VENTURE CAPITAL POST

The Australian Parliament’s Standing Committee on Communications and the Arts heard evidence from a number of live music industry stakeholders, including Arts Queensland and QMusic.

The Glastonbury Festival released an economic impact report for its 2023 season, revealing that it generated a total income of $212.5 million.

Universal Music Group has denied allegations that it has intervened in the beef between Aubrey “Drake” Graham and Kendrick Lamar Duckworth, while also being under fire after Glass Lewis urged shareholders to revolt against a salary increase for its CEO, Lucian Grainge.

Musical instrument retailer Sam Ash announced it would be closing all of its stores by July 2024 after 100 years in the business.

Universal Music Group (UMG) announced Wednesday that it would reduce its workforce and streamline operations to save €250 million ($27 million) by 2026.

YouTube has said it has paid the music industry $1bn (£794m) in royalties this year - but record companies have responded by claiming it is not enough.

Apple Music student membership is now available to some additional areas in the world.

The Michael Jackson estate lost its share in the joint venture with Sony Corp. when the music publisher bought Jackson’s share of 50 percent for $750 million. The transaction will wipe out the rest of Jackson’s $500 million debt he left when the artist died in 2009.

Sony will pay $750 million to the Michael Jackson estate for its share in the music catalog. Once the deal is closed, the estate will be no longer in debt.

Soundcloud's financial report revealed that the company is experiencing significant loss in 2014, and the losses had started from several years before. The 2014 loss was due to large expenses, even though Soundcloud's revenue actually experienced a growth. The company expects to face losses for the next three years, but they are striving to plan strategies to increase income.

Months after rebranding Xbox Music and relaunched it by the name Groove, Microsoft acquired a music player app that goes by the same name. The Montreal-based startup agreed to sell the name and technology to Microsoft, but the details are disclosed by both companies.

Paris-based music streaming service Deezer has raised around $109 million in a Series E round of funding led by Access Industries. The latest funding will help the company to attract more subscribers even after putting their IPO plan on halt.

Spotify and Genius work together to provide a better and deeper music experience for their users. Fact Tracks shows lyrics, along with annotations from the community or the artist itself.

Radiohead singer Thom Yorke on Friday released an album via BitTorrent, the British rocker said, marking the first time the online file transfer system often associated with piracy has been used to sell music.

Twitter has taken down its Twitter #Music from the App Store and will officially pull down the curtains on the app on April 18, VentureBeat reported.