According to Digital Music News, Warner Music Group, Sony Music Entertainment, and Universal Music Group are anticipating a Spotify acquisition, IPO or liquidity situation, in the wake of the recent $3 billion Beats-to-Apple sale.
Major labels reportedly now carry collective ownership share of roughly 20 percent of Spotify, and value equity more than upfront payment guarantees in exchange for the rights to their catalogs.
• • •
John Paul DeJoria, the billionaire entrepreneur best known for Paul Mitchell shampoo and Patron tequila, now aims to tackle the wireless phone business, according to Forbes.
ROK Mobile, which DeJoria co-founded with British entrepreneur Johnathan Kendrick, will offer unlimited talk, text and data, as well as free music streaming. The contract-free ROK Mobile will cost $49.99/month.
DeJoria has signed agreements with Warner Music, Sony and Universal, which will allow users access to more than 20 million songs. DeJoria says, “Everything you can find on iTunes, we have.”
ROK Mobile will launch on T-Mobile on June 16 and on Sprint July 4. “The official launch is the Fourth of July because it’s freedom from cellphone contracts.”
- CMA Honors Robert Deaton With Chairman’s Award - December 4, 2020
- Nashville Symphony, Nashville Musicians Association Reach Agreement - December 4, 2020
- Zach Williams’ “Chain Breaker” Is Most-Added On ‘MusicRow’ CountryBreakout Radio Chart - December 4, 2020