@chihiropastlife You can donate tens of millions of dollars to food banks, reward your 200 employees with 200 mil in life changing bonuses in this terrifying economy, pay for kids' cancer treatments and still get called greedy by a Karen on the internet.
Spotify and UMG announce licensing deal allowing fans to create AI covers and remixes of songs from participating artists and songwriters signed to UMG.
No launch date yet (via Billboard).
@PopBase My favorite thing about being an adult with adult money is not putting it in bad people's pockets. Except R Kelly, cause his royalties go straight to his victims.
Mortal Combat 2 was unexpectedly so much fun it's insane. The combination of 90s action nostalgia and Karl Fucking Urban being hilarious was such a joy to see on screen, solid stupidity in the best way.
Universal Music is selling $1.4 billion in Spotify shares. It paid nothing for them. Spotify handed the shares over in 2008 just for letting Spotify play music, and the deal was set up so almost none of that money would ever reach the artists who made the music. Taylor Swift's 2018 contract changed that.
Back in 2008, Spotify was a small Swedish startup that needed songs to play. The big record labels had the songs. They had no reason to hand them over cheap, so the two sides cut a deal. Spotify gave them shares. The labels gave Spotify the right to play their music. Universal walked away with 5%. That stake later grew to 7% when Universal bought EMI and rolled EMI's 2% into its own. Then it drifted back to 3% as Spotify took on more investors and shrank everyone's slice. At today's prices, 3% of Spotify is worth about $2.7 billion. Universal sat on those shares for 18 years and never sold a single one. Until yesterday.
Most artists never see royalty money. When a label signs you, it pays you an advance to live on while you make the album. It also covers your studio time, your music videos, your marketing, your tour. All of those costs go on a tab. The label keeps every dollar your music earns until you clear that tab. Berklee, the music school in Boston, says as many as 96% of major-label artists never earn enough to clear it. They stay in the red their entire careers.
Sony moved first in 2018. It sold half its Spotify shares for $768 million and paid $250 million directly to its artists in cash, no matter how much each one still owed. Warner followed a few months later. It sold all of its Spotify shares for $504 million and said $126 million would go to its artists too. Warner played it differently. Most of that money went to pay down what those artists already owed, instead of putting fresh cash in their pockets.
Taylor Swift was negotiating her own deal with Universal that same year. She refused to sign unless Universal put the Sony version of the rule in her contract. Cash to artists, no matter what they owed. She wrote at the time that the clause "meant more to me than any other deal point." Universal had said publicly in March 2018 it would share Spotify money with artists. But it had not put the cash-not-credit rule in writing. Swift's contract, signed eight months later, did.
Universal is finally selling. Hundreds of millions of dollars in cash are about to land in artists' bank accounts, including artists who have spent years or decades in the red and would otherwise get nothing from a sale like this.
Most of those artists have never met Taylor Swift. All of them benefit from a single line she insisted on eight years ago.
Taylor Swift’s record contract could lead to millions of dollars being paid to artists as UMG prepares to sell half of their equity stake in Spotify.
When Swift signed her contract in 2018, she negotiated a clause stating that any sale of UMG’s Spotify shares would result in a distribution of money to their artists, non-recoupable.
Her “non-recoupable” clause ensures that artists receive that money even if they still owe advances to the label that signed them.
(https://t.co/a6vxKX98qo)
🇪🇺🇵🇱 A group of Polish streamers raised over $50,000,000 in 9 days during a livestream for children fighting cancer
This is officially one of the largest charity events in YouTube history 🙏
🚨BREAKING –
Mexico's President has decided to roll out Universal Healthcare for all Mexicans
Around 130 million citizens will begin to enjoy free healthcare from next year
@RachelXReads this is not a conversation about authors but greedy publishing houses and distributors making books cost 3x of what they did 10 years ago just because they put a sprayover on the edges of the pages that costs them 0.2 cent.
@biebersmaniabr LOL this tracks cause in order to be his fan your bar must literally be on the ground, watching a dude in a hoodie playing on a laptop playing shit from youtube XDDDD