business
YouTube Shorts Throws Down Challenge to TikTok, Hits 1.5B Monthly Viewers
As YouTube’s short-form video platform gains momentum against competitors like TikTok and Reels, more than 1.5 billion users view Shorts content every month, the company said on Wednesday. Alphabet CEO Sundar Pichai last shared in April that YouTube had 2 billion logged-in users each month, while YouTube Shorts averaged more than 30 billion daily views. The Shorts monthly viewership figures come in contrast to TikTok, which said it surpassed 1 billion monthly active users last September. The YouTube figures account for logged-in users who have viewed at least one Shorts video on the platform in the span of a month, which doesn’t necessarily differentiate between users who are intentionally seeking out Shorts videos or those who accidentally happen upon them when using YouTube. According to...
Ukraine-based blockchain firm announces ‘we’re still hiring’ amid market downturn, war
Sergey Vasylchuk, the chief executive officer of Ukraine-based decentralized staking provider Everstake, has said the company will continue to hire crypto professionals amid a market downturn and ongoing conflict in the country. In a Wednesday Twitter thread, Vasylchuk said Everstake had hired 30 people since the Russian war against Ukraine started in February, and the firm still had more than 10 positions in marketing and development to fill. According to the CEO, Everstake is “not firing anybody” and had made preparations for a “special fund” to tide the firm over in the event of a bear market. “An important part of doing business is assessing and addressing all potential risks,” said Vasylchuk. “We couldn’t help but expect another market crash simply because risk management dictat...
Avenged Sevenfold’s M. Shadows: Why the Future of Music Is Web3 (Guest Column)
Over the past year, I’ve had dozens of conversations with bands, managers and labels looking to get into NFTs. Many, I feel, are missing the point when it comes to the possibilities of Web3. Beneath the flashy ape jpegs, FOMO and hype is a tool that, if used correctly, facilitates a new form of engagement and transparency for artists and communities alike. In fact, we now find ourselves at the crossroads of an old business model and a burgeoning technological breakthrough. Building the future is exciting, no doubt, but will bring a battle for power between the old guard and the musicians, artists, and creators shaping the Web3 music industry. The new world will bring artists and their communities closer than ever while providing true ownership over assets and relationships that music...
FINRA may hire employees terminated from crypto firms: Report
The United States Financial Industry Regulatory Authority, or FINRA, reportedly plans to “bulk up” its capability to monitor crypto — a move that could include scooping up employees recently terminated from crypto companies. According to a Tuesday Reuters report, FINRA president and CEO Robert Cook encouraged crypto workers who expect to be on the chopping block to reach out to the financial regulator as part of its efforts to increase resources related to the space. Major crypto exchanges in the United States including Coinbase and Gemini have announced plans to cut staff amid extreme market volatility, likely resulting in the loss of thousands of jobs. “We are already having to be engaged in the space and we think that as a result it’s appropriate for us to bulk up our c...
Beatport to Host Inaugural Electronic Industry Summit This Fall In New York
The electronic music world’s leading digital download store is expanding further into physical reality. Beatport announced on Wednesday (June 15) its first ever ReConnect Summit, a two-day conference happening at Williamsburg, Brooklyn event space 74Wythe on September 21-22, 2022. Summit programming will focus on electronic music culture, creative innovation, technology, Web3 and more. Electronic-oriented companies including wellness initiative Art Of Areté, harm reduction group Dance Safe and representation nonprofit Women in Music will host keynote speeches and one-on-one discussions, with metaverse company PIXELYNX and Web3 streaming platform Audius curating a slate of Web3 focused conversations. Additional programming, including performances, will be announced in the coming month...
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Weekly Report [June 07 – 14]: 3iQ Crypto Feeder ETFs, Lithuania booming crypto wallet ban, MasterCard NFT collaborations and more
Here is everything you missed from the cryptocurrency sector last week: PayPal allows US users to withdraw BTC, ETH BCH, and LTC to external wallets Asset manager 3iQ launches Bitcoin and Ether feeder ETFs Senator Lummis discusses the proposed crypto bill that suggests the lead regulatory role left to the CTFC Lithuania could soon ban exchange transfers with unhosted wallets MasterCard collaborates with NFT firms to facilitate easy and safe NFT buys PayPal allows crypto withdrawals into private wallets Payments firm PayPal revealed last week that its customers can now withdraw Ethereum and Bitcoin into external wallets. The financial services company added that the much-awaited feature would be rolled out to US customers, confirming that the users can transfer their crypto between PayPal a...
DEL Records CEO Angel del Villar Arrested for Working With Mexican Promoter Tied to Cartels
DEL Records CEO Angel del Villar was arrested by FBI agents on Tuesday (June 14) and is being charged with “conspiring to violate the Foreign Narcotics Kingpin Designation Act,” according to an official statement issued by the U.S. Attorney’s Office. Luca Scalisi, CFO of DEL Entertainment, was also arrested. According to the U.S. Attorney, del Villar and Scalisi were charged for “conducting business with a Guadalajara-based concert promoter with ties to Mexican drug cartels.” A third defendant named in the complaint is Mexican music promoter Jesus Perez Alvear, who leads Gallistica Diamente (Ticket Premier) and until March 2019 promoted concerts in Mexico for DEL Entertainment. Perez and Gallistica Diamante are listed as “Specially Designated Narcotics Traffickers” under the Kingpin A...
Will BTS’ Label Take a Big Hit From Band’s ‘Hiatus’?
HYBE will miss BTS — but not as much as it would have before acquiring Ithaca Holdings in 2021. On Tuesday (June 14), the band announced it was “going on a hiatus” to allow each member to focus on their solo projects. What that might mean for the label that launched BTS in 2013 is unclear. Companywide, BTS accounted for 27% of HYBE’s U.S. album sales and streams in 2021, according to the company’s fourth quarter 2021 investor presentation. In Japan — the world’s second-biggest music market — BTS accounted for about half of HYBE’s album sales, according to the company’s 2021 earnings. On top of that, BTS likely accounted for nearly all HYBE’s touring income that amounted to 191.1 billion ($148 million) in 2019 and 45.6 billion KRW ($36 million) 2021. HYBE’s acquisition of Ithica Projects in...
Katy Perry Kicks Off New Artist Workout Series for VR Fitness App Supernatural: Exclusive
Supernatural, the subscription-based VR fitness app, is announcing the launch of the Supernatural Artist Series, with new Oculus-ready workouts choreographed to artist playlists, Billboard can exclusively reveal. Katy Perry’s music will kick off the monthly artist series, which will include multiple A-list artists joining the virtual reality app’s music catalog, and launch on June 27. Explore Explore See latest videos, charts and news See latest videos, charts and news “Music has always been an integral part of Supernatural, and since launch we’ve been dreaming of ways to empower our athletes to further connect with music from the artists they love,” says Chris Milk, Supernatural founder and CEO, in a statement to Billboard. “Supernatural uses virtual reality to help people find joy in mov...
Spotify to Acquire AI Voice Startup Sonantic
Spotify said on Monday (June 13) it will acquire Sonantic, a tech company that specializes in creating hyperrealistic artificial voices. In a blog post announcing the acquisition, Spotify said Sonantic’s technology could allow the audio company to better communicate with users when they aren’t looking at their screens and help reduce other barriers to entry for new listeners. Terms of the deal were not disclosed. Explore Explore See latest videos, charts and news See latest videos, charts and news Based in London, Sonantic was founded in 2018 by Zeena Qureshi and John Flynn. The company caters toward entertainment industry professionals and, in 2020, raised €2.3 million (about $2.4 million) in seed funding. Sonantic has also worked with Val Kilmer, who was diagnosed with throat cancer and ...
Crypto lender Celsius freezes withdrawals; rival Nexo offers a ‘helping hand’
Celsius halted withdrawals on Monday, noting that said the process back to normalcy could see delays Fellow crypto lending Nexo tabled an offer to ‘bail’ Celsius by taking up its qualifying assets Crypto lending platform Celsius is seeing the worst of the crypto markets and, in effect, announced on Monday morning that it paused redemptions citing severe “market conditions.” In what it termed a very important message to the community, Celsius justified that it took the decision in order to remain ‘fit’ to honor its withdrawal obligations to customers over time. “Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place...
Music Stocks and Cryptocurrencies Hit by Recession, Inflation Fears
Music and other entertainment stocks fell sharply on Monday (June 13), following a string of worrisome events and expectations the Federal Reserve will make a substantial rate hike to slow inflation. The S&P 500 declined 3.9%, putting the index in bear market territory — down more than 20% from its high in January. The Nasdaq declined 4.7%. Radio broadcaster Cumulus Media fell 20.3% to $9.17, the largest decline of any music-related stock on Monday. Cumulus is “thinly traded and has high leverage,” Noble Capital Markets’ Michael Kupinsky tells Billboard in an email response. “Both are issues when [the stock is] out of favor and the market has its sights on an economic downturn.” Radio stocks had the worst day among music-related companies on Monday as four leading companies’ stocks dro...
