3: Spotify reveal Q1 2020 numbers, news from BMG Publishing and TikTok’s huge milestone

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In today’s episode we dive into the latest Spotify numbers, have news for songwriters from BMG Publishing and TikTok have hit a huge new milestone.

This is Fast Music News

Spotify have published their financial results for the first quarter of 2020 and they make for some interesting reading! The streaming platform now has more than 130million premium members, that’s up by 6 million since the end of the previous quarter.

The company also revealed how the Covid19 pandemic has started to affect them. While new subscription numbers have remained strong, there has been a decline in Daily Active Users and consumption. This is particularly notable in the territories most affected by the virus. Advertising revenue growth has also slowed in this time.

The new direct fan-funding feature we covered a few days ago has now been used by around 50,000 users on the platform.

Pandora have also announced their Q1 results. Although revenue has gone up 4% year-on-year, both listening hours and active users have dropped since this time last year.

Following the news from our last episode that Facebook will start allowing pages to charge for entry to live streamed events. Facebook have now started advertising for several new music-based roles within the company. This seems to suggest a bigger shift in their music and live streaming strategy is on the way.

The incredibly popular video game, Fortnite have announced a new game mode called ‘Party Royale’. As part of the new space in the game, there will be a virtual festival stage. We hope to hear news soon on how the game plans to book artists for virtual concerts.

BMG is now allowing artists from outside their organisation to use its myBMG app. This will enable songwriters to pitch songs to artists and vice versa. Several major labels and successful songwriters are already using the service to source new collaborations.

TikTok continues it’s impressive rise.  The popular video sharing video app has now been downloaded more than 2 billion times and continues to help new music go viral with dance crazes and challenges. 

This has been your Fast Music News update.

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