In The Know: SoStereo's Weekly Music Summary August 10, 2018 - Magnetic Magazine

In The Know: SoStereo's Weekly Music Summary August 10, 2018

SoStereo's weekly music news summary with major labels going after stream-ripping sites, Warner selling its Spotify shares and more.
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SiriusXM & Music Choice Voice Opposition To Music Modernization Act:

This week the Recording Academy launched a campaign to support the MMA, targeting in part SiriusXM and Music Choice’s opposition to the act after a compromise was made with SESAC and Blackstone’s opposition. Music Choice does not want to chance the rate standard portion of the bill, while SiriusXM is opposing the Classics portion, which would force them to pay royalties on pre-1972 songs and terrestrial radio would be exempt. So there is another obstacle that the bill needs to clear as it still sits in the senate with an election on the horizon.

Read more here.

Major Labels Team Up To Sue Stream-Ripping Websites:

Warner, Sony & Universal are teaming up to sue FLVTO.biz and 2conv.com. They let you convert YouTube files into Mp3s and get over 120 millions users per month. The websites are both Russian and given how things are between Russia and the rest of the free world, it is unclear how enforcement would be for any judgment in this case.

Read more here.

Verizon Unlimited Users Will Get Six Months Of Apple Music Free:

As part of a new partnership between Apple & Verizon, those who sign up for Verizon Unlimited (their “unlimited” data plans) will get six months of Apple Music free. This sounds amazing, but in reality, Verizon is just giving you $60 of product for you signing up for a costly data plan. It is good for those who were planning on getting the plan anyway, but it isn’t some massive get for consumers. Existing Apple Music users will be able to redeem six months free on their plan.

Read more here.

Warner Liquidates All Of Its Spotify Shares:

Warner Music Group has sold all of its shares in Spotify for nearly $500 million. It is giving 25% of that money to its artists. This follows a similar move by Sony, which is somewhat puzzling because having that financial stake would give them more influence over the company. But short-term profits and financial gain was likely the incentive when they already do have a lot of influence over the service as a major label.

Read more here.

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See past In The Know's here.

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