Spotify’s slowing revenue
Spotify has released its latest financial forecast. The company expects revenue to grow 20-30% due to ‘currency swings.’ It expects a full-year revenue of 5.3 billion euros, or $6.1 billion to $6.3 billion. It marks a significant slowdown from 2017 revenues.
In terms of growth, the streaming platform expects to amass 198-208 million active users by the end of 2018. That includes 92-96 million paid subscribers — a lot more people, no doubt, blow slower growth.
Advancing the Indian music industry.
Indian mobile network operator Reliance Jio Infocomm Limited has integrated Saavn, a global music and audio streaming service, with its own music streaming platform, JioMusic. Saavn co-founders Rishi Malhotra, Paramdeep Singh, and Vinodh Brat will lead the company, now estimated at around $1 billion. [Variety]
The sad and disturbing meltdown of Jessie Hughes.
The Eagles of Death Metal frontman who was famously caught in the crossfire during the terrorist raids at Le Bataclan is now speaking against gun protests. “Obviously … The best thing to do to combat chronic abusers and disregarders of the law (like the law against Murder) is to … pass another Law,” Hughes berated on Instagram, since deleted (but captured by Rolling Stone).
“But before we pass this law we’re going to denigrate the memory and curse ourselves by exploiting the death of 16 of our fellow students for a few Facebook likes and some media attention.”
David Bowie statue vandalized — already
We first reported on the world’s first David Bowie statute over the weekend. Well, it’s already been vandalized. ‘Feed the Homeless,’ vandals wrote in spray paint.
15 and counting.
Embattled record producer Suge Knight has lost his fifteenth defense lawyer after a judge released attorney Dominique Banos, citing a conflict of interest. The three-year wait for the start of his murder trial will only increase. [Billboard]
Goodbye, Wu-Tang Clan.
The New York Eastern District Court filed papers to seize Martin Shkreli’s cash and assets. This includes unreleased copies of Lil Wayne’s album, Tha Carter V and Wu-Tang Clan’s album, Once Upon a Time In Shaolin. [Complete Music Update]
In an interview with the BBC, Apple Music executive Jimmy Iovine stated that streaming services must diversify in order to survive.
“The streaming services are all charging $9.99 and everyone has the same music and it’s really nice. You get whatever song you want, you get your playlists – but there’s got to be more interaction between the artist and the audience.”
Will you win an award?
The Clios have issued a call for entries for the upcoming Clio Music Awards to be held this October during Advertising Week in NYC. It first launched 5 years ago as a partnership with Billboard. Clio Music underscores the visceral power of music to connect consumers and brands. It lives as a section within the annual Clio Awards event dedicated to honoring work that spans artist self-promotion, music marketing, brand collaborations, and the use of music in advertising. [Clios Music]