business
Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq
Crypto asset manager Valkyrie has filed an application with the United States Securities and Exchange Commission to trade an exchange-traded fund (ETF) with exposure to Bitcoin mining firms on the Nasdaq Stock Market. In a Wednesday SEC filing, Valkyrie said its Bitcoin Miners ETF will not invest directly in Bitcoin (BTC) but at least 80% of its net assets would offer exposure to the crypto asset through the securities of companies that “derive at least 50% of their revenue or profits” from BTC mining or providing hardware or software related to mining. The filing added Valkyrie would invest up to 20% of the ETF’s net assets in companies holding “a significant portion of their net assets” in Bitcoin. Valkyrie launched a Bitcoin Strategy ETF in October 2021, which offered indirect exposure ...
Universal Music Group’s Sir Lucian Grainge Tops Billboard’s 2022 Power List
Sir Lucian Grainge is at the top of 2022 Billboard Power List, two years after he was named Billboard’s executive of the last decade. But this year, there’s a very different reason for his No. 1 ranking: his leadership of Universal Music Group’s historic debut as a public company. It wasn’t just the largest direct listing in the history of the music industry, but one that has helped lift the boats of many music companies — including those of Grainge’s fiercest rivals. The UMG chairman/CEO is one of nine honorees from the company this year, with the other eight also listed below. Sir Lucian GraingeChairman/CEO, Universal Music GroupBoyd MuirExecutive vp/CFO/president of operations, Universal Music GroupMichele AnthonyExecutive vp, Universal Music GroupJeff HarlestonGeneral counsel/executive...
The 2022 Billboard Power List Revealed
Money changes everything. Over the past year new types of investors poured record sums into music, reshaping the power dynamics of the business. So Billboard decided to take a closer look at how the industry’s most powerful executives stack up now. On the list that follows, we rank the top 25 and present the rest in alphabetical order by sector. The sands have certainly shifted since we made our last power list. Sure, Sir Lucian Grainge is still at the top of the heap, two years after we named him our executive of the last decade. But this year, there’s a very different reason for his No. 1 ranking: his leadership of Universal Music Group’s historic debut as a public company. It wasn’t just the largest direct listing in the history of the music industry, but one that has helped l...
Andy Ross Dies at 66: Tributes Pour In for Label Boss Who Signed Blur and Jesus Jones
LONDON – Tributes have been paid to British music executive Andy Ross, a key figure in the 1990s U.K. music scene, who has died at the age of 66. Ross co-ran London-based independent label Food Records with founder David Balfe and famously gave rock band Blur its first record deal, signing the group to the label in 1990 after seeing them perform at the Islington Powerhaus venue months before. Blur’s commercial breakthrough came with its third studio album, Parklife, released on Food Records/EMI in 1994. The album debuted at number one in the U.K., spawning several hit singles, including “Girls And Boys” and its title track, and establishing Blur as leading figures in the ‘Britpop’ era of British guitar bands alongside Oasis and Pulp. Explore See latest videos, charts and news See latest vi...
Beggars Group Names New President
4AD U.S. label manager Nabil Ayers will succeed Matt Harmon as president of Beggars Group’s U.S. operations, the label group announced Tuesday (Jan. 25). Harmon, who has been with Beggars for 24 years, is exiting the company to pursue other opportunities. The label consortium has also promoted Claire Taylor to the role of general manager. Ayers has served as U.S. label manager for Beggars Group subsidiary 4AD since 2009. In his absence, Simon Halliday will continue leading 4AD in his role as worldwide managing director. “We are very grateful to Matt for his contributions over two decades which have brought us such success, but equally excited about Nabil and Claire’s elevations, as we look forward to an even brighter future,” said Beggars Group chairman Martin Mills in a statement. Ayers i...
Netflix Stock Continues Downward Trend After Slowing Subscriber Growth Reports
Since last week’s announcement of Netflix’s Q4 earnings in 2021, the streaming giant revealed that it was unable to meet subscriber growth expectations. The news was reflected in the 20% shares drop, which marked the lowest level of shares for Netflix since June 2020. Now Netflix stocks have dropped almost 3% on Monday, continuing the downward trend, which also suggests that the streaming giant is expected to have a much weaker Q1 start. When the markets opened this week, the streamer opened at $383.91 USD, which fell from $397.50 USD at closing last Friday. At one point, Netflix fell to $351.46 USD, which was its lowest point of the day and over the past year. While last Thursday saw Netflix report a net gain of 8.28 million subscribers for Q4 of 2021, Netflix previously forecasted 8.5 mi...
Neil Young Wants His Music Off Spotify Over Joe Rogan Vaccine Misinformation
Neil Young wants his music pulled from Spotify, citing the spread of vaccine misinformation on the popular Joe Rogan Experience podcast as the cause. “They can have Rogan or Young. Not both,” Young wrote in an open letter to his management team and record label posted to his Neil Young Archives website, according to Rolling Stone. The post has since been removed. “I want you to let Spotify know immediately TODAY that I want all my music off their platform.” Explore Explore Neil Young See latest videos, charts and news See latest videos, charts and news Rogan, who signed a $100 million deal in May 2020 giving Spotify exclusive rights to — but not ownership of — his hugely popular podcast, has come under fire for spreading misinformation on his show about COVID-19 and vaccines. In addit...
‘GameStop: Rise of the Players’ Documents the r/WallStreetBets GME Revolution
2021 was no doubt a very interesting year for a variety of reasons, but one of the highlights for those in the finance or gaming spheres was the GameStop r/WallStreetBets saga. Whether you see it as retail investors bringing the fight to Wall Street or a more simple pump and dump scheme from a select group of Reddit users, the entire story is still phenomenally captivating, and now there’s a documentary about it you can watch. Titled GameStop: Rise of the Players, the new documentary is directed by Jonah Tulis and produced by Blake J. Harris, the same team behind Console Wars. The trailer (featured above) shows exclusive access to some of the key players in the saga and of course, also features the movement’s founder Keith “Roaring Kitty” Gill. “Spotlighting the human side of a s...
SEC rejects MicroStrategy‘s Bitcoin accounting practices: Report
Business intelligence firm MicroStrategy reportedly acted contrary to the Securities and Exchange Commission’s (SEC‘s) accounting practices for its crypto purchases. According to a Bloomberg report, a comment letter from the SEC released Thursday showed that the regulatory body objected to MicroStrategy reporting information related to its Bitcoin (BTC) purchases based on non-Generally Accepted Accounting Principles (GAAP). The business intelligence firm has been reporting that it used these methods of calculating figures for its BTC buys, excluding the “impact of share-based compensation expense and impairment losses and gains on sale from intangible assets.” Essentially, this negates some of the effects of the volatility of the crypto market. GAAP rules are seemingly not design...
Sidney Miller, Pioneering ‘Black Radio Exclusive’ Publisher, Dies at 89
Sidney Miller, founder and publisher of Black Radio Exclusive (BRE) — one of the industry’s first Black music trade magazines — died Thursday in Arlington, Virginia, following a long illness. He was 89. Miller invested his savings and sold his house and car to pursue his dream of establishing a publication specifically targeting the Black music market. Launched in 1976, BRE became a pivotal force in underscoring the importance of Black radio and promoting the cultural and commercial impact of Black artists and Black music in the contemporary music arena. Explore See latest videos, charts and news See latest videos, charts and news BRE’s success also spawned what became a popular industry staple, the BRE Convention. The annual event attracted key national and international music executives ...
Adele’s Last Minute Cancellation Leaves Vegas, Fans Wondering: What Went Wrong?
Adele shocked fans on Thursday (Jan. 20) when she took to Instagram to explain that her Las Vegas residency — which was set to open the next day — had been postponed indefinitely due to production delays caused by COVID-19, fighting through tears as she explained, “We’ve run out time.” The “Easy on Me” singer told fans “My show ain’t ready” to open on Friday due to “delivery delays and COVID” spreading amongst the team of people working with the artist to launch her first performance series in a half decade. Adele said she was embarrassed and “gutted” to have to make the announcement just one day before the 24-show run opened. Last month, Billboard predicted that the January-to-April weekend concert series would net Adele $2 million per show and help her avoid exposure to COVID that could ...
Netflix Shares Plunged 20% After News of Slowing Subscriber Growth
Netflix has officially reported its Q4 earnings for 2021. While the streaming giant has been able to increase its earnings per share in Q4 to $1.33 USD versus $.19 USD a year ago, it was not enough to maintain a steady share growth. Netflix’s shares plummetted more than 20% in after-hours trading after news of slowing subscribers. This marks the lowest levels the shares have been since June 2020. The global paid net subscriber additions were 8.28 million versus the predicted 8.19 million. While Netflix did surpass expectations, the number is still fewer than the 8.5 million subscribers Netflix added in Q4 of 2020. Netflix expects to add 2.5 million subscribers in Q1 of 2022, which falls way below the 3.98 million it added in Q1 2021. With a lower benchmark, it lowers the confidence of many...
