Spotify now being valued at $16 billion by investors
As Spotify continues with its march towards becoming a public company on the New York Stock Exchange, sources cited by Reuters say that those involved in the private trading of shares in the streaming music firm are now valuing the business at $16 billion.

Which is $3 billion higher than earlier this year, and some reckon that the company's valuation could top $20 billion by the time its shares start being publicly traded on Wall Street.

Reuters points out that when investors were valuing Spotify at about $13 billion earlier this year, that meant the business was being valued at just under four times its 2016 revenues. Or - to put it another way - at $13 billion more than its profits.

Some in the investment community note that Netflix is being valued at seven times its current revenues, and are therefore happy to put a higher price tag on Spotify too.

To date the streaming boom has been good news for the music rights sector, which sees the lion's share of the money the streaming services generate. The services themselves are mainly loss-making at the moment, but the hope is that if and when they reach a certain scale - so a certain number of paying users - they will become profitable.

Of the global paid-for streaming services, only Spotify and Apple currently have the kind of momentum that suggests they could reach that scale, with Amazon another possible contender, probably dependent on how successful its Echo devices ultimately prove to be.

Quite how many paying subscribers Spotify needs to become viable long-term is unknown, because the cash value of each subscriber varies from country to country, and many users are on some sort of discount, either directly or via a mobile bundle.

Not everyone is convinced current sign-up rates can be maintained, though some in investment circles are optimistic about the potential for further growth in the streaming music sector at large, and with Spotify currently the definite market-leader, they are passing that optimism onto the Swedish firm.

Market dominance will also enable Spotify to ultimately secure better deals from the music industry, with the balance of power at the negotiating table likely to have shifted in the digital company's favour by the time its recently negotiated multi-year licensing deals expire.

In terms of the Wall Street debut - via an unusual direct listing rather than a classic Initial Public Offering - sources are now expecting paperwork to be filed with US regulators by the end of the year for an actual stock exchange listing in the first half of 2018.

BACK TO THE TOP OF THE BULLETIN

Dualtone to represent Chuck Berry's songs catalogue
The publishing side of the Nashville-based Dualtone Music Group - which in turn is part of Entertainment One - has announced a deal with Isalee Music Publishing which will see it administer the songs of Chuck Berry, some works US-only, and some on a global basis.

The deal covers many of Berry's classic hits, plus all the new songs on 'Chuck', the posthumous album that was put out by Dualtone's label earlier this year.

Confirming his company was extending its relationship with the Chuck Berry Estate, Dualtone boss Scott Robinson said: "It's a real honour to be working with the Berry family, representing Chuck's songs to the world. These songs are truly an amazing body of work!"

Meanwhile Gary Pierson - who represents both the Berry Estate and the late musician's own Isalee Music company - added: "This agreement makes it easier than ever to license iconic Chuck Berry songs all over the world. Dualtone did a great job helping to bring Chuck's last record to the world, and now we are excited to partner with them on his catalogue as well".

--------------------------------------------------

Big Deal allies with Peermusic
LA-based music publisher Big Deal Music, which was set up in 2012 by some former Chrysalis Music execs, has announced a new sub-publishing arrangement with fellow indie publisher Peermusic that covers much of the world (though not America, France, Australia and Africa, so cross them off your map).

Peermusic's big deal with Big Deal will see it working with the songwriting catalogues of Afghan Whigs, Beach House, Local Natives, My Morning Jacket, Nick Lowe, Pavement, Ray LaMontagne, Sharon Van Etten, Sleater-Kinney and St Vincent, among others.

Says Big Deal's big boss Kenny MacPherson: "I have admired what Peermusic has stood for and built over the years. As a family business, they have embodied the independent spirit of music publishing, something we're striving to emulate. It takes great people to build great companies and we're THRILLED to call them partners".

Over at Peermusic, its President Kathy Spanberger added: "In many ways, Kenny and his team are kindred spirits to us - they are committed, truly independent publishers who exist to serve their writers. This deal allows us to help maximise opportunities for an incredible roster of songwriters with business partners that we deeply respect".

--------------------------------------------------

Benny Blanco re-signs to Interscope
Universal Music's Interscope Geffen A&M division has extended its contract with producer and songwriter Benny Blanco. The deal will see him continue to work with the major through his own labels, Mad Love Records and Friends Keep Secrets, which he launched in 2014.

Chair of Interscope Geffen A&M, John Janick, says of the news: "Benny Blanco is without a doubt one of the most sought after hit makers in contemporary music who has amazing taste and a gift for identifying emerging talent. We are THRILLED that he has decided to call Interscope his home well into the future".

"Benny also has an almost divine ability to bring out the best in his collaborators, a track record virtually unmatched by anyone else his age, and he has achieved it all with the kind of humility and self-deprecation that is rare in this industry", he continues. "We are proud to have him as a key player on our team of the best record-makers in the business. Benny is a giant part of our future".

Blanco himself adds: "It's been so easy working with these guys when developing artists can often feel so hard. I couldn't have a picked a better team of creative minds to work with. I'm really proud to be part of this legendary label and hope that I can make serious contributions to the legacy of Interscope over the coming years".

Guys, it's Interscope Geffen A&M. People won't understand what you mean if you just say Interscope.

BACK TO THE TOP OF THE BULLETIN

AIM seeks to celebrate and support the music entrepreneurs
Entrepreneurialism was a theme at the Annual General Meeting of the Association Of Independent Music in London yesterday, with a call for better recognition of the entrepreneurs within the independent music sector, and an acknowledgement of the rise of the artist entrepreneur too.

The indie label trade group's recently appointed Chair, Tim Dellow of Transgressive, said in a keynote address: "A big part of what we'll be seeking to do with AIM in the future is to have this real entrepreneurship in the sector recognised both within the industry, and outside of it, generating the same respect and opportunities for all of you hard working, intelligent, ground-breaking entrepreneurs that the UK tech and film industries have".

Newish AIM CEO Paul Pacifico also announced a new strategic alliance with the body he used to head up, the Featured Artists Coalition, noting that the fastest growing segment of the AIM membership is self-releasing artists, who are in themselves indie labels.

Pacifico also revealed a number of other projects and partnerships the association is pursuing, with the likes of collecting society PRS For Music, business incubator Digital Catapult and affordable rehearsal room business Pirate Studios.

Meanwhile, in the formal AGM proceedings, four new board members were appointed, as follows: Emily Moxon from Brownswood Recordings; Martin Mills from Beggars Group; Nadia Khan from Dench Records; and Nigel Adams from Full Time Hobby.

BACK TO THE TOP OF THE BULLETIN

Chilly Gonzales to run free week-long music performance workshop
In what is quite possibly the opportunity of a lifetime, Chilly Gonzales has announced that he will hold a free eight day music performance workshop in Paris next April. Six musicians will be chosen to make the all-expenses-paid trip to what he is calling The Gonservatory.

"Growing up, I had a complex relationship with studying music", says Gonzales. "I wanted to be inspired and challenged, not 'taught'. Technical knowledge came quickly, but I struggled to express my feelings in a direct but playful way. I've seen so many trained musicians miss out on instinctive musical joy, while those who are self-taught don't know how to systematically improve their skills".

"Musicians shouldn't have to choose between fun and knowledge, it's a false choice", he continues. "The Gonzervatory is a place for young musicians to find and strengthen their musical voice, to journey deeper into the emotions and science of their art".

Places are open to all musicians over the age of eighteen, from anywhere in the world, who write and perform their own material. For more information and to apply, click here. Applications will close on 1 Dec.

BACK TO THE TOP OF THE BULLETIN

Stormzy releases Gang Signs & Prayer: The Movie
Stormzy has released a new short film, 'Gang Signs & Prayer', based on his debut album of the same name. Directed by Rollo Jackson, the film was premiered at YouTube Space London yesterday.

"Young youts like myself, that grow up in the hood, we often don't know that we are actually the masters of our own destiny", says Stormzy. "There are so many things that steer us in the wrong direction, however, we decide what happens in our own lives, and like my album, I endeavoured for this film to portray just that".

He adds: "Derived from my album 'Gang Signs & Prayer', and written and directed by the legend that is Rollo, I'll let the visual do the talking".

Chipping in before the visuals actually have a chance to do any talking, YouTube's Global Head Of Music Lyor Cohen says: "Grime is one of the most exciting genres in the world and I'm ecstatic that trailblazers like Stormzy are garnering the success and recognition they deserve".

He continues: "The rise of grime is a perfect example of how YouTube is a place for artists to express themselves creatively and a democratic platform to access a global fanbase. We want to help both artists and the industry make the most of technology, and this project is an ideal symbol of that: a groundbreaking film that blends music, art and story in a new way and it's accessible to all on YouTube".

You could read that as Cohen actually saying "stop whining about YouTube not paying you enough, we have the power to make or break artists". And I'm sure you did.

Anyway, here's the film.

BACK TO THE TOP OF THE BULLETIN

Machine Head announce UK tour
American metallers Machine Head have announced that they will tour the UK in May next year, by which point they will have released new album 'Catharsis'.

"It's been far too long since we've demolished venues in the UK", says the band's Robb Flynn - not speaking literally, you understand. Unless they were involved in the demolition of the Astoria and we just didn't know about it.

"We have had an awesome and productive break writing our new album 'Catharsis'", he continues, "but now it's time for Machine Head to go melt some faces!" Again, not speaking literally, you understand. No need to wear a protective mask.

"The reaction to our last 'Evening With' tours in the UK was nothing short of incredible, so once again these dates will be 'Evening With' shows and will see us performing two and half to three hours every night, with no opening bands".

Enthusing about this set up further, he goes on: "We loved performing as an 'Evening With' for the UK head cases and you guys loved it as well. The freedom to do whatever the fuck we want, for as long as we want, every night was liberating. Jamming 'Desire To Fire' live for the first time in aeons at the 'Ten Ton Hammersmith' show in London was epic as fuck!"

"This is not what everyone else is doing" he brags. "And frankly, there are not a lot of bands who could even pull it off, but Machine Head can pull it off, and we are excited as fuck to do it again. We are carving our own path here, playing by our own rules, and as an artist, it's the best feeling in the world! No festivals, period! No supporting some stupid DJ! The Head will only be 'headlining', so come on down and rage!"

So that's the pep talk complete. Here are the dates:

13 May: Southampton, Guildhall
14 May: Cardiff University
15 May: Bristol, Academy
17 May: Birmingham, Academy
18 May: London, Roundhouse
19 May: London, Roundhouse
21 May: Nottingham, Rock City
22 May: Newcastle, Academy
23 May: Glasgow, Academy
25 May: Manchester, Academy

Tickets go on general sale on Friday.

BACK TO THE TOP OF THE BULLETIN

Fender, Miguel, MTV VMAs, more

Other notable announcements and developments today...

• 7digital announced a new alliance with guitar maker Fender earlier this week. The digital music provider and radio programme maker said it would "provide services to bolster Fender's suite of innovative online and mobile products".

• The West Coast division of Warner's Atlantic Records in the US - which should probably be called Pacific Records - has a new President in the former of Kevin Weaver. A long-time exec at the major - with a past focus on film, telly and soundtrack projects - in his new role Weaver will "provide broad-based senior executive leadership on the West Coast, underscoring Atlantic's bi-coastal strength".

• Lapalux will release new EP, 'The End Of Industry', on 13 Oct. The next night he'll headline London's Village Underground. Here's new single, 'Holding On'.

• Sälen have recorded a cover of Madonna's 'Like A Virgin'. If you're lucky, they might perform at when they play Oslo in Hackney on 25 Oct.

• Aldous Harding is back with a new song, 'Elation', an outtake from her great new album, 'Party'. Here she is performing the song on KEXP.

• Anushka has released new single 'Do You Have Soul'. "I think in my head this is the imaginary house track that Dilla never made", she says.

• Mannequin duo FEMM have announced that they will release an album of covers, titled '80s/90s J-Pop Revival', on 18 Oct. Their new double a-side single, featuring their take on Yuki Saito's 'Sotsugyo' and 'Roman Hiko', is out now.

• Miguel will play the Islington Assembly Hall in London on 11 Oct. Tickets go on sale tomorrow.

• That Rita Ora will be hosting the MTV EMAs when they return to London on 12 Nov. And there's nothing you can do about that. We checked. And double checked. It's too late.

• Check out our weekly Spotify playlist of new music featured in the CMU Daily - updated every Friday.

BACK TO THE TOP OF THE BULLETIN

Thurston Moore discusses 'lost' techno record
Thurston Moore has recorded a techno record. So that's a thing now. Don't go looking for it though, even if you were able to find it, it wouldn't have his name on the cover.

Moore discusses the album on the latest Talkhouse Podcast, on which he's interviewed by LCD Soundsystem's Tyler Pope. Pope was keen to discuss Moore's thoughts on electronic music, but it turned out that the Sonic Youth man had already discussed the topic in another interview with Pitchfork earlier that day. Though that was because Pope had foolishly suggested it as a topic to Pitchfork's interviewer, it emerged.

In the Pitchfork interview - for the website's 'Over/Under' series - Moore said sternly: "[Techno is] a brain dead exercise of plastic sound".

He then laughed and added: "I'm sorry, I actually really like a lot of techno. I think it really needs to be discussed in a more academic way than, you know, just as a music for ding-dongs who like to snort coke and try to get laid, but they're not going to, so they're just stuck with their shitty techno records ... Oh man, have you heard my techno record?"

And there Pitchfork's Thurston techno chat ends. So it's lucky the second interview took place, because that quote raised more questions than it answered, I think.

Speaking to Pope shortly after the Pitchfork interview, Moore explains: "They were asking me about techno, so I went really deep on super techno disparagement, and then I flipped it and went into a complete, like, all the accolades I could think of about techno and talking about my [own] lost techno record".

All of that sounds a lot more interesting than what Pitchfork actually put out. As Pope agrees, while spluttering all over his microphone at the mention of a Thurston Moore techno record.

"I have this lost techno record that I'm holding onto", Moore continues. "It's crazy, I've never played it for anybody. Nobody wants to hear me do a techno record".

Pope clearly disagrees. Then Moore goes on to explain that he'd wanted to get techno remixes done of tracks on Sonic Youth's 'Ciccone Youth' album, but that he was outvoted by the rest of the band. "I was at the mercy of being in a democracy, so I couldn't make it exactly how I would have made it, but I would eventually do that on my solo techno record that no one's ever heard".

He doesn't rule out sharing his own techno dabblings with world at some point. However, he says, "it would be pseudonymous, it's not going to be under my name. I don't want anybody to come to it with any sort of preconceived idea, like, this insufferable idiot just made a techno record".

So now, forever more, every time you hear a really insufferable techno track by a little known producer, you'll wonder if it was actually Thurston Moore who made it.

If you can get past how much Moore sounds like Gene Simmons these days, you can listen to the full, very interesting Talkhouse interview here.

BACK TO THE TOP OF THE BULLETIN