Music Industry News

Muzak Parent Mood Media Files for Chapter 11 Bankruptcy

Photo Credit: Derrick Treadwell Mood Media, the parent company of background music brand Muzak, has filed for Chapter 11 bankruptcy. Mood Media (formerly Fluid Music Canada) noted its intention to move forward with the Chapter 11 filing in recently published release. Along with the bankruptcy plans, the announcement shed light upon a restructuring support agreement […]

Music Industry News

iHeartMedia Has $647 Million In the Bank, Plans to Shave $250 Million in Costs This Year

After furloughing staff and foregoing CEO pay, iHeartMedia is looking to shave $250 million from its budget. The largest operator of radio stations in the United States reveals it has $647 million cash in hand. It also includes a $350 million drawdown from its $450 million revolving credit facility. iHeartMedia’s national, local, and network revenue […]

Music Industry News

Tencent Music Boasts 39.9 Million Paying Subs – Tops Wall Street Estimates

Photo Credit: Unsplash Tencent Music closed 2019 with nearly 40 million paying music subscribers worldwide. Tencent Music Entertainment Group (TME) runs three different music streaming services in China. Those include QQ Music, Kugou, and Kuwo. TME told investors that its subscribers paid $160 million in Q4 2019. TME’s paying music users figure in Q4 2019 […]

Music Industry News

Jay-Z’s Tidal Lost $37 Million In 2018 — More Than 100,000 Subscribers Jumped Ship

Jay-Z’s Tidal lost approximately $37 million and 100,000 American subscribers in 2018, according to newly released figures.   The music streaming service’s overall revenue grew by more than 25 percent from 2017 to nearly $150 million, according to a filing with UK governmental agency Companies House. However, 2017’s U.S. earnings were about $71.5 million, whereas American […]

Music Industry News

BTS Is Basically a Cash Machine — Big Hit Annual Revenues Hitting $500 Million

BTS frontman RM (photo: Yun_Q) BTS label/management group Big Hit Entertainment just doubled its earnings and substantially increased its 2019 profits. Big Hit Entertainment, the company behind BTS, earned nearly $500 million in 2019, according to a recently delivered corporate briefing. The Seoul-based business’s total revenue doubled from 2018’s level to $495.2 million, with profits […]

Music Industry News

Spotify Reaches 124 Million Premium Subscribers — But Quarterly Losses Top $85 Million

Spotify Offices in Manhattan Spotify closed 2019 with 124 million premium subscribers—a 29 percent increase from 2018’s year-end figure—but this user influx wasn’t enough to prevent the company from sustaining heavy overall losses.  Spotify’s earnings report also indicated that the streaming service’s premium-subscriber base grew 10 percent between the third and fourth quarters, and that […]

Music Industry News

Pandora Is Losing Subscribers – 88,000 Left the Service Last Quarter

Photo Credit: Pandora SiriusXM revealed some new information about its subscribers’ growth rate for its satellite service and Pandora. SiriusXM added 355,000 satellite radio subscribers during Q4 2019. That breakdown includes 341,000 self-pay customers and 14,000 promotional subs. That number is slightly up compared to a year ago when it added 346,000 new subscribers. SiriusXM […]