In The Know: SoStereo's Weekly Music News Summary May 18, 2018 - Magnetic Magazine

In The Know: SoStereo's Weekly Music News Summary May 18, 2018

SoStereo's music news round-up with the streaming services making headlines for better or for worse and Live Nation launching a new fund for women.
Author:
Publish date:
New SoStereo Logo Image

Apple Music Hit 50 Million Subscribers:

In a new interview with Bloomberg, Tim Cook revealed that Apple Music has reached 50 million paying subscribers and trialists. This comes after internal documents in April show the company had 40 million paying subscribers and eight million free trialists. Now it may be a little worrisome to see such a high percentage of trialists, but its total subscribers seems to be growing consistently, so they do a good job of converting them.

Live Nation Launches Women Nation Fund To Promote Female-Led Business:

Live Nation has announced a new initiative titled the Women Nation Fund that aims to provide women-led live music businesses with resources and capitol at an early stage. The fund will identify, fund and grow female-led business around the globe. According to Live Nation, the evaluating team is made up of women across their company including Anna Sjolund (Co-Managing Director/Head Promoter, Live Nation Sweden), Amy Corbin (Promoter, C3), Virginia Davis (Founder, G Major Management), Amy Howe (COO, Ticketmaster), Lesley Olenik (VP, Touring), Maura Gibson (President, Front Gate Tickets), Kelly Chappel (VP, Touring) and Carrie Davis (Chief Communications Officer).

Troubles Mount At Tidal:

Late last week, an explosive report came out alleging that Tidal was fraudulently boosting the numbers of Kanye West Life of Pablo and Beyoncé Lemonade at the expense of other releases. Now Norwegian financial newspaper Dagens Næringsliv is back reporting that several music companies are concerned that they are being paid late or getting less than they should be. Tidal is being accused according to Music Business Worldwide of lowering their payouts, without renegotiating with labels, from 62% to 55%, putting them closer in line to other services.

Merlin Shares Entire Stake In Spotify:

Continuing a trend across the music business among major stakeholders, Merlin has sold their entire stake in Spotify and distributed it to their members. Speaking to Music Week, Merlin CEO Charles Caldas, said Spotify’s decision to go public compelled them to sell. "It is outside of Merlin's remit to hold a long-term equity position in a publicly-listed company where there is a liquid and transparent market for that equity. We therefore worked quickly to liquidate our interest in Spotify and have passed the proceeds to our eligible members."

Related Content