The music industry is constantly bustling with new developments and moves. As the week draws to a close, we bring you the top music business news of the week, so you can stay updated on the latest happenings and trends in the industry.
1. Spotify Acquires Audio Recognition Firm Sonalytic
Spotify recently acquired Sonalytic, an audio recognition firm that specializes in identifying music tracks and other audio clips. With this acquisition, Spotify is hoping to optimize its personalized playlists feature and improve the accuracy of its music recommendations. This move also sets the stage for further enhancements to Spotify’s music discovery capabilities.
2. Record Labels Sue Spinrilla Over Copyright Infringement
Several major record labels, including Sony Music Entertainment and Warner Bros. Records, filed a lawsuit against music streaming service Spinrilla, alleging that it facilitates copyright infringement by offering unauthorized access to their copyrighted works. This case is a reminder of the ongoing challenge of protecting intellectual property in the digital age.
3. Grammy Museum to Open in New Jersey
The Grammy Museum, which features exhibits and interactive displays on music history and the music industry, is set to open its first East Coast location in Newark, New Jersey. The museum will showcase artifacts from the Grammy Awards and other memorabilia, and will also offer educational programs and workshops for aspiring musicians and music industry professionals.
4. Warner Music Group Launches Streaming-First Record Label
Warner Music Group announced the launch of Level, a new record label that will “focus on curating talent from the streaming world.” The label will sign artists who have already built a following on streaming platforms such as Spotify and Apple Music, with the goal of nurturing their careers and developing their fan bases further. This move represents a shift toward a more data-driven approach to talent scouting and artist development.
5. SoundExchange Reports Record Royalty Payments to Artists and Labels
SoundExchange, a performance rights organization that collects and distributes digital performance royalties on behalf of recording artists and master rights owners, announced that it distributed a record $884 million in royalty payments in 2016. This marks an increase of 10% over the previous year and is a testament to the growing importance of digital streaming platforms in the music industry.
In conclusion, these recent developments in the music industry demonstrate the ever-evolving nature of the business. From major acquisitions to legal battles, new initiatives to record-breaking achievements, the music industry is always on the move. As such, staying updated on the latest news and trends is crucial for professionals and enthusiasts alike.
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