In the first quarter of 2024, Spotify witnessed a slower-than-anticipated influx of new users, yet the audio-streaming platform celebrated unprecedented profitability. Despite a 19% year-over-year increase in total monthly active users (MAUs) to 615 million, gaining 13 million users from the previous quarter, the company fell short of its projection by 3 million. Spotify attributed this to “moderated marketing activity,” which normalized growth after a stellar 2023 performance. The lower-than-expected MAU growth coincided with organizational changes, notably December 2023 layoffs that saw 17 ..read more

Taylor Swift’s latest album, “The Tortured Poets Department,” has made a significant impact on the music world, breaking records on Spotify and captivating fans globally. Released on April 19th, the album quickly made history by becoming the most-streamed album in a single day on Spotify, amassing over 300 million streams. This remarkable achievement not only solidified Swift’s position as the most-streamed artist in a single day on the platform but also showcased her enduring influence and connection with fans worldwide. The album’s success extended to India, where Universal Music India hoste ..read more

Believe, an independent music company, has greenlit a majority share acquisition offer from a consortium led by Denis Ladegaillerie, the company’s founder and CEO, at €15 per share. The decision comes after Warner Music Group’s expressed interest in purchasing Believe, though they ultimately withdrew their bid after conducting due diligence. This limited pool of potential bidders for a company of Believe’s size, stature, and complexity underscores the unique position of the consortium in acquiring the company. The decision not to compel shareholders to relinquish their stake suggests a willing ..read more

Virgin Music India, a leading supporter of independent artists and labels, has announced a distribution partnership with the acclaimed singing duo – Sukriti and Prakriti Kakar – for their new label, SuPra. The duo, known for their previous hits like ‘Kehndi Haan Kehndi Naa’ and ‘Majnu’, is now preparing to release multiple singles in collaboration with Virgin Music India. Their debut release under the SuPra label, is titled ‘Saath Tere.’ Written and composed by Abhijay Sharma, “Saath Tere” symbolizes embarking on a journey with a loved one. The music video captures the sisters’ exploration of ..read more

Metastar Media, a Web3 music tech start-up built using blockchain technologies and token-based economics, was set up with the goal to create an artiste-first ecosystem that allows both independent artists and their communities to thrive. Metastar Media’s Artisteverse aims to readdress the imbalance in the music industry by leveraging immersive technologies and Web3 innovations to address the gaps of traditional entertainment platforms. Imagined as a ‘Direct to Fan’ platform to help artistes better engage and monetize their core fan base, Artisteverse provides arti ..read more

Chingari has introduced its new music label, Chingari Music, with the goal of discovering and promoting both emerging and established musical talents from all over India. Chingari Music will take care of every aspect of an artist’s career, from production and promotion to distribution and marketing. With a vast user base of over 200 million, Chingari Music will utilize the platform to help artists gain exposure and find their audience. The creators of the most engaging videos will have the chance to collaborate with Chingari Music and professional composers to create original songs and music v ..read more

Warner Music Group (WMG) has introduced Warner Music South Asia, a new unit handling its recorded music operations in countries like Bangladesh, Nepal, Pakistan, and Sri Lanka. Based in Dubai, Warner Music South Asia will be led by Jay Mehta, working closely with Alfonso Perez Soto, Warner Music’s President of Emerging Markets. Earlier this year, WMG teamed up with Giraffe, a well-known Pakistani music and audio production company. Giraffe is known for leading the production of Coke Studio Pakistan, a popular cultural export with nearly 15 million YouTube subscribers. Together, Warner Music an ..read more

TuneCore India has teamed up with Music Matters Live (festival/conference) to offer Indian artists a chance to showcase their talent on an international platform. The event, scheduled for May 10th in Singapore, presents an exciting opportunity for emerging musicians from India. This collaboration provides a gateway for Indian artists who have released music through TuneCore. They now have the opportunity to apply for participation in the Music Matters Live festival and conference, slated to take place from May 7th to 11th. The selected artist or band will not only gain access to the entire con ..read more

Spotify in the UK is introducing a new experiment for its users, adding a fourth category of content alongside music, podcasts, and audiobooks: online courses. This trial, available only in the UK for now, features video-based lessons from BBC Maestro, Skillshare, Thinkific, and PlayVirtuoso accessible through Spotify’s mobile and desktop apps. While some may find online courses an unexpected addition to Spotify’s audio-focused platform, product director Mohit Jitani explains that there’s already interest in educational content through podcasts. About half of Spotify’s Premium subscribers enga ..read more

The International Federation of the Phonographic Industry (IFPI) has released its Global Music Report for 2024, revealing a ninth consecutive year of growth in global music sales. According to the report, recorded music revenues surged in every market and region, with a total revenue of $28.6 billion in 2023, marking a 10% increase from the previous year. The report highlights that paid streaming subscription revenue saw an 11.2% rise, reaching $14 billion and constituting nearly half (48.9%) of global music sales. This growth was attributed to price hikes by major streaming services like Spot ..read more