Music Industry News You Might Have Missed This Week - November 10, 2023

SiriusXM Unveils Major Streaming Overhaul to Challenge Spotify: New App, Plan, and Partnerships

SiriusXM, a key player in audio, has rebranded, launching a revamped streaming app and a 'Streaming All Access Plan' at $9.99/month, aiming to attract a new generation of listeners.

The app features personalized sections, improved playback functionality, an expanded podcast library, and offline listening. The move follows the acquisition of Pandora and Stitcher, positioning SiriusXM as a significant Spotify challenger. In a strategic move, SiriusXM is partnering with Audible for audiobooks. The new app, set to roll out on December 14, will host 'guest DJ channel takeovers' by popular artists. SiriusXM aims to innovate and compete with this transformative streaming experience, marking a pivotal moment in the company's history, according to CEO Jennifer Witz.

Fave Unveils FanFinder, an AI-Powered Tool for Artists to Connect with Superfans

Fave, the AI-driven fandom platform, has launched FanFinder, an AI-supported tool designed to help artists identify and engage with their most dedicated fans.

Leveraging advanced analytics, FanFinder provides granular data on fan activities, enabling artists to connect directly through Fave's messaging system. The tool aims to overcome challenges in identifying valuable fans amidst social media noise, allowing artists to engage superfans with exclusive offers, tickets, and involvement in creative processes. Fave, backed by industry heavyweights like Sony Music and Warner Music, plans to expand its footprint beyond music into movie and sports fandoms.

Spotify Sets Minimum Annual Threshold of 1,000 Streams for Royalties Starting Q1 2024

Spotify's forthcoming changes to its royalty model include a minimum annual threshold of 1,000 streams per track to qualify for royalties from Q1 2024, according to sources.

Aimed at demoting tracks earning less than five cents per month on average, this move is expected to redistribute tens of millions of dollars within Spotify's royalty pool, benefiting tracks with higher streams. Critics, including Denis Ladegaillerie, CEO of Believe, question the logic of imposing a minimum threshold and its impact on emerging artists, emphasizing the need for streaming platforms to strike a balance between quality and accessibility.

Amazon Initiates Layoffs in Music Unit Amid Ongoing Industry-wide Job Cuts

Amazon has reportedly begun layoffs within its music unit, targeting roles in editorial and audio content teams, according to reports. Employees in various markets, including Latin America, North America, and Europe, received redundancy notices.

This move is part of Amazon's larger trend of job cuts, impacting over 27,000 roles in the past 12 months. The company had previously initiated job cuts in November last year, eliminating around 10,000 roles. Amazon, facing ongoing industry-wide job cuts in the tech sector, affirmed its commitment to investing in Amazon Music despite eliminating some roles in the team.

Sources