In the past month, three of the largest music streaming companies all declared major business changes:

  • Pandora, which has 81 million users, is reportedly in talks with SiriusXM about a potential acquisition. Pandora said last Monday it has raised money to potentially explore a sale next month.
  • Spotify, which has 100 million users, is reportedly planning a direct listing on the NYSE as early as this fall.
  • IHeartRadio, which has over 100 million registered users for its streaming service, announced last month it expects bankruptcy this year.

What it means: The business changes at each organization may not be related, but they point to a growing trend of competitiveness driving instability in the music streaming market.

  • Earlier this year, Jay-Z sold 1/3 of his streaming service, Tidal, to Sprint after facing major losses in 2015.
  • Meanwhile, Pandora and iHeartRadio both launched subscription services to compete with the likes of Spotify and Apple Music, who are leading the market in subscribers.
  • And like we're seeing with the cable industry, all the players are facing messy disputes over licensing fees with the content creators.

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4 hours ago - Podcasts

Facebook boycott organizers share details on their Zuckerberg meeting

Facebook is in the midst of the largest ad boycott in its history, with nearly 1,000 brands having stopped paid advertising in July because they feel Facebook hasn't done enough to remove hate speech from its namesake app and Instagram.

Axios Re:Cap spoke with the boycott's four main organizers, who met on Tuesday with CEO Mark Zuckerberg and other top Facebook executives, to learn why they organized the boycott, what they took from the meeting, and what comes next.

Boycott organizers slam Facebook following tense virtual meeting

Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

Steve Scalise PAC invites donors to fundraiser at Disney World

Photo: Kevin Lamarque-Pool/Getty Images

House Minority Whip Steve Scalise’s PAC is inviting lobbyists to attend a four-day “Summer Meeting” at Disney World's Polynesian Village in Florida, all but daring donors to swallow their concern about coronavirus and contribute $10,000 to his leadership PAC.

Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.