Redbox to Be Acquired in $375 Million Deal by Chicken Soup for the Soul Entertainment

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Variety reports: “Redbox Entertainment, the struggling DVD kiosk and streaming video company, has set a deal to be acquired by Chicken Soup for the Soul Entertainment in an all-stock transaction. The company will operate more than 38,000 kiosks across the U.S. as well as digital media services spanning ad-supported and transactional video services, including Crackle, the streaming service Chicken Soup for the Soul Entertainment bought from Sony Pictures Television in 2019.”

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Gunnar Greve: Alan Walker, The Metaverse, and Why Web3 Will Completely Change the Music Industry

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Photo by Gabriel Barletta on Unsplash under the Creative Commons License

Music Business Worldwide reports: “Gunnar Greve believes, with all his heart, that Web3 and decentralized networks are about to turn the music industry upside down. In a good way. Greve is the long-term manager of Alan Walker, the Norwegian-British electronic music sensation whose tracks have been streamed across audio and video no less than 50 billion (!) times (including user-generated content) – including more than 5 billion times in China.”

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The Cannes Film Festival Is Moving Into the 21st Century With TikTok Partnership

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Photo by Solen Feyissa on Unsplash under the Creative Commons License

Variety reports: “At this year’s Cannes Film Festival, heads will turn at a new May-December romance: TikTok, which is 6 years old, has hooked up with the venerable fest, now celebrating its 75th anniversary. How is it that Cannes — which, in years past, notoriously banned social-media posting from its famous red-carpeted steps — is now welcoming TikTok as one of its elite sponsors?”

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Disney Trims $1B In Content Spend Amid Drive for Streaming Profits

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Photo by Mika Baumeister on Unsplash under the Creative Commons License

The Hollywood Reporter reports: “Two and a half years after launch, Disney appears to be closing in on its long-stated goal for Disney+: Making it profitable. In the company’s quarterly earnings report and analyst call May 11, CFO Christine McCarthy reaffirmed that Disney+ should begin turning a profit in fiscal 2024. And comments by McCarthy and Chapek give a clue as to what the path to profitability will look like.”

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The Rundown: Why WPP/Epic Games Partnership Signals The Next Level Of Commitment To Prepping For The Metaverse

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Photo by Vlad Gorshkov on Unsplash under the Creative Commons License

Digiday reports: “WPP and Epic Games yesterday announced a new partnership intended to help educate WPP agencies and their clients about the potential opportunities awaiting brands in the metaverse. The partnership includes a training program designed to teach WPP creatives and executives how to navigate Epic’s Unreal Engine virtual creation tool, in addition to a collaboration with Epic-owned kidtech company SuperAwesome to bolster WPP’s understanding of online child safety and privacy.”

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Record Labels And Publishers Ink Major Settlement, Moving From 9.1 Cents to 12 Cents Per Track for US Mechanical Royalties On Physical Sales

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Photo by Sašo Tušar on Unsplash under the Creative Commons License

Music Business Worldwide reports: “The important background information to this story is that since 2006, the mechanical rate paid to publishers/songwriters for music purchased on a physical disc (or a download) has been set at 9.1 cents per track. Today’s settlement proposes a 32% increase to that current royalty rate, to 12 cents per track.”

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Haun Ventures Leads $50M Round In NFT Startup Zora Labs

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Photo by Milad Fakurian on Unsplash under the Creative Commons License

TechCrunch reports: “The NFT ecosystem continues to chug along, but the vast majority of volume is still moving through the centralized halls of NFT marketplace OpenSea, leaving crypto VCs eager to find new channels. Katie Haun’s new firm, Haun Ventures, has led its first deal in NFT startup Zora Labs. The $50 million funding round values the company at $600 million.”

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iHeartMedia Grows Podcast Revenue to $69M Amid Quarterly Loss

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Photo by Will Francis on Unsplash under the Creative Commons License

The Hollywood Reporter reports: “iHeartMedia brought in $69 million in podcast revenue during the first quarter while total revenue reached roughly $843.5 million, surpassing Wall Street expectations. The company’s digital audio group, which includes podcasts, accounted for roughly 25 percent of iHeart’s total revenue for the quarter, though broadcast radio remained one of the strongest drivers of revenue bringing in a total of $416.5 million during the quarter.”

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Xbox Partners With Epic To Bring Fortnite To The Cloud

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Photo by Louis-Philippe Poitras on Unsplash under the Creative Commons License

Gamesindustry.biz reports: “Xbox has teamed up with Epic Games to make Fortnite available via the cloud on browser-enabled devices. It’s the first free-to-play title to arrive on Xbox’s cloud gaming service. Players will be able to access it via a device’s browser, and log in with a Microsoft account.”

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How The Overwatch League Is Generating Fan Engagement With A March Madness Style Bracket Contest

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Photo by Jacob Rice on Unsplash under the Creative Commons License

Digiday reports: “Activision Blizzard’s Overwatch League is borrowing a play from the NCAA. To generate interest and engagement in the OWL’s regular season, which kicked off on Thursday, the company has introduced an updated “Pick’em” feature – a bracket prediction contest similar to March Madness – offering both cash prices and in-game benefits to participating fans.”

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