IHeartMedia Inc., the biggest U.S. radio-station owner, filed for bankruptcy with a plan to halve its debt load of more than $20 billion, the legacy of a leveraged buyout that hobbled the company as the digital era spawned new rivals.
IHeart, with about 850 radio stations and 17,000 employees worldwide, filed for Chapter 11 protection on Wednesday in Houston, a move that allows iHeart to keep operating while it tries to cement its turnaround plan. The deal still needs approval from the court and some holdout creditors, and the company could hear again from John Malone’s Liberty Media LLC, which has said it wants a stake in the reorganized media giant.
“Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company,” Chief Executive Officer Robert Pittman said in a statement. Read More
What the click wheel taught us about listening to music “W ow,” a man said to me recently on the subway, “I haven’t seen one of those things in years.” He gestured toward the scuffed-yet-still-sleek, aluminum-colored rectangle in my hand - a 160GB sixth generation iPod Classic. I blinked for a moment.
“It speaks volumes about the rapid evolution of Universal Music Group that a technology leader of Ty Roberts’s stature is joining our team,” Nash said. “I have followed Ty’s career with great admiration for over two decades and could not be more excited to have him bring his track-record of trailblazing innovation and transformative vision about the power of data to UMG at this critical juncture.”
Starbucks this morning announced the overall of its mobile application, now used by 17 million people, in an effort to create a more personalized experience for its customers. The changes rolled out alongside an overhaul of the company’s popular customer loyalty program, Starbucks Rewards, which is now doling out stars based on dollars spent in stores, rather than how often customers make purchases.
Subscription streaming services pumped up the recorded-music industry’s revenue last year, but music consumption on free, legal sites grew faster, threatening the industry’s future growth, according to an industry report.
Apple’s entry into the market isn’t the signal that the world is ready for streaming music; it’s proof that the transition has already begun…
There was a moment in the mid-2000s when it seemed like we might be collecting songs, one-by-one, into eternity. Internet connections were getting faster, hard drives stored more data in tinier spaces, songs were easier than ever to find and available for little or no money. Every year, the new version of Apple’s iPod, first introduced in 2001 with a now-adorable 5GB of storage space, held thousands upon thousands more songs. It was easy to imagine this trend approaching a music lover’s fantasy: a day in the future when we’d be able to carry songs in our pockets, at full fidelity, by the millions. READ MORE
Artists have great chances of reaching millennials this summer with festivals and reaching out to brands wanting to tap into this market. Just make sure you bring your swag and product with you to truly captivate this market.
To use Beats Music free on aircraft, users will have to have a device compatible with the Beats app, which includes iOS and Android, and can also work with any web browser that works with the browser-based Beats streaming site. The partnership is not unlike previous arrangements that have seen customers access Wi-Fi hotspots in locations like Starbucks offered free location-based access to paywalled newspaper content.
At the end of September, Apple brought Beats Music to its Apple TV desktop streaming device, and all indications are that it will continue to operate the service in the short-term at least, despite rumors to the contrary, including an original report by TechCrunch. It’s also very possible that Apple is trying to bolster subscriber numbers in order to prove the service’s continued viability, since if it does end up rebranding and repurposing its streaming music efforts under the iTunes brand, as other outlets have subsequently reported, its current product and partnership arrangements won’t be in vain. Reed the whole article below.
Here are the tell tell signs of yesteryear, remember when new technology emerged and we didn’t think it would touch physical CD sales, so the industry ignored it till it was too late? We might want to learn this lesson faster…
Nielsen Entertainment analyst Dave Bakula chalked up the declines in downloads mostly to “a shift in the way consumers are consuming music,” noting that total streams on services such as Spotify and Pandora Media Inc. were up 46% for the year to date, compared with the same period last year. Streaming services now account for nearly one-third of the revenue from recorded music in the U.S., according to the RIAA.
There was note of big albums coming in the next few weeks that might change the percentage a bit, but this is no surprise as we give music away to draw attention and the music streaming services are getting cheaper. (Spotify dropped prices with family plan).
Artist need to keep the eye on the ball and remember your live ticket sales, merchandise as well as your overall brand need much attention to keep revenue streams flowing.