new music feature on SoundCloud's homepage, in addition to promotion on SoundCloud social media, email newsletter, and audio and video spots. They can also be eligible for brand partnerships and live showcases like SXSW, but that is an even more exclusive list. They also get dedicated community support, so when your song gets taken down; there is someone on the other line to fix the issue quickly.

Read more here.

Repost Network Acquires SCPlanner and Artist Engine:

Repost Network has acquired SCPlanner and Artist Engine in a move that will help artists build out how they use SoundCloud in a more efficient way. It is the first step account to Repost, towards having free accounts with both services for any member of the Repost network. Both SCPlanner and Artist Engine will still exist as stand alone services, but now will eventually gain access Repost Network’s SoundCloud monetization and distribution pipelines to greater expand their service offerings. SCPlanner gives accounts the ability to schedule reposts and see more data on their account, while Artist Engine was one of the first follow to download sites around.

See how SoStereo can help you with music licensing.

See past In The Know's here.

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