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Here’s the Music Industry News Roundup for the week of January 13th, 2017. Everyone is back from holiday vacation and the year is starting to get busy. Let’s see what’s in the news.
Pandora lays off 7% of its workforce. Things are getting tough in streaming land as the company tries to overcome a cash crunch.
Deezer’s Chief International Officer jumps ship to newspaper publisher and SoundCloud’s co-founder takes a new position as well. The big shakeup in streaming is beginning now. There will be far fewer players by mid-year.
Instagram is dropping ads into stories. Not a lot of people are happy about it. Will it kill what until now has been the golden goose? Will musicians make money?
Snapchat is trying hard to make itself important to the music business. You know what? It’s succeeding.
YouTube is running a contest to find someone to create the official music videos for some of Elton John’s biggest songs. “Bennie And The Jets,” “Rocket Man,” and “Tiny Dancer” never had videos but now they will. Don’t forget that Elton recently publicly railed against YouTube for its tiny payout, but he’s in bed with them now.
iHeart Radio officially launched it’s subscription service. $5 and $10 per month tiers, but will people actually pay a monthly fee for radio that they can get free?
Universal and Sony Music lead in streaming market share. Tunecore leads in indies, which is the only surprise here.
Ed Sheeran breaks the all time Spotify record 3 times in 2 days. 46.5 million streams from latest two releases in just 4 days. Boy, that guy is scorching hot.
Labels are rereleasing classic albums to try to skirt copyright law. In the EU, older albums can go to the public domain under the right conditions, and the major labels are exploiting it.
It looks like the era of print music critics has come to an end. The few that are left (it’s estimated there are only 10) are given multiple jobs on the paper or magazine outside the arts. There’s no sense trying to get a magazine or newspaper review anymore.
Pandora’s stock dropped like a rock after reports that Sirius XM’s acquisition was unlikely. This is a company in trouble, and it doesn’t look like any help is on the way.
Music is the fastest growing form of entertainment in the UK. Streaming is leading the way, but I’m not sure what that actually says about the health of the industry.
That’s the Music News Roundup of what went on in the music industry last week. Have a great week ahead!