August 29, 2012 |
Internet radio company Pandora Media's losses tripled in its second quarter but investors didn't seem to mind as they pushed the company's shares up nearly 12% immediately after its financial report was released Wednesday afternoon. Instead, Wall Street focused on Pandora's revenue, which jumped 51% from a year earlier to $101.3 million in the quarter ended July 31. Analysts had expected the Oakland, Calif., company to post $100.4 million in sales. Losses of $5.4 million for the quarter were three times last year's loss of $1.8 million, weighed down by growing music licensing and marketing costs.
August 16, 2012 |
Video killed the radio star. YouTube is now the leading way for young people to hear -- er, watch -- music, surpassing both radio and CDs. Nearly two thirds of 3,000 teens polled by Nielsen say they prefer YouTube when they want to take in some tunes. But apparently this doesn't mean music sales are dead. Nearly three-quarters of poll respondents say they purchased music in the last 12 months, which is more than the average across all age groups. "The accessibility of music has seen tremendous expansion and diversification," says David Bakula, Nielsen's senior vice president of client development.
August 15, 2012 |
This post was not written by a Nigerian prince. SoundExchange, a nonprofit group that collects digital music royalties on behalf of artists, on Wednesday said that around 50,000 musicians have unclaimed money with the group totaling more than $31 million. The amounts range from $10 to $100,000 per artist or label, the group said. Those who want to see if a check is waiting for them should visit SoundExchange and check the database . Among the names listed are Mark Wahlberg's hip-hop band Marky Mark and the Funky Bunch, The Smith Westerns and Joaquin Phoenix.
July 19, 2012 |
Samsung Electronics Co. is expected to launch a digital music service in the U.S. within the next few weeks, the Korean technology giant confirmed Thursday. The new service, dubbed Music Hub, will be very similar to one that Samsung already offers in the United Kingdom, France, Germany and Spain; it charges 9.99 pounds a month in the U.K. and 9.99 Euros elsewhere. Subscribers there can stream on-demand songs from a catalog of more than 15 million tracks, create custom radio stations akin to Pandora and upload their current music collection to an online "locker" where they can call up tunes from any Internet connection.
June 29, 2012 |
Beats by Dre, the Santa Monica-based maker of high-end headphones founded by rap pioneer Dr. Dre and veteran music executive Jimmy Iovine, is expected to shortly announce a deal to acquire digital music service MOG, according to executives familiar with the transaction. The agreement, which is not yet finalized, calls for Beats to pay roughly $10 million for MOG, a Berkeley, Calif.-based streaming service with about 500,000 subscribers. A MOG spokeswoman was not immediately available for comment. A Beats spokesman declined to comment.
May 30, 2012 |
Apple Inc. has acquired a small Italian start-up that specializes in digital music editing, according to an Italian blog. The Cupertino, Calif., tech company purchased Redmatica , a small start-up whose most notable software is Keymap Pro, according to Fanpage . In all, the company has four software products. Apple has not officially confirmed the Redmatica takeover, but Fanpage includes a document from an Italian communications regulator that appears to back up the report.
March 7, 2012 |
In a bid to better compete with Apple and Amazon.com, Google has created a one-stop shop called Google Play, where consumers can buy and download digital books, music, movies and games. The Internet search giant says users can now store up to 20,000 songs for free and buy millions of new tracks, download more than 450,000 Android apps and games, browse e-books and rent movies on the digital media hub. The initiative brings together Google Music, Google Books and Android Market.
February 15, 2012 |
HTC's $300-million investment in Beats Electronics has, so far, resulted in Beats earbuds being packed with Android smartphones. But the partnership may soon take a major step forward as HTC and Beats are reportedly looking to develop a music service that may end up challenging the likes of Apple's iTunes and Spotify. According to a report from the news site GigaOm , HTC and Beats will roll out a new line of smartphones and tablets with Beats audio features and possibly even a music streaming service that could be unveiled as early as the Mobile World Congress event in Barcelona, Spain, later this month. Om Malik, GigaOm founder and reporter, wrote in the report that HTC is leaning on the connections of Beats co-founder and Chairman Jimmy Iovine's connections in the music industry to build a streaming service that "will be offered as a default music client on HTC phones and tablets.
November 15, 2011 |
Google Inc., which plans to launch its long-rumored music store Wednesday, is still furiously working behind the scenes to get key music companies onboard with its plan to take on Apple Inc.'s iTunes and challenge numerous competing digital music services. After more than a year of negotiations, the Silicon Valley search giant is on the verge of signing a deal with Universal Music Group, the world's largest record company. The deal would allow Google to sell digital downloads of Universal's vast catalog of music and offer a licensed cloud service that lets users tap into their collections of Universal recording artists from any Web browser, said people close to the talks who declined to be named citing the confidentiality of the discussions.
October 4, 2011 |
Best Buy Co. has given up on the increasingly crowded digital music market, selling its struggling Napster online music service to competitor Rhapsody in exchange for a minority stake in the combined company. The deal comes three years after Best Buy paid $121 million to acquire Napster Inc., the first wildly popular source of Internet piracy that morphed into a legitimate paid music service. It gives Rhapsody more power to compete against hot digital music upstarts such as Spotify, MOG and Rdio.