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Digital Economy

Metaverse start-up Hume closes a $11.7m Series A funding round led by TCG Crypto

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Hume, a web3 entertainment company pioneering music in the metaverse, has closed a $11.7M Series A funding round led by investment company TCG Crypto.

“The web3 music space isn’t just introducing new monetization models, it’s introducing entirely new genres and experiences. Through this, fans will become more deeply connected with their favorite artists and the moments that propel that passion,” says Jarrod Dicker, partner at TCG Crypto. “We believe that Hume’s approach will be the driving f...

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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).

Copyright & Regulation

Apple to be fined €500 million by the European Commission over streaming services’ access to the App Store — Report

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The European Commission is preparing to fine Apple up to €500 million for competition issues related to music streaming services' access to the app store, according to a report from the Financial Times.

The FT added that the fine was one of the most significant financial penalties the Commission has imposed on big tech companies. The newspaper, which cites "five people with direct knowledge of the long-running investigation."

The fine is expected to be announced early next month foll...

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Digital Economy

Nvidia invests $3.67m in SoundHound AI

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Chipmaker Nvidia has disclosed that it has invested $3.67 million in SoundHound AI, a Santa Clara, California-based company specialised in voice artificial intelligence.

The disclosure of the investment, made via a in a Securities and Exchange Commission 13F filing, sent SoundHound's share up 55% on the day it was announced. Nvidia, whose market capitalisation now exceeds that of Amazon and Alphabet, first invested in SoundHound in 2017.

SoundHound is expected to release its 2023 full ye...

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Creative Industries

Music deals — Week 7, 2024

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Here are some of the main music deals announced in the past week:

Iconic Artists Group, the music rights company set up by Irving Azoff, has secured a strategic investment from global investment firm HPS Investment Partners (HPS). Iconic’s goal is to deploy up to $1 billion to acquire music assets through HPS financing, together with senior debt financing from third parties. Iconic plans to acquire and manage a diverse portfolio of “legendary artists’ music assets.” “With HPS’ support, Ic...

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