5: WMG IPO Approved, Live Nation Results, WME Lay-Offs & New Spotify Features

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Warner Music Group have been approved for a Nasdaq IPO listing. This news was revealed in the group’s latest financial results. No timetable for the IPO has been offered yet.

Live Nation have published their latest financial results. The year started off strong but as expected with the CoronaVirus shutdown, revenue has dropped by more than 20%. We anticipate that much more of the impact of the virus will be seen in their next quarterly report.

Talent agency WME will lay off approximately 20% of it’s staff as a result of COVID-19’s impact on the business. 

The trend of in-game music performances continues to gather pace. Fortnite have now announced virtual concerts from EDM stars, Steve Aoki and Deadmau5. The game now has more than 350million registered players.

Sony Music seems to be taking full advantage of this and have started advertising for several new roles in immersive media targeted at people with experience in game development.

Spotify is reportedly experimenting with video podcasts within the app. Allowing users to watch along as they listen to podcasts on the platform. 

Spotify have also launched a new campaign called Listening Together. Spotify says that more than 30,000 users around the world press play on the same song at the same time. The new campaign shows these connections in real time. 

Spotify has also asked several high profile artists to share the music and podcasts they have been listening to at home throughout the lockdown.

Streaming platform, Deezer have announced a new series of covers by emerging artists called Home Sessions. The songs will be gathered in a special playlist on the platform. 

This has been your Fast Music News update.

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