8tracks is preparing a round of Regulation A crowdfunded securities funding, and the interest in supporting the playlisting company has been high so far. In an email to potential backers, 8tracks said it has received investment interest of more than $33 million from more than 35,000 people. Continue Reading
Warner Music Group reported its second quarter financial results, and streaming was the top source of revenue. “We are now the first major music company to report that streaming is the largest source of revenue in our recorded music business, surpassing our revenue from physical formats,” CEO Stephen Cooper said. Continue Reading
SNL Kagan generously sent RAIN News a copy of its annual Economics of Internet Music and Radio report. The 41-page document provides a detailed overview of major players, growth projection in revenue terms for webcasting traditional radio and pureplay internet radio (and how the two trendlines compare), and an outlook for in-car listening. Continue Reading
7digital has expanded its client roster once again. “We’re delighted to be working with both clients on innovative products that take full advantage of the ways in which people around the world now consume, discover and share content online and on the move,” 7digital CEO Simon Cole said. Continue Reading
Omnifone announced that it has been placed into administration. Sources told Music Week that the B2B digital music platform is also facing layoffs for up to three-quarters of its staff. Continue Reading
Today marks a big development in the B2B music space, as Soundtrack Your Brand arrives in the U.S. through a deal with McDonald’s. Soundtrack also announced that it has received a total of $20 million in funding to date. It is backed by Spotify, which also owns a third of the company, and works with businesses to set the music they want played at their stores. Continue Reading
Audio.ad, an advertising company for Latin American and U.S. Hispanic markets, released a survey about the state of digital audio consumption for the U.S. Hispanic market. The survey included 1,000 Spanish-speaking U.S. participants, and the results show a strong bond with streaming audio. Continue Reading
Russian social network VKontakte has unveiled a streaming music app. The platform will allow a free trial of 90 days before charging a monthly fee, although the rates have not been disclosed yet. Sony and Warner have both signed licensing agreements with VKontakte, but Universal has not. Continue Reading
Spotify has been doubling down on its advertising business, which supports the Spotify Free consumer experience, for over a year. Today brings more emphasis on the advertising business. Spotify has announced new hires and promotions within its global ad team. Continue Reading
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The news that Pandora acquired its second streaming podcast deal underscores the sometimes uncomfortable division in how podcasts are consumed — download or stream? Technically, the difference is artificial. But it becomes more important as a usability issue, and in audience measurement. Several mostly-music services are prioritizing podcast streaming, and stretching the definition of podcast consumption. Continue Reading
CÜR Media has appointed Jim Urie as its new top leader. Urie assumes the role of interim president and CEO in addition to the post of executive chairman for the board of directors. His resume includes 15 years as president of Universal Music Group Distribution, and 12 of those as CEO. Continue Reading
Apple Music is coming up on its first birthday and some big changes could be underway for the new streaming service on the block. Sources have told Bloomberg that the music platform will be receiving a redesigned user interface. The move to make the program more intuitive is expected to be announced at Apple’s Worldwide Developers Conference in June. Continue Reading