business
Sports E-Commerce Platform Fanatics Now Valued at $25 Billion USD After Latest Funding Round
In a recent funding round, Fanatics, an e-commerce platform for sports apparel has raised $1.5 billion USD, valuing the company at $27 billion USD. New investors including BlackRock, Fidelity and Michael Dell’s MSD Partners were amongst those who were involved in the latest funding round. This is a significant jump for the company since it was most recently valued at $18 billion USD less than a year ago. Michael Rubin started the company back in 2011. Rubin is also the co-owner of the Philadelphia 76ers and the New Jerse Devils. Over the years, Fanatics has gained a major reputation amongst the professional sports apparel world and now has exclusive licensing deals with the NFL, NHL, NBA and MLB. They also have deals with many universities and colleges across the country to make and sell j...
Netflix Appoints Former Spotify Head of Music Marian Lee as CMO
Netflix has appointed Marian Lee as its chief marketing officer, the company confirmed to Billboard. Lee replaces former CMO Bozoma Saint John, who has departed the company. The news was first reported by Variety. Lee, the former co-head of music at Spotify, joined Netflix as its vp, U.S. and Canada last July. “Netflix is an incredible brand with the best content and creative teams in the world,” Lee said in a statement to Billboard.”I am confident our most exciting work is ahead of us and I am honored to lead this best-in-class global marketing team into the future, and continue to connect our incredible series and films with audiences around the globe.” “Marian is a strategic marketer with deep experience not just in entertainment but also more broadly having worked at fashion and media ...
Prince Estate Told Morris Day He Could Not Use ‘Time’ Band Name, Docs Show
Attorneys for the Prince estate sent a letter warning longtime collaborator Morris Day that he could not use the name of his band The Time “in any form,” according to documents obtained by Billboard — sparking a sharp response on Thursday (March 3) in which Day accused the estate of trying to “rewrite history.” Explore See latest videos, charts and news See latest videos, charts and news Day, the lead singer for the Prince-affiliated funk band The Time, claimed in a social media post Thursday that the Prince estate had told him he could no longer use the name “Morris Day and The Time.” He said he had “spent 40 years of my life” building the name and that Prince had “no problem” with him using it. “Now that Prince is no longer with us, suddenly, the people who control his multi million doll...
Man Pleads Guilty to Killing Wife of Music Legend Clarence Avant
A 30-year-old man pleaded guilty Thursday (March 3) to the murder of philanthropist Jacqueline Avant, the wife of legendary music executive Clarence Avant. Aariel Maynor pleaded guilty in the fatal shooting of Avant and the attempted murder of her security guard at her Beverly Hills home in December, Los Angeles County prosecutors said. Explore See latest videos, charts and news Maynor also pleaded guilty to possession of a firearm by a felon and two counts of burglary. He is scheduled to be sentenced on March 30 and could be sentenced to up to 170 years in prison, prosecutors said. “This crime continues to shock the conscience,” District Attorney George Gascón said in a statement. “Mrs. Avant’s death was a tragic loss felt by our entire community.” Gascón said Maynor will be ineligible fo...
Virgin Music President Jacqueline Saturn on Navigating COVID, a Rebrand & the Distribution Craze
Before the onset of the COVID-19 pandemic in March 2020, Caroline Distribution staffers were able to renovate their floor of the famed Capitol Tower to meet their particular needs: open floor plan, no offices, a collaborative environment where sharing ideas freely became paramount. So when office life shut down, president Jacqueline Saturn did what she could to try to preserve some of that open-air feel in which her team had begun to thrive: she invited the staff to her back yard, where a friend had a banner made with the division’s logo that hung above an area where her team could work outside. “People really needed a safe space, so that’s how it started — we could have people spaced here, people could wear their mask and be six feet apart and that was the beginning of it,” she tells Bill...
U.S. Investigation Launched Into TikTok’s Effect on Kids’ Health
State attorneys general have launched a nationwide investigation into TikTok and its possible harmful effects on young users’ mental health, widening government scrutiny of the wildly popular video platform. The investigation was announced Wednesday by a number of states led by California, Florida, Kentucky, Massachusetts, Nebraska, New Jersey, Tennessee and Vermont. U.S. lawmakers and federal regulators have criticized TikTok, citing practices and computer-driven promotion of content they say can endanger the physical and mental health of young users. The platform has an estimated 1 billion monthly users and is especially popular with teens and younger children. Last month, Texas opened an investigation into TikTok’s alleged violations of children’s privacy and facilitation of human traff...
Netflix Announces Acquisition of Next Games
Finnish mobile game developer Next Games has just announced that Netflix will commence a tender offer process to acquire all of its issued and outstanding shares. Shareholders of Next Games (NXTGMS) will receive €2.10 EUR in cash per share for a total of €65 million EUR. Michael Verdu, Vice President of Games, Netflix, comments, “Next Games has a seasoned management team, strong track record with mobile games based on entertainment franchises, and solid operational capabilities. We are excited for Next Games to join Netflix as a core studio in a strategic region and key talent market, expanding our internal game studio capabilities. While we’re just getting started in games, I am confident that together with Next Games we will be able to build a portfolio of world-class games that will del...
‘Fortnite’ Developer Epic Games Acquires Bandcamp
Epic Games, the developer behind the battle royale game Fortnite, has officially announced its acquisition of music streaming and purchasing platform Bandcamp. Both companies confirmed the news on separate blog posts, but did not disclose the terms and cost of the deal. Bandcamp CEO and co-founder Ethan Diamond also clarified that the acquisition will not change how the platform operates, stating that he will remain in his position and that Bandcamp will still be “a standalone marketplace and music community.” The involvement of Epic Games, however, will allow the platform to “expand internationally and push development forward across Bandcamp, from basics like our album pages, mobile apps, merch tools, payment system, and search and discovery features, to newer initiatives like ...
Dogecoin community donates $53K to Ukraine as country hints at upcoming airdrop
With the price of the meme-based token Dogecoin (DOGE) higher than that of the Russian ruble, Ukraine opened to DOGE donations for the first time. Ukraine’s Minister of Digital Transformation Mikhail Fedorov announced on Wednesday that the token had “exceeded Russian ruble in value” — though the ruble has dropped significantly against the U.S. dollar in the wake of U.S. and EU sanctions, its price has been lower than DOGE’s since January 2021. According to data from Cointelegraph Markets Pro, the price of Dogecoin is roughly $0.13 at the time of publication, having fallen by less than 1% over the last 24 hours. However, Fedorov’s message on Twitter also called for DOGE proponents including Tesla CEO Elon Musk and Dogecoin founder Billy Markus to donate to Ukraine’s militar...
Trending Up: Ed Sheeran Has Hits for All Radio Formats — Plus YoungBoy Never Broke Again, Yeat & More
Welcome to Billboard Pro’s Trending Up newsletter, where we take a closer look at the songs, artists, curiosities and trends that have caught the music industry’s attention. Some have come out of nowhere, others have taken months to catch on, and all of them could become ubiquitous in the blink of a TikTok clip. This week: As Ed Sheeran makes multiple radio plays, YoungBoy Never Broke Again and Yeat score viral hip-hop hits, and newcomer Maddy Zahm launches an emotional new trend. Ed Sheeran = Radio Ubiquity Although Equals (=), Ed Sheeran’s fourth solo album released last October, hasn’t risen to the level of chart-topping single success that 2017’s ÷ did (two No. 1s on the Billboard Hot 100 with “Shape Of You” and “Perfect”), the project’s past six months have stil...
HYBE Revenue Jumps 58% to $1.1B in 2021 Following Ithaca Acquisition
HYBE, the home of BTS, blew past US $1 billion in revenue for the first time in 2021 thanks to the South Korean entertainment company’s acquisition of Scooter Braun’s Ithaca Holdings. Formerly known as Big Hit Entertainment, HYBE posted revenue of $1.06 billion, up by 58% from 2020 and 114% greater than 2019. At the same time, operating profit lifted to $158 million, up 30.8% from the prior-year period. Ithaca Holdings helped HYBE’s album sales grow about 110% in 2021. Sales of HYBE’s Korean artists grew 18% to 15.1 million (in South Korea only). Ithaca Holdings contributed 7.5 million album equivalent units by SB Projects artists, mostly from Ariana Grande and Justin Bieber, and another 4.8 million album equivalent units from Big Machine (HYBE’s earnings release gave U.S. sales only...
FC Barcelona is looking to develop a metaverse and an in-house crypto coin
The Spanish club’s president revealed this week plans to create a unique cryptocurrency Barca previously rejected sponsorship offers from several crypto brands, including Polkadot La Liga football giants FC Barcelona wants to develop its standalone crypto coin, according to recent remarks from its president Joan Laporta. Sports news outlet ESPN reported this week that the club aims to raise funds via the project so as to remain afloat. The Blaugrana has struggled financially over the past few years due to the mismanagement of funds by the previous hierarchy. “We want to create our own cryptocurrency and we have to do that ourselves. We are different because we survive financially from what we can generate through the industry of sport,” Laporta said during this year’s edi...
