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Digital Economy

Avex expands its music start-up investment programme with a $25m funding injection

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Avex USA — the US affiliate of Japanese independent music and entertainment company Avex, launched in Los Angeles less than a year ago — has committed $25 million to its Future of Music Investment Fund, with the ambition to invest in cutting edge music tech start-ups.

In parallel with the new funding, Avex USA has broadened the scope of its investment in music tech start-ups to early stage start-ups and digital assets like crypto/NFT. The fund will target projects that "contribute to the fut...

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Emmanuel is a Washington, DC-based freelance journalist, blogger and media consultant, specialising in the entertainment business and cultural trends. He was the US editor for British music industry trade publication Music Week. Previously, he was the editor of Impact, a magazine for the music publishing community (2007-2009), the global editor of US trade publication Billboard (2003-2006), and the editor in chief of Billboard’s sister publication Music & Media (1997-2003).

Data

Jaxsta rebranded as Vinyl Group

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Australian Stock Exchange-listed music credits database company Jaxsta has rebranded as Vinyl Group, in a move that reflects the recent changes in the structure of the company, which now incorporates three distinct businesses — data with Jaxsta, music services and digital distribution with Vampr, and vinyl selling platform Vinyl.com.

"This new identity is more than just a name change. It represents a unified vision for our future — a future where our technology and products are more inter...

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Digital Economy

Spotify is shedding 17% of its workforce in a move designed to ‘rightsise’ costs

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Spotify CEO Daniel Ek has informed the music streaming company's staff that 1,500 of them, or 17% of the company's 9,200 employees, will be losing their jobs as part of "organisational changes" designed to "rightsise" costs.

"Over the last two years, we’ve put significant emphasis on building Spotify into a truly great and sustainable business — one designed to achieve our goal of being the world’s leading audio company and one that will consistently drive profitability and growth into the f...

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Creative Industries

Quotes of the Week — Week 46, 2023

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"When I decided to join Microsoft, it was clear that was the best path for me and the team. With the new board and with Satya’s (Nadella) support, I’m looking forward to returning to OpenAI, and building on our partnership with Microsoft."By Sam Altman, explaining on X why he is back at the helm of OpenAI three days after being sacked by the board, hired by Microsoft, receiving the support of 700 out of 770 Open AI employees, and re-hired as CEO of the company. Even ChatGPT would not have been ...

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