siriusxm
Page: 4
Dusty Street, a pioneering DJ who is best known for her time working at Los Angeles-based alternative rock station KROQ-FM and later at SiriuxXM, died Saturday in Eugene, Ore. She was 77.
Explore
Explore
See latest videos, charts and news
See latest videos, charts and news
Her friend Geno Michellini, who worked for many years at L.A.-based station KLOS-FM, shared the news on Facebook.
“I have been in Eugene the last two days at Dusty Street’s bedside,” Michellini posted Saturday. “The numerous afflictions that she has been so indomitably fighting these last years finally caught up to her. I am writing with a broken heart to say that Dusty left us tonight. She died peacefully, quietly and surrounded by love in a beautifully serene location overlooking the most beautiful lake you could ever want. As befitting the queen that she was. Tonight I lost one of the best friends I ever had and the world lost a radio and music legend … . She was all that and so much more. There will never be another Dusty Street. The queen is gone, but she’ll never be forgotten.”
Street most recently worked at SiriusXM for more than 20 years as host of the shows Deep Tracks and Classic Vinyl.
“We have lost one of our own,” SiriuxXM posted on Facebook. “Dusty Street has passed away after 77 joyous trips around the sun. And yes, Dusty Street was her real name. Dusty was one of the first female rock jocks on the west coast working at KMPX and KSAN in San Francisco from 1967 through 1978 before heading to Los Angeles where she held court in the evenings from 1979 through 1996 on KROQ. … We are heartbroken.”
Street was known for being outspoken, opposing the Parents Music Resource Center for attempting to apply a ratings system to rock music. She once said she was let go from KROQ for being a “renegade” as the station was implementing “tighter and tighter” control over the programming.
In 2015, she was inducted into the Bay Area Radio Hall of Fame. Earlier this year, she took part in the Epix documentary San Francisco Sounds: A Place In Time, which spotlighted recording artists from the Bay Area that were popular between 1966 and 1976, including Santana, Sly and the Family Stone, Tower of Power, and the Doobie Brothers, Jefferson Airplane and Janis Joplin.
Street once commented that people often asked her if her name was real, and that people were surprised to hear it wasn’t a stage name.. “My father’s name was Emerson Street. We used to live on Emerson Street on Palo Alto, which was pretty funny. Emerson Street on Emerson Street,” she said.
This article originally appeared in THR.com.
Abu Dhabi-based music streamer Anghami led all music stocks this week after gaining 17.6% to $0.82. On Thursday, the company announced through an SEC filing it had received a written notification from the Nasdaq Stock Market regarding its closing share price being below $1.00 for the previous 30 days. The Nasdaq gives companies 180 days to regain compliance or face de-listing from the exchange.
The warning appeared to spur a 16.5% gain on Thursday as investors saw signs the share price won’t remain under $1. In its SEC filing, Anghami stated if the share price remains under the $1 threshold it will “consider available options to cure the deficiency,” including a reverse share split (which would increase the share price by reducing the number of shares outstanding while the market capitalization remains unchanged).
SiriusXM gained 5.7% on Friday (Oct. 13) and finished the week up 11.8%. Its $4.85 closing price was the highest for the satellite radio company since Aug. 9. The typically steady stock has fallen 17% this year as self-pay satellite radio subscribers stagnated at or around 32 million for eight straight quarters. SiriusXM will host a Nov. 8 presentation to unveil a new streaming app and preview upcoming in-car innovations and new programming.
The 21-stock Billboard Global Music Index fell 1.3% to 1,355.65 this week as 13 stocks were in negative territory and only eight stocks gained ground. Year to date, the index has gained 16.1%. Led by SiriusXM’s gain and a 7.6% increase from Cumulus Media, the index’s three radio stocks had an average improvement of 5.5%. Eight record labels and publishers had an average weekly gain of 0.3%. HYBE improved 6.8% while Believe climbed 3.6% and Universal Music Group added 0.6%. Streaming companies were, on average, flat this week.
Live music stocks dropped an average of 4.8%. Shares of Sphere Entertainment Co. dropped 11.1%, effectively offsetting the 11% gain on Oct. 2 following U2’s debut performances at Sphere in Las Vegas. Live Nation dropped 3.9%, MSG Entertainment fell 3.5% and CTS Eventim shares fell 0.7%. If investors are curious what’s next for Sphere Entertainment, clues comes from an interview published Thursday. Executive chairman and CEO James Dolan said the company is “actively pursuing other markets” and “has six different kinds of spheres down to a 3,000-seater.” A Las Vegas-style Sphere may not work in London, where according to reports residents are concerned about the location and light pollution that could arise from a massive external display similar to the Las Vegas venue.
Music stocks underperformed numerous indexes. In the United States, the S&P 500 gained 0.1% and the Nasdaq composite fell 0.3%. In the United Kingdom, the FTSE 100 gained 1.4%. South Korea’s KOSPI composite index rose 2%.
Stocks faded after the release of consumer sentiment data for October by the University of Michigan showed a decline from September based on “a substantial increase” in concerns about inflation. Expectations for inflation in one year rose from 3.2% in September to 3.8% this month. That’s the highest mark since May 2023 and substantially above the 2.3% to 3% range seen in the two years before the pandemic.
Also a factor in stock prices, the U.S. Federal Reserve expects to raise interest rates one more time, according to minutes released from its September policy meeting. Interest rates have an inverse relationship with equity prices. Higher interest rates make borrowing more expensive and cut down on corporate profits.
John Mayer is ready to share his musical taste with SiriusXM users. The seven-time Grammy winning superstar is launching an exclusive, year-round channel called Life With John Mayer. The channel, which is set to become available in November, won’t be defined by genre, per a press release, by by time of day and day of […]
SiriusXM shares rose 11.1% to $4.52 this week following an offer from Liberty Media on Tuesday (Sept. 26) to combine its tracking stock, The Liberty SiriusXM Group, with SiriusXM’s stock to form a new public company.
Liberty Media, which owns 83% of SiriusXM’s outstanding shares, proposed a complicated transaction that would “provide value to all shareholders with a more flexible and attractive currency” in the newly formed SiriusXM stock, Liberty Media president/CEO Greg Maffei said in a statement. SiriusXM said in a statement that a special committee of its board of directors is evaluating the proposal and provided no assurance a deal would eventually happen.
The effect appeared to be a short squeeze — albeit one smaller than the instance that inflated SiriusXM’s share price by 49% in one week in July. Because SiriusXM shares are heavily shorted and have a small float, sudden demand for the stock can create large price fluctuations. SiriusXM shares rose 15% on Thursday (Sept. 28) alone, while shares of The Liberty SiriusXM Group tracking stock finished the week up 13.4%.
While overall stocks were mixed this week, music stocks performed well. The 21-stock Billboard Global Music Index improved 1.1% to 1,344.99, better than the 0.1% gain eked out by the tech-heavy Nasdaq composite and easily besting the S&P 500’s 1.3% loss. In the United Kingdom, the FTSE 100 fell 1%, while South Korea’s KOSPI composite index dropped 1.7%. Eleven of the Billboard Global Music Index’s 21 stocks finished the week in positive territory, eight lost ground and two were unchanged.
Helped by Deezer’s double-digit improvement, streaming stocks had an average gain of 3.1%. Chinese music streamers Cloud Music and Tencent Music Entertainment gained 6.5% and 1.3%, respectively. Spotify shares dropped 2.1% to $154.63 but have gained 95.9% year to date. LiveOne shares fell 8.6% to $0.96, marking its third successive weekly loss since spinning off its PodcastOne division. This week, Billboard reported that LiveOne took out a high-interest loan to lure UFC fighter-turned-podcaster Brendan Schaub after Kast Media failed to pay him advertising money. LiveOne agreed to acquire Kast Media in May and offered Schaub and other podcasters settlements that included a mix of cash, promissory notes and PodcastOne stock.
Music’s greatest gainer this week was French streaming company Deezer. Despite there being no news — neither a press release nor a regulatory filing — that normally leads to such a substantial change, Deezer shares rose 21.8% to 2.735 euros ($2.90), including a 14.8% gain on Thursday with one of the highest trading volumes since the company went public in September 2022. Nothing indicated the company has substantially improved its earnings outlook in recent days, but Deezer had been in the news prior to this week. Three weeks ago, Deezer announced a partnership with Universal Music Group to create a new system for calculating artist royalties; and last week, the company revealed plans to increase subscription prices for new individual and family plans in the United Kingdom, Spain, Italy, the Netherlands and its largest market, France.
Live Nation shares rose 4.1% to $83.05 following news the company will help developing artists by providing a financial stipend and eliminating fees charged on merchandise sales at a number of its owned and operated clubs in the United States. Although the move will cost Live Nation money, it also comes with some strategic advantages, according to LightShed Partners analyst Brandon Ross. The decision is “great for Live Nation because it actually throws up another barrier to entry,” Ross said in the Friday (Sept. 29) episode of the LightShed podcast. “Artists are going to want to play your venue where the economics for them are better rather than somebody else’s venue.”
In its first legal response to a SoundExchange lawsuit alleging underpayment of $150 million in artist royalties, SiriusXM claimed in a court filing Friday (Sept. 22) that SoundExchange’s numbers rely on a “so-called audit” that was a “flawed and biased examination” and insists the satellite-radio giant “properly calculated its royalty payments to SoundExchange in all material respects.”
The filing, which demands a change of U.S. court venue from Virginia to New York or Washington, D.C., also bashes the royalty collection and distribution service for trying to “justify its existence, lofty executive salaries and luxurious operating style through repeated litigation against its biggest contributor.”
In a phone interview before the filing, George White, SiriusXM’s senior vp of music licensing and royalties, says the SoundExchange lawsuit, filed in August, caught his company by surprise. “We were discussing settlement with them,” adds White, a former longtime major-label executive. “We really took some time to review it.”
White says the lawsuit comes down to a difference of opinion over SoundExchange’s “method of calculating their deduction.” He argues that SiriusXM has paid SoundExchange $5 billion in performance royalties for sound recordings over the last 10 years, and contributed “the vast majority” of the $805 million the service collected last year. “The rhetoric in the suit itself and the press release around the suit seems really unfair and wholly inappropriate,” White says. “In fact, we want to make every effort to ensure everyone is compensated fairly.”
SoundExchange, which collects royalties from webcasters and non-terrestrial radio services on behalf of artists and labels, argued in its Aug. 16 lawsuit that Sirius XM was bundling its satellite radio and streaming service, mixing the revenue in order to improperly reduce its royalty bill. The U.S. government mandates different royalty rates for satellite-transmitted services (like SiriusXM’s traditional satellite radio) and webcasting under so-called statutory licenses, but SoundExchange’s lawsuit declared that “Sirius XM has unjustly enriched itself to the detriment of recording artists and copyright owners upon whose music Sirius XM has built its business.”
In its response, SiriusXM accused SoundExchange of “misguided allegations” and argued a “proper audit” would conclude the company “properly calculated its royalty payments to SoundExchange.” The company also criticized SoundExchange for taking advantage of what it called the Virginia court’s “rocket docket,” which, regional lawyers have said, results in fast-moving cases, little time for discovery and quick resolution.
“We’re very hopeful that we can proceed down the lines of having a productive settlement discussion,” White says. “I would far rather that we had a close relationship with SoundExchange that was about working to grow SiriusXM’s contributions to SoundExchange.”
SoundExchange didn’t immediately respond to Billboard‘s request for comment.
Spotify led a group of high-flying streaming stocks this week by gaining 14.8% to $157.54 per share, increasing its market capitalization by nearly $4 billion to $30.7 billion. The world’s largest streaming company, which boasted 220 million subscribers as of June 30, has clawed back nearly all its losses since its share price dropped 14% […]
SoundExchange is suing SiriusXM over allegations that the satellite radio giant has been “gaming the system” in order to withhold more than $150 million in royalties owed to artists.
In a lawsuit filed Wednesday in Virginia federal court, the royalties group claimed that SiriusXM has been using bookmaking trickery – namely, manipulating how it bundles satellite services with web streaming services – as part of a scheme to “grossly underpay the royalties it owes.”
“Through its contrived and improper apportionment, Sirius XM has engineered a windfall for itself and deprived artists of the important compensation to which they are legally entitled and desperately need,” wrote lawyers for SoundExchange in the complaint.
The allegations concern the royalties paid under so-called statutory licenses – government mandates that automatically give certain streaming services the ability to broadcast songs for a set price. Crucially, that system sets different rates for revenue from satellite broadcasts (like SiriusXM’s traditional satellite radio) versus that from so-called webcasting services, which are transmitted through the internet.
In Wednesday’s complaint, SoundExchange says SiriusXM has intentionally bundled the two products together as a single offering in recent years, allowing the company to mix the revenue in order to improperly lower its royalty bill.
“Sirius XM is gaming the system: to grossly underpay the royalties it owes, Sirius XM has unreasonably characterized revenue from its bundled product as ‘webcasting revenue’ that in actuality is “[satellite] revenue’,” SoundExchange wrote. “Sirius XM’s revenue apportionment is beyond the pale, and harms music creators.”
According to SoundExchange, that maneuver has allowed SiriusXM to shortchange artists to the tune of $150 million. The company has also allegedly refused to comply with an indepdent audit that found millions in such shortfalls.
“Sirius XM has not paid its bills,” SoundExchange wrote. “By purporting to comply with the statutory license without paying what it owes under the license, Sirius XM has unjustly enriched itself to the detriment of recording artists and copyright owners upon whose music Sirius XM has built its business.”
A representative for SiriusXM did not immediately return a request for comment.
In a statement, SoundExchange CEO Michael Huppe said the group had only resorted to litigation as a last resort. “In recent years we have viewed SiriusXM as a willingly lawful and compliant company that shares our desire for a robust streaming marketplace. But SiriusXM has and continues to wrongfully exploit the rules to significantly underpay the satellite royalties that it owes.”
Shares of SiriusXM soared 49.1% this week due to a “short squeeze” related to a trading strategy involving its parent company, Liberty Media. The stock rose 49.1% to $7.08, turning an 18.7% year-to-date loss into a 21.2% year-to-date gain.
On Thursday (July 22), SiriusXM shares increased 42.3% as 128 million shares were traded — about 6.7 times the average daily trading volume. The price fell 9.3% on Friday to close at $7.08 as trading volume reached 132.9 million shares.
As an article at Barron’s explained, SiriusXM, a heavily shorted stock, has benefitted from investors taking a long position in Liberty SiriusXM Group — a tracking that includes SiriusXM — and a short position in SiriusXM. (A short position is a bet that a stock price will decline. A long position is a bet the stock price will increase.) Those positions would benefit if Liberty SiriusXM Group, viewed as an inexpensive alternative to SiriusXM, was able to narrow the gap to SiriusXM. But SiriusXM shares have risen in recent months, turning the short into a losing bet.
Investors who short a stock must buy back borrowed shares to cover their short position. When a stock has a small public float — as SiriusXM does — demand for a limited number of available shares can drive up the price. This isn’t happening just with SiriusXM: Heavily shorted stocks helped the stock market rally in the first half of the year. “As expected, shorts are getting squeezed in these losing trades and we are seeing short covering in these stocks — helping drive stock prices even higher alongside the momentum long buying we are seeing in these stocks,” Ihor Dusaniwsky, managing director of S3 Partners, told Yahoo Finance last week.
SiriusXM was — by far — the best-performing music stock this week, as the Billboard Global Music Index rose 6.8% to 1,447.32, bringing the year-to-date gain to 23.9%. Eight of the index’s 21 stocks were in negative territory, one was unchanged and 12 stocks posted gains this week.
French music streamer Deezer boasted the week’s second-biggest improvement after gaining 10.3% to 2.58 euros ($2.87). On Thursday, the company announced it had renewed its partnership with telecom company Orange, which will continue to drive customer acquisition in its home market. Under the new partnership, Deezer and Orange will offer new customers six free months of Deezer Premium.
Live music companies also had a good week. Shares of Sphere Entertainment Co. gained another 8.9%. German concert promoter CTS Eventim improved 6.9%. And Live Nation shares rose 2.5% after Oppenheimer initiated coverage of the company with a $110 price target, suggesting the stock has a 14% upside from its $96.84 closing price on Friday.
SiriusXM will ensure you get more CoComelon and Blippi in your daily diet with the launch of Moonbug Radio. The satellite radio service today (June 7) unveils the exclusive new channel, a collaboration with Moonbug Entertainment, a subsidiary of Candle Media, the global entertainment company behind some of world’s most popular kids’ content. Moonbug Radio […]
In order to meet the growing demand for physical music and video in the United Kingdom, Utopia Music has entered a long-term contract with DP World for a £100 million ($124.8 million), 25,000-square meter warehouse in Bicester, United Kingdom. The new warehouse will feature technologically advanced solutions, including high-density storage and robotic transfer of product, to enable the efficient distribution of over 30 million units a year across the United Kingdom and export markets. Stock will be moving from Utopia Distribution Services’ current warehouse in Aylesbury, United Kingdom (inherited from physical distributor Cinram, whose assets were acquired by Utopia in 2022) to the new facility over the summer.
Swedish Web3 music company anotherblock has raised €4 million ($4.34 million) in an investment round led by Stride.VC and joined by Swedish House Mafia member Axwell (whose Swedish House Mafia partner, Steve Angello, previously invested in the company). The money will be used to help anotherblock scale globally and make its product available to a wider range of artists, producers and record companies.
Seeker Music has acquired the masters and publishing catalog of Charlotte Caffey — lead guitarist, keyboardist and primary songwriter for The Go-Go’s. Caffey wrote some of the group’s biggest hits, including their breakthrough song, “We Got the Beat,” as well as “Head Over Heels,” “Vacation,” “How Much More” and “Turn To You.” Caffey has also written songs for artists including Keith Urban (“But for the Grace of God”) and her Go-Go’s bandmate Belinda Carlisle, as well as songs for film and TV including the theme song for the Clueless TV series. The deal was brokered by veteran record executives Michael Rosenblatt and David Simone.
300 Entertainment has partnered with Florida-based imprint Remain Solid, founded by manager and executive 100k Track, for a label joint venture. The first artist signed under the deal is Brooklyn-based rapper BreezyLYN, who released the remix to her single, “Bad Bitches” featuring Lola Brooke and Kali, earlier this month.
Songtradr announced a partnership with TikTok around the video-sharing platform’s Commercial Music Library. Under the deal, Songtradr is now a certified “Subscription Sound Partner,” supplying music for the Commercial Music Library, which gives businesses, organizations and creators access to pre-licensed, rights-safe music for organic content and paid advertising.
Music technology companies Tuned Global and Revelator struck a partnership that will allow digital service providers and other Tuned Global customers to enable artists to mint and distribute music releases as NFTs directly on Web2 streaming platforms using Revelator’s Web3 tech. “These NFTs will coexist with traditional streamed music, enabling fans to enjoy digital collectibles and actively engage with token gated content, while providing artists with blockchain-based payment opportunities through smart contracts,” according to a press release announcing the deal. Added Revelator CEO/founder Bruno Guez: “This partnership lets music lovers collect NFTs in fan-friendly ways where they are already experiencing music. Fans won’t need to mess with wallets or special Web3 players, or even leave their favorite music platform. They’ll pay with a credit card. This access and ease will open up new revenue streams for artists, as more fans jump in.”
AI music startup AudioShake announced a $2.7 million seed funding round led by Indicator Ventures, with participation from Precursor Ventures and Side Door Ventures. Also taking part in the round are Metallica-backed Black Squirrel Partners, AJR, Google’s Black Angel Group, peermusic, Audius CEO Roneil Rumburg, S-Curve Records CEO Steve Greenberg and Crush Ventures, the venture arm of Crush Music, among others. Audioshake’s B2B deep learning technology deconstructs audio into stems so that they can be made available for new uses across music, film, dubbing, transcription, synthetic voice and more. The company has worked with departments from all three major labels as well as publishers including Primary Wave, Hipgnosis, Spirit, peermusic, Concord, Downtown and Reservoir.
Unitea, a Miami-based engage-to-earn music platform, has raised a seed round of $7 million led by 1st Class Guernsey, Chaos Capital and Fuel Venture Capital. The funds will be used to further expand the platform’s capabilities within the music industry and beyond. The platform allows users to share music and create content to earn digital tokens, called Karma, that can be redeemed for exclusive rewards including custom digital assets, concert tickets and artist meet-and-greets. The company’s board of directors includes Pitbull and Claude VonStroke.
Freshsound, a self-serve licensing platform for commercially released music, closed a €2 million ($2.17 million) seed funding round that will support the company as it seeks to expand internationally while continuing to grow in the Nordic market. The new investment comes less than a year after the company’s pre-seed funding round worth €1.3 million ($1.41 million). The latest investment round was led by Zenith Venture Capital and Aligned. Founded in 2021 by Stevie Gyasi and Sara Larsson, Freshsound boasts a dynamic pricing model that gives clients instant quotes for any use and the ability to license their music for commercial purposes.
CD Baby and creator copyright protection platform Cosynd have expanded their existing partnership with the integration of Cosynd’s Copyright Registration API into the CD Baby platform, which allows artists to register copyrights and establish legal ownership over their work.
Music, entertainment and technology platform LiveOne struck an exclusive content distribution deal with OTT Studio, a streaming technology platform and connected TV (CTV) app publisher. Under the deal, LiveOne will serve as OTT Studio’s exclusive music streaming provider, delivering LiveOne’s 600 radio stations via OTT’s Music Plus application. The agreement will expand the distribution of LiveOne’s audio and entertainment content to an additional 47 million CTVs in North America via LG’s webOS and Vizio’s SmartCast platforms.
SiriusXM announced a multi-year extension and expansion of their services agreement with Mercedes-Benz, under which the automaker is expected to make the installation of SiriusXM a standard feature on Mercedes-Benz models available in the United States, starting with model year 2024 vehicles. SiriusXM’s “most advanced audio entertainment experience,” SiriusXM with 360L, is also expected to be included in future Mercedes-Benz models, according to a press release.
Lyric licensing and data solutions company LyricFind signed an agreement with GEMA, Germany’s mechanical and performance rights society, in a further expansion of LyricFind’s international footprint.