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Jeff Chiu / AP

Forbes' Zack O'Malley Greenburg reports how music streaming services have matured:

The new business model: "The model of making music available cheaply in order to cash in on touring and endorsements has been taken to its logical conclusion by Chance the Rapper ... The 24-year-old has never sold a physical album or signed a record deal in his life; he has only freely distributed his work via streaming services. He generates enough spins to make several million dollars that way. And he's cashing in big-time on lucrative festival gigs and arena dates, as well as deals with brands like Apple and Kit Kat."

"It's akin to the freemium model that's worked so well for apps ranging from Tinder to Candy Crush — give your stuff away to the many and then soak a smaller group of devotees."

Go deeper

Fed revamps rules for officials, restricts trades after controversies

Federal Reserve Chairman Jerome Powell. Photo: Kevin Dietsch/Getty Images

The Federal Reserve on Thursday announced significant changes to its rules regulating officials' financial activities following controversy last month over some officials' past trading practices.

Why it matters: The rule revamp is a coda on the biggest scandal to hit the Fed in recent memory.

Texas urges Supreme Court to leave abortion ban in place

Photo: Emily Elconin/Bloomberg via Getty Images

Texas on Thursday asked the Supreme Court to keep in place a law that bans abortions after an embryo's cardiac activity is detected, which can be as soon as six weeks and before many people know they are pregnant.

Driving the news: Texas Attorney General Ken Paxton is asking the high court to ignore the Justice Department's emergency request that they temporarily block the law while federal courts consider its constitutionality since it "lacks standing because it has not been injured by SB 8."

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Meme stonks lose their appeal to the world of crypto

Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.