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In The Know: SoStereo's Weekly Music Summary November 2, 2018

SoStereo's weekly music news summary with Spotify posting a profit, but not thrilled, Shazam and Instagram together and more.
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Sony’s Acquisition Of EMI Publishing Approved, Fuels 2018 Fiscal Projections:

The European Commission approved the deal at the end of last week that allows Sony to take full control of EMI Music Publishing. It would allow Sony to acquire Mubadala Investment Company’s 60% equity in EMI. The deal was first made in May. Sony expects to pay about $2.3 billion in the deal according to Variety.

This has helped Sony Corporation revise their annual music revenues for 2018, forecasting for $7.3 billion in revenues. Because of the deal, Sony moved up its estimate for annual revenues 8% or 60 billion yen ($529.2 million).

Shazam & Instagram Launch Partnership:

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The new feature will allow users to share Shazams to their Instagram stories. It was rolled out yesterday for iOS users and will debut for Android users “soon” according to Billboard. When you Shazam a song, there will be the option to directly share to an Instagram story.

Spotify Paid Subscriber Grows To 87 Million, Turns Q3 Net Profit:

Spotify released its Q3 financial report there were some interesting takeaways. The company’s paying subscriber growth has slows some, but still grew to 87 million. Ad-supported monthly users grew 8% on the quarter to 109 million. Totaling these, total monthly active users now are 191 million in Q3, up 6% from the previous quarter and 28% year over year. Total revenue rose to $1.54 billion, which primarily came from paying subscribers. It also posted a profit for the first time ever, but that is because of a $143 million tax benefit related to its investment in Tencent. It was also because administrative costs were down, which the company says is because they weren’t hiring swiftly enough, nor were they spending enough on R&D and marketing. 

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