5 Things You Missed in Music Business News
Things are constantly changing in the music industry and it’s important to stay on top of trends and news updates, especially as an independent artist. We’ve got you covered with a weekly recap of the top stories you need to know.
SPOTIFY HAS REACHED 108 MILLION PAID SUBSCRIBERS
Although Spotify has 232 million active monthly users, they just surpassed 108 million in paid subscribers. Spotify’s growth is expected to continue as they project to have 125 million paid subscribers by year-end.
WOODSTOCK 50 MUSIC FESTIVAL GETS OFFICIALLY CANCELLED
After many attempts to get the festival off the ground and rolling, Woodstock 50 has finally been canceled. After experiencing many setbacks with major investors, venues, etc., festival co-founder Michael Lang wrote in a press release, “We are saddened that a series of unforeseen setbacks have made it impossible to put on the festival we imagined, with the great lineup we had booked, and the social engagement we were anticipating.”
LIL NAS X’S ‘OLD TOWN ROAD’ DEEMED LONGEST-RUNNING #1 SINGLE IN BILLBOARD CHART HISTORY
Lil Nas X has broken the record for the longest-running #1 single atop the Billboard Hot 100. His single, “Old Town Road” ft. Billy Ray Cyrus, has stayed #1 for a record-breaking 17 weeks surpassing Mariah Carey’s “One Sweet Day,” and Luis Fonsi’s “Despacito.”
CHANCE THE RAPPER TEAMED UP WITH LYFT TO GIVE AWAY FREE DOWNLOADS OF ‘THE BIG DAY’
Chance the Rapper dropped his new project ‘The Big Day’ and has partnered with Lyft to give away free downloads of the album. The promotion ran from July 26th through the 29th, with riders and drivers receiving a notification through the app. Chance has always been a trendsetter when it comes to distributing music — in 2017 he was actually the first artist to receive a Grammy without selling physical copies of his music. According to a blog post on Lyft’s site, Chance stated, “I want as many people as possible to have access to my music.”
MTV DISCUSSES REMOVING MICHAEL JACKSON’S NAME FROM VIDEO AWARD
In 1991 MTV renamed their VMA Video Vanguard Award the Michael Jackson Video Vanguard Award in order to celebrate the artist’s innovative visuals. However, due to claims which have resurfaced in HBO’s “Leaving Neverland” documentary, MTV is contemplating a change to the name of the award, who would present it and even considering getting rid of it altogether. Let’s see how this one plays out.