Full stream ahead
Warner Music near royalty deal with Spotify
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off a pact to license music to YouTube, Warner Music boss Steve Cooper is turning his attention to music streamer Spotify — and a deal could be signed by June.
Sources tell On the Money that Warner and Spotify are getting thisclose to a new royalty agreement. If inked, Daniel Ek’s Spotify would be on the way to its long-planned IPO — expected in the final quarter of 2017.
Spotify signed new long-term deals with Universal Music Group and with independent music representative Merlin last month.
Spotify has yet to get Sony Music to the table. The streamer has been looking for labels to take a cut in their fees so Spotify has a path to profitability. A source said: “We’re looking for a deal where both sides share in the risks and rewards.” Spotify is offering up more data and a greater share of guaranteed revenue. It currently gives 55 percent of all revenue back to the labels.
The labels do not want to be solely reliant on the big tech giants such as Apple, Google and Amazon for revenue.
Spotify has proven it is willing to be more flexible about launching new music on its paid tier instead of giving it away for free. It’s also got a sizable lead on music streamers, with more than 50 million paid subscribers. Spotify confirmed it hired banks Morgan Stanley, Goldman Sachs and Allen & Co. to advise on an IPO.
Whether Spotify’s big valuation can aid interest in Pandora remains to be seen. Alphabet may be breathing a big sigh of relief. Interim Federal Trade Commission Chair Maureen Ohlhausen has risen to become the favorite to land the permanent spot in what would be a surprise, a source told our Josh Kosman.
Ohlhausen was an FTC commissioner when the regulator voted in 2013 to close an investigation into Google’s alleged monopolistic activity.
The former favorite to be FTC Chair, Utah Attorney General Sean Reyes was far more likely to open a probe into whether Alphabet improperly pressured mobile phone makers to install Google apps on their phones, sources said.
Former FTC Commissioneroner Wright, who was on President Trump’s Department of Justice transition team, may have tipped the scales for Ohlhausen in a May 9 tweet stating that she “will make an excellent chair” and the appointment to the position was “long overdue.”
Wright has not always been friendly with the fellow Republican Ohlhausen, the source said, making his endorsement even more noteworthy.orthy.
Trump would find it easier to name Ohlhausen, since she would not require Senate confirmation as she has already been confirmed.d.
Ohmmmmmm
May is National Meditationon month, and that seems to be the topic on everyone’s mind.
Jennifer Gould Keil reportsorts that supermodel Gisele Bundundchen (pictured) told a crowd wd at the David Lynch Foundation’sn’s Women of Vision Humanitarianarian Awards that she meditates whenever she can, even in the backack seat of a New York City taxi.i.
Robin Roberts, a co-anchorchor of ABC’s “Good Morning America,” also told emcee Rosannanna Scotto that she now gets up at 3:15 a.m. instead of 4 a.m. —— to meditate. Her co-host George Stephanopoulos also practices transcendental meditation, or TM. RobeRoberts and Bundchen were among the honorees at the awards dinner. MMeditation may even have helped actor Leonardo DiCaprioC win his first Oscar — a prize that had long eluded him — as he meditated with Montreal-based expert Lynne Goldberg while he was filming “The ReRevenant” in Calgary. GGoldberg is in town to spread the meditation mantra — and her appapp, OMG. I Can Meditate! WWhile the transcendental meditatiotation taught through the Lynch FounFoundation, which also uses meditatiotation as a tool to help veterans and victimsv of sexual and domestic abuse, touts 20 minutes twice a day, Goldberg has an app for 1-, 2- and 5-minutemi meditation options.
On the ‘Stick’
MarkM Aaron James, an indie singesinger and musician, released his newnewest album, the aptly named “My Mighty MAJic Stick,” last weeweek. ThThe recording is the first nationtionally distributed album that is physically available only on USB drive (in addition to onlinei downloads and streaming platforms). The flash drive is shaped like a credit card and offers an addiditional 2 GB of memory. James says of the format, “With computers rarely incorporating CD drives anymore, and most consumers listening oon digital players, it seemed a logiclogical format to experiment with. It’s exciting to try something new.”