Rihanna NFT Goes Sideways
Rihanna NFT Goes Sideways
Snoop Dogg's New Streaming, Spotify's New Investor, Louis Vuitton's New CD
TAKEAWAYS
Salient statements from this week’s music news.
1. Super Bowl Synch Report: Sony Leads Publishers as Marketers Tap Feel-Good Tracks, ’90s Nostalgia
Advertisers leaned into lighthearted music for the most coveted synchs of the year.
Takeaway: Super Bowl LVII is the first since Kate Bush‘s “Running Up That Hill (A Deal with God)” landed on Stranger Things in May 2022, became a No. 1 hit and unexpectedly dominated the synch business. Do publishers believe the big game, for which 30-second ads cost a reported $7 million, will have a similar impact for their songs? Yes and no.
2. Former Warner Boss Steve Cooper Joins Board of Quincy Jones-Backed NFT Platform OneOf
The “turnaround guru” who helmed WMG for more than a decade is doubling down on his previous commitment to Web3 despite the crypto collapse.
Takeaway: Last year, Cooper told analysts during a WMG earnings call that the adoption of Web3 will amplify the significance of labels and publishers.
3. Spotify Has a New Activist Investor That Wants Cost Cuts
Hedgefund holder Valueact Capital Management has promised moves towards long-term stability but could have limited ability to act against Daniel Ek.
Takeaway: Like Meta, Alphabet and some other prominent tech companies, Spotify has a dual-class share system that grants its founders with enough voting power to control corporate governance.
4. OpenSea Halts Trading on Rihanna Royalty NFTs
NFT platform anotherblock sold future royalties of “Bitch Better Have My Money” under questionable financial and legal circumstances.
Takeaway: One of the song’s producers, Jamil “Deputy” Pierre, co-produced the Rihanna song in 2015 and brought a percentage of his royalties to the blockchain. It’s unclear to what extent Rihanna herself is aware of the collection’s existence.
5. Pharrell Williams Is Louis Vuitton’s New Men’s Creative Director
The line between luxury and streetwear just got even thinner.
Takeaway: Undoubtedly, Williams has helped cement the blueprint for the modern-renaissance celebrity: his charisma and talent has rendered him a publicly known A-lister, but his behind-the-scenes craft across mediums bolsters his artistic credibility. Still, it’s quite rare (though not completely unprecedented) for someone who has achieved so much fame in another realm to be given the keys to a historic fashion house.
6. USA Set to More Than Double Fees for Artists in Visa Rate Hike
The potential increase puts the price on DHS budget shortfalls onto artists and other skilled workers.
Takeaway: For many arts events, the additional costs will simply mean artists choose not to tour. That’s especially worrying to the USA’s neighbors, including the largest land border with Canada in the north (see below). There’s a likely large-scale impact on international exchange in the arts, at a time when the world is already fracturing.
7. Snoop Dogg Brings Death Row Music Catalog to TikTok
In an era of overabundance, Snoop finds ways to make a buck from scarcity.
Takeaway: SoundOn will distribute Death Row music to ByteDance platforms only, not to streaming services, once the exclusivity window ends next week.
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