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In The Know: SoStereo's Weekly Music News Summary July 6, 2018

SoStereo's weekly music news summary with news happening by Spotify, Tencent and lobbying around Article 13.
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Lobbying Heats Up Around Article 13 Vote In EU:

Lobbying on both sides is heating up ahead of a crucial vote for the tech and music business on a proposed legislation, notably article 13, which could shape how content is policed on the web. The article would have required content platforms like Google & Facebook to have filters that would block infringing content such as videos or photos when they are being uploaded if they infringe on another copyright holder’s license. Critics believe this will lead to censorship of the web, appealing to the youth saying their memes will be taken away. Rightsholders are fervently in favor of this, saying it is necessary to protect their investments, chiefly targeting YouTube where unauthorized versions of songs appear all the time and Google has been a large critic of this bill. However according to CNBC, the debate has been tabled for now, delaying a vote until September. “New media” publishers could have to pay to share links from news organizations as a part of this bill as well.

Tencent Music Entertainment Reportedly Seeking $30 Billion U.S. IPO:

Tencent Music Entertainment, the entertainment arm of Chinese tech conglomerate Tencent, is reportedly looking to apply for an IPO in the US this week. According to a report from China-based news group Sina, sources suggest that TME will file the application with US Securities and Exchange Commission on Friday (July 6). This would begin their official IPO process. Their lead underwriters would be Morgan Stanley and Goldman Sachs. The benchmark price would be between $29 and $31 billion, which would put them right around the value of Spotify. As China grows into the behemoth of a music market it will become, its companies and assets will start to rival those of Europe and the United States as well.

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Drake Sets Records With Scorpion Release: Did Streaming Service Overdo it With Promo?

Drake set single day streaming records with the release of his new double album Scorpion on both Spotify and Apple Music. He earned 132 million streams on Spotify in the first day and then 170 million on Apple Music in the first day. He set record for most streams in one week in just three days, eclipsing 435 million streams according to Billboard. Given all of this success, fans were left to ask on Friday, if there was anything else the streaming services cared about? When looking at the home pages of their services, every playlist had Drake’s head on it. Social accounts became Drake stan accounts. Drake makes them money, so they have financial interest in promoting him, but if it is possible for one artist to so completely take over a service that claims to be for everyone, then you have to question their mission to all artists.

Spotify Testing New Features Around World:

Spotify is testing out new features on users around the world. In Australia, free users will be able to start skipping ads as part of their active media initiative. The new feature would allow users to view; listen to or skip ads and then let ad companies pay at the end of the ad is completed. From there the ads would get more personalized according to Billboard. The company is also testing a beta version of the Lite app for Android, which reportedly only uses 15MB of storage, compared to 100 MB. This reduction means users have to listen to music on shuffle mode, even premium subscribers, there is no offline mode and they cannot connect to other wireless devices according to Billboard

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