Spotify prepares to go public with licensing deal with Warner Music
Spotify has secured the last deal that it needed to be able to tell investors that it is ready for a non-traditional public offering - a renewal of a licensing agreement with Warner Music Group.
Instead of the usual IPO, Spotify will instead sell shares directly to the public, skipping out the Wall Street banks completely.
"It's taken us a while to get to this point, but it's been worth it," commented Ole Obermann, Chief Digital Officer at WMG, on Warner's Instagram account.
"Together with Spotify, we've found new ways to reinforce the value of music and there's so much more potential for music subscriptions."
The deal means that the music streaming service has now secured agreements with all three of the major music labels, which will ensure that they have a grip on costs for the coming years.
With rival Apple Music trailing behind in terms of subscriber numbers, Spotify can be confident that they will continue to outpace the newer streaming service.
As of June, Spotify boasted 60 million subscribers, compared with Apple Music's 27 million.
Of that 60 million, around 20 million paid users were added in the past year - and their growth rate continues to eclipse Apple's with around 7 million new subscriptions added every three months, whilst Apple adds about 4 million.
Microsoft: Building a secure foundation to drive NASCAR
Microsoft is a key partner of The National Association for Stock Car Auto Racing (NASCAR) and together they are driving ahead to create an inclusive and immersive new fan experience (FX).
These long-term partners have not only navigated the challenges posed by the COVID-19 pandemic with the use of Microsoft Teams and Microsoft 365, but are now looking to a future packed with virtual events to enhance the FX, well beyond NASCAR’S famous Daytona racetrack.
“Together, we've created a secure environment that's allowed for collaboration, but the future is all about the fans”, said Melinda Cook, General Manager for Microsoft South USA Commercial Business, who cited a culture of transparency, passion, adaptiveness, and a growth mindset as to why this alignment is so successful.”
“We've partnered to create a fluid, immersive experience for the users that is supported by a secure foundation with Microsoft in the background. We are focused on empowering and enabling customers and businesses, like NASCAR, to reach their full potential. We do this with our cloud platform which provides data insights and security.”
“Our cloud environment allows NASCAR to move forward with their digital transformation journey while we are in the background,” said Cook who highlights that Microsoft is helping NASCAR
- Empower employees productivity and collaboration
- Improve fan engagement and experience
- Improve environment security and IT productivity
- Improve racing operations
Microsoft Teams, which is part of the Microsoft 365 suite, enabled employees to work remotely, while staying productive, during the pandemic. “This allowed people to provide the same level of productivity with the use of video conference and instant messaging to collaborate on documents. Increased automation also allows the pit crews, IT, and the business to focus on safety, racing operations, and on the fan experience,” said Cook.
“We have started to innovate to create a more inclusive fanbase, this includes using Xbox to give people the experience of being a virtual racer or even leveraging some of the tools in Microsoft Teams to have a virtual ride along experience.”
“These environments are how we create a more inclusive and immersive experience for the fans. We're working on a virtual fan wall which allows people from new locations to participate in these events,” said Cook, who pointed out Microsoft was also helping bring legacy experiences alive from NASCAR’s archives.
“At Microsoft we can take it one level further by letting fans know what it's like to see the pit crew experience, the data and all the behind-the-scenes action. We will continue to improve automation with machine learning and artificial intelligence, from marketing to IT operations to finance to racing operations,” said Cook.
Christine Stoffel-Moffett, Vice President of Enterprise Technology at NASCAR, said: “Microsoft is one of our key partners. They have been instrumental in helping the NASCAR enterprise technology team re-architect our Microsoft systems to ensure an advanced level of security across our environment, contribute to our business outcomes, and focus on fan experience.”