Napster set for London listing after MelodyVR deal February 8, 2021 Napster is reportedly preparing to list in London later this month following the $70m (£53.8m) reverse takeover by startup MelodyVR. Napster will start trading on Aim from 26 February, according to the Guardian, the first time it has ever had its own IPO. Virtual music tech company MelodyVR, which launched in 2018, announced it had [...]
The show must go on: How UK film and TV ploughed through the pandemic February 6, 2021 From Tiger King to The Serpent, hit TV shows have become cultural currency in an era defined by lockdowns. With millions of Brits forced to stay at home, film and TV has been one of the few avenues for entertainment over the last year, providing a much-needed dose of escapism during the pandemic. But for [...]
Screenshot: How Amazon set up shop on cloud nine February 5, 2021 This week **Media Moment of the Week: Parish the thought **How Amazon set up shop on cloud nine **Will BT look to the stars? Media Moment of the Week: Parish the thought Anyone who thinks local politics is boring has clearly never attended a meeting of the Handforth Parish Council Planning and Environment Committee. Or [...]
Ofcom revokes Chinese broadcaster CGTN’s UK licence February 4, 2021 The media regulator has withdrawn China’s state-owned broadcaster right to broadcast in the UK following an investigation. Ofcom said the owner of China Global Television Network (CGTN) does not have control over its day to day output and is a distributor rather than a provider. Star China Media Limited “did not have editorial responsibility for [...]
BBC to slash programme spend by £400m amid funding squeeze February 3, 2021 The BBC has warned it will have to make significant cuts to programmes and services due to a squeeze on its funding and growing pressure from streaming rivals. The public service broadcaster said it expects to make roughly £408m in content cuts in the upcoming financial year in a bid to shore up its finances. [...]
Time Out to open Abu Dhabi market as it banks on post-Covid recovery February 3, 2021 Time Out today unveiled plans to open a new food market in Abu Dhabi as the media group pins its hopes on a return to dining out after the pandemic. The market, which is set to open on Abu Dhabi’s Saadiyat Island in 2023, will be the company’s second location in the United Arab Emirates, [...]
Spotify paid subscribers hit 155m on lockdown listening boom February 3, 2021 Spotify today reported a sharp increase in subscribers in the fourth quarter as the pandemic drove demand for music and podcasts, but warned of uncertainty in the year ahead. The Swedish streaming giant said paid users hit 155m in the final three months of the year, while revenue grew 17 per cent to €2.2bn (£1.9bn). [...]
Sweden’s Embracer splurges up to $2.5bn on three gaming companies February 3, 2021 Swedish video game group Embracer has agreed to buy three gaming companies, including US-based Gearbox, the maker of first-person shooter game Borderlands, for up to $2.5bn in cash and stock. The company, known for games such as Darksiders and World War Z, will pay Gearbox $363m initially with a commitment to pay another $1bn in the next [...]
Film financier Great Point set for London IPO February 3, 2021 Great Point Entertainment Income Trust (GPEIT) today announced its intention to float on the main market of the London Stock Exchange. The London-based group will offer a target issue of 200m shares at 1 penny each at an initial issue price of £1 per ordinary share. GPEIT is a newly established investment company which will [...]
Gimme belters: Music rights firm Round Hill snaps up Rolling Stones and Beatles tracks February 2, 2021 Round Hill has made its first acquisition since floating on the London Stock Exchange, snapping up a catalogue of songs from hit artists such as the Beatles and the Rolling Stones. The music royalties group splashed out $282m (£206m) on the portfolio, representing 86 per cent of the capital it raised after floating in November. [...]
