business
Weekly Report: The latest on Panama’s crypto bill, Huobi to exit Thailand market, Circle launches a Euro-backed stablecoin, and more
Here are all the interesting headlines you missed outside the crypto market this week: Panama’s President vetoes crypto bill over money-laundering concerns Panama President Laurentino Cortizo on Thursday shot down a crypto bill introduced in September 2021 with a scope covering several cryptocurrencies, unlike El Salvador’s that major in Bitcoin. Cortizo partially vetoed the bill, citing non-compliance with the recent FAFT recommendation on fiscal transparency and prevention of money laundering. If the bill were to be approved, it would allow Panamanian natives to buy everyday goods and services using digital assets like Bitcoin, Ethereum, and Litecoin among other crypto coins. The bill would also make digital assets mainstream for settling taxes or any fee owed by the state. Additionally,...
Drake’s ‘Honestly, Nevermind’ Breaks Apple Music Dance Album Record for Most First-Day Streams
Drake gave just one day’s notice before his surprise new album, Honestly, Nevermind, hit streaming services Friday (June 17), and yet it’s already become Apple Music’s biggest dance album in history by breaking the platform’s record for first-day streams worldwide, according to a news release by the streaming service. What’s more impressive? It only took one hour to do so. Explore Explore See latest videos, charts and news See latest videos, charts and news Honestly, Nevermind marks the 35-year-old rapper’s seventh studio album to date, featuring 14 total tracks and just one guest artist on “Jimmy Cooks,” the project’s final track which sees assistance from 21 Savage. The only warning he gave of the record’s arrival was a strikingly simple Instagram photo of the album’s psychedelic cover a...
How Post Malone Kept His Momentum Going With ‘Twelve Carat Toothache’
Last week, Post Malone returned with his first album in three years, Twelve Carat Toothache, which also marked his first album with newly relaunched Republic Records imprint Mercury Records. And this week, that album debuted at No. 2 on the Billboard 200 — his fourth straight top five album on the chart — and at No. 1 on the Top R&B/Hip-Hop Albums chart, maintaining a streak of No. 1s that dates back to his debut album, 2016’s Stoney. It’s a success for both Post and his label Mercury, which is run by his longtime A&R Tyler Arnold as president, as well as parent label Republic. And it’s another win for Republic’s executive vp of global commerce and digital strategy Kevin Lipson, who oversaw the rollout and the marketing moments that touched almost every aspect of physical and digit...
BTS Accounts for Nearly 1/3 of All U.S. K-Pop Sales & Streams: Their Domination, By the Numbers
BTS members’ decision to take time off for solo projects is bound to shake up K-pop music consumption in the U.S. because of the group’s dominance in the genre. And the band’s label, Big Hit Music — a division of HYBE, which Universal Music Group’s Geffen Records has distributed in the U.S. since last year — will have a tough time filling the hole. Since the beginning of 2021, BTS has accounted for 29.4% of sales and on-demand streams of K-pop music in the U.S., according to a Billboard analysis of Luminate data. Over that time, BTS did not release a new studio album but put out two “best of” collections — BTS, the Best in June 2021 and Proof on June 10, 2022. BTS also released multiple variations of the tracks “Butter” (including a remix with Megan Thee Stallion), “My Universe” and “Permi...
Dre & Vidal Sell Publishing Catalog to HarbourView
Alternative asset management company HarbourView Equity Partners announced Tuesday that it has acquired the publishing catalog of songwriting and production duo Andre Harris and Vidal Davis, better known as Dre & Vidal. Deal terms were not disclosed. Dre & Vidal have written songs and produced for major artists including Jamie Foxx, Kanye West, Justin Bieber, Musiq Soulchild, Robin Thicke, Fantasia and Charlie Wilson. Some of their biggest Hot 100 hits include “Caught Up” by Usher, “Yo (Excuse Me Miss)” by Chris Brown, “Oh” by Ciara, and “The Way” by Jill Scott. HarbourView, founded by Sherrese Clarke Soares, launched seven months ago and has acquired 30 catalogs so far. Most recently, the company purchased Latin superstar Luis Fonsi‘s catalog. DLA Piper served as legal c...
Dua Lipa’s Dad Moves Festival From Kosovo Following Political Dispute
An international music festival founded by the father of singer-songwriter Dua Lipa to promote his native Kosovo has led to recriminations for the small European country after it lost the event to neighboring Albania. The Sunny Hill Festival made its debut in Kosovo’s capital, Pristina, in 2018 and took place again in 2019, bringing artists like Miley Cyrus, Calvin Harris, Martin Garrix and Action Bronson to one of Europe’s youngest and poorest nations. British-born Dua Lipa also was a featured headliner. Dukagjin Lipa, the singer’s father and manager, said the festival brought Kosovo priceless publicity, including coverage in more than 500 international media outlets. The event was put on hold in 2020 and 2021 due to the coronavirus pandemic. Explore Explore See latest videos, charts and ...
NMPA Announces Legal Campaign Against Unlicensed Apps at Annual Meeting
The National Music Publishers’ Association is going after apps that skim music from digital services without getting the necessary licenses. On Wednesday (June 15), during the NMPA’s annual meeting in New York at Avery Fisher Hall at Lincoln Center, the trade group’s president and CEO David Israelite announced a new copyright infringement lawsuit filed against the music video-making app Vinkle. This was the first action in a new campaign to bring the app sector into line with U.S. Copyright law, Israelite said, which will also include cease-and-desist notices sent to about another almost 100 apps that the organization believes are not properly licensed. These apps may integrate music through licensed streaming services, but do not have their own licensing deals with rights holders. In a mo...
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...
