business
Japan-based messaging app will offer trial run of native token starting in March
Users of Japanese messaging giant LINE will soon be able to use the app’s native token for payments at select online merchants in a limited trial. In a Tuesday announcement, the LINE Corporation said that starting on March 16, users would have the option of paying with native LINK token (LN) — not to be confused with Chainlink (LINK) — at any of LINE Pay’s online merchants. The trial period, which will run until Dec. 26, is aimed at testing real-life use cases for the tokens in addition to increasing the convenience and number of payment options for users. Source: Mikhail Nilov, Pexels LINE Pay said it was considering adding other cryptocurrencies including Bitcoin (BTC) and Ether (ETH) to its payments options in the future, in addition to strengthening its partnerships with blockchai...
FTX is running a Bitcoin giveaway alongside the Super Bowl ad
FTX plans to reward users with Bitcoin, whose amount depends on what time its Super Bowl ad will run CEO Sam Bankman-Fried has previously said that the advertisement stage doesn’t get any bigger than the Super Bowl. Bahamian-based cryptocurrency exchange FTX has told users that it will be giving away free Bitcoin alongside the airing of an advertisement during the upcoming Super Bowl LVI on February 13. Time is money, literally, since even though FTX has not said the exact amount that is out for grabs. The exchange has told the community that the winners would take home the same number of Bitcoin as the time the ad runs. Say the ad airs at 9:02 pm EST; FTX rewards 9.02 Bitcoin. “We’re giving some Bitcoin away! How much? $1 million worth? $1.5 million worth? We don’t...
Def Jam Names LaTrice Burnette EVP
Def Jam Recordings has named experienced label veteran LaTrice Burnette as its new executive vp, the company announced today (Feb. 8). As part of her move, Burnette will also be bringing her label 4th & Broadway, which she relaunched as president in November 2020, under the Def Jam umbrella. Burnette moves to Def Jam from Island, which she had joined in 2018 as executive vp/general manager. In 2020 she led the relaunch of 4th & Broadway — originally an Island imprint that had been founded in 1984 as a hip-hop and dance label, most notably home to recordings by Eric B. & Rakim — and has since signed artists including Young Devyn, Lil Migo, Pap Chanel, Chiiild and Kidd Kenn to the label. The artists, the label and the core staff of 4th & Broadway will follow Burnette to Def J...
Polygon raises $450 million from token sale to fund Web 3 development
The Ethereum secondary scaling solution gave out MATIC tokens to the participating investors at a discount The blockchain founders intend to dole out the funds across its scaling products and in building Web3 applications The blockchain scalability platform Polygon has announced the completion of a private token sale through which it was able to net $450 million. The raise doesn’t come as a surprise as TechCrunch disclosed at the end of last year that a number of venture capital firms were looking to provide financial muscle to Polygon. Venture funds are shifting focus to scaling projects and Web3 The token sale led Sequoia Capital India, featured over 40 investors in and out of the blockchain space. Some notable names include SoftBank Vision Fund 2, Tiger Global, Accel, Dragonfly Capital,...
Alice In Chains’ Music Rights Acquired by Primary Wave and Round Hill
The catalog includes such hits as “Man in the Box,” “Rooster” and “Would.” In the U.S. alone, the band’s activities generated more than 18 million album consumption units, including 12 million CD sales. “Primary Wave is pleased to partner with the estates of Layne Staley and Mike Starr to honor their musical legacies as part of the classic era lineup of Alice In Chains, who created the amazing songs and records that comprise the albums Dirt and Facelift, and the acoustic EPs, Jar of Flies and Sap,” said Primary Wave’s David Weitzman in a statement. “These projects represent the greatest works from one of the best artists of the iconic ’90’s Seattle based grunge era.” Lead singer Staley died of a drug overdose in 2002, while bassist Starr died of an overdose in 2011. Meanwhile, in addition ...
ENS dumps director of operations in condemnation of homophobic tweets
True Names Limited, the nonprofit behind distributed domain protocol Ethereum Name Service, announced it would be ending its contract with director of operations Brantly Millegan after many uncovered his previously posted anti-LBGTQIA tweets. On Feb. 6, the decentralized autonomous organization of Ethereum Name Service, or ENS, asked users to weigh in on what actions, if any, should be taken against Millegan in regards to a May 2016 tweet in which he said “homosexual acts are evil” and “transgenderism doesn’t exist.” The DAO said some had proposed suspending Millegan from his leadership roles at ENS, voting to remove him as a director of the ENS foundation, and asking him to step down from his position. Though the DAO did not officially vote on any resolution as of the time of public...
Fat Joe’s Legal Battle Over ‘All the Way Up’ Isn’t Over Quite Yet
A man who unsuccessfully sued Fat Joe and Remy Ma over allegations that he helped create the 2016 hit “All the Way Up” is now heading to a federal appeals court in an effort to revive his lawsuit. Eric Elliott claims he co-authored the song and has been cheated out of proper compensation and ownership rights, but a federal judge ruled last month that there was “no dispute” that Fat Joe had already paid him for his alleged contributions to the song. Explore See latest videos, charts and news See latest videos, charts and news On Friday, Elliott signaled that the battle isn’t over just yet. He filed a notice that he will appeal the ruling to the U.S. Court of Appeals for the Second Circuit, a process that could take more than a year. His specific arguments are not yet available, but will be ...
Spotify CEO Addresses Joe Rogan’s N-Word Use, Doubles Down on Keeping Podcaster on Platform
Spotify CEO Daniel Ek has addressed the weeks-long blowback against his company, and for the “deeply hurtful” remarks that have surfaced from Joe Rogan, whose podcast triggered the latest round of controversy. In a letter sent to Spotify employees, seen by Billboard, Ek says he “strongly” condemns Rogan’s prior use of “racially insensitive language,” which, he continues, does “not represent the values of the company.” Explore See latest videos, charts and news See latest videos, charts and news The Swedish executive has spoken with Rogan and his team about of the content in the show, and, according to Ek, the message got through. The show will go on. Rogan and his under-fire podcast, the Joe Rogan Experience, has been the heavily criticized in recent weeks for the raconteur’s decision...
Bill Cosby Likely to Avoid Testifying in Sex Assault Lawsuit
A Los Angeles judge on Friday (Feb. 4) appeared strongly inclined to allow Bill Cosby to invoke his Fifth Amendment privilege and avoid giving a deposition in the lawsuit of a woman who alleges he sexually abused her when she was 15 in the mid-1970s. At a hearing to argue the issue, Superior Court Judge Craig Karlan agreed with Cosby’s attorney that the 84-year-old has a reasonable fear of again facing criminal charges for one or more of the many sexual assault allegations that have been publicly aired against him, and has a right to avoid saying anything under oath that might lead to such charges. Explore Explore Bill Cosby See latest videos, charts and news See latest videos, charts and news “It does appear he has a reasonable fear of prosecution, and if new information came out, that co...
Spotify Closing In on Sponsorship Deal With Barcelona Soccer Club
MADRID — Spotify is close to reaching a sponsorship deal with F.C. Barcelona, one of Europe’s leading soccer clubs, less than a year after Spotify’s founder, Daniel Ek, made an unsuccessful takeover bid for U.K. club Arsenal. According to Spanish media, a sponsorship deal could be announced as early as next week. The club says it would not comment on ongoing negotiations, which have been prompted by the fact that Barcelona’s current jersey sponsor, Rakuten, decided not to renew its agreement with Barcelona, which ends in June. Last year, Ek sought to buy Arsenal, saying that it would fulfill a childhood dream. “I’ve cheered for Arsenal as long as I can remember,” he said. But the family of Stan Kroenke, which currently owns Arsenal, rejected the Swedish billionaire’s offer, saying they wer...
Prince Heirs & Primary Wave Spar In Court Over How To Close Out Estate
Attorneys for Prince‘s heirs and Primary Wave wrangled Friday over how best to end six years of courtroom proceedings over the iconic artist’s estate, presenting alternate plans to a judge over how to start distributing his assets. At a hearing in Minnesota state court, attorneys for three of Prince’s siblings dueled over corporate structures with attorneys representing Primary Wave – which has acquired half the estate from three other siblings. Friday’s hearing came two weeks after the estate reached an agreement with the IRS to end a dispute over the proper tax valuation of the estate, setting the value at $156.4 million and avoiding a March trial against the feds. The tax settlement was the last major hurdle to closing out a messy case that has dragged on for nearly six years, since the...
EBIDTA, AOI, OIBDA, WTF? Why Companies Report Different Financial Metrics
With music companies’ fourth quarter earnings starting to roll out this week, news reports have been filled with the usual alphabet soup of accounting jargon, abbreviations and acronyms. It can get confusing, especially since some of the most visible financial metrics don’t have strict definitions. Spotify, Warner Music Group, Live Nation, SiriusXM and other companies publicly traded in the U.S. adhere to what are called Generally Accepted Accounting Principles set by the Financial Accounting Standards Board. GAAP standards allow investors to reasonably trust companies will fairly represent their business results using the same rules and language. Left to creatively interpret their own finances, companies would have different approaches to measuring their revenue, expenses and liabilities....
