What is Spotify now?
Spotify has faced growing pressure as popular artists have pulled their songs from the streaming platform in protest at hosting Joe Rogan’s popular podcast, which has been criticized for broadcasting. spreading misinformation about the coronavirus. Over the weekend, Spotify CEO Daniel Ek said that the service would add a “content consulting“With Some Podcasts and Rogan Committed”balance everything. ”
Rooting for Spotify is a question facing many tech giants in the age of streaming and social media: Is it a platform or a media company?
The streaming service says it’s not responsible for content moderation posted on its platform, like social networks like Facebook was controversial for several years. But the commentators like Peter Kafka of Recode Notes Key difference between Spotify and those companies: Spotify directly pays a reported $100 million for exclusive rights to Rogan’s podcast, and the company has noted that his show has increase its advertising revenue. For some, that empowers Spotify to operates as a media company and responsible for the content.
What artists think: Last week, Neil Young and Joni Mitchell pulled their music off the platform. This weekend, podcaster star Brené Brown, who signed an exclusive deal with Spotify in 2020, speak that she won’t be releasing any more episodes “until further notice.” Prince Harry and Meghan Markle, who also have an exclusive deal with Spotify, speak that it expressed concern about coronavirus misinformation on Spotify’s platform to the company last April.
What Rogan thinks: In one video statement posted late yesterday, Rogan said “I’ll do my best in the future to balance things out.” He agrees on the value of issuing a disclaimer for episodes discussing the coronavirus. Rogan also thanked Spotify for their support: “I’m so sorry this is happening to them.”
How Spotify responds: In addition to adding a content advisory notice, the company is also directing listeners to a page with Covid information and published its content policy rules. But Ek wrote in a public letter that the company must balance “creator performance” with “the safety of our users,” adding that “it’s important to me that we don’t take a position of control.” content browsing”. Other tech companies have said similar things when faced with their own platform dilemmas. It doesn’t necessarily address their critics’ concerns.
THIS IS WHAT’S HAPPENING
The West prepares sanctions to deter Russia from invading Ukraine. US officials vow to punish Moscow with wide-ranging sanctions on banks and other companies (and already Wall Street Briefing), while Britain will target Russian oligarchs. That said, some of the big investors, like BlackRock and Fidelity, do not sell their property with Russia’s debt, betting that diplomacy will defuse the crisis.
T-Mobile warned it would lay off the company’s unvaccinated employees. The wireless carrier tells workers that if they are not fully immunized by April 2 and are not exempt for medical, religious, or state law reasons, they “will be separated” From the company. This rule does not apply to most workers at the company’s retail stores.
Evergrande confirmed one of its properties was seized by its creditors. Troubled Chinese real estate developer said designated recipient for a property in Hong Kong that was mortgaged as collateral for a loan from investment firm Oaktree.
Goldman Sachs paid $35 million. Pride compensation for David Solomon put him on par with top rival, James Gorman of Morgan Stanley, in the race for the highest-paid CEO position of a Wall Street bank.
One big thing (or 16 million?) to keep in mind about Tom Brady. Confusion arose over the weekend between reports that the NFL’s star quarterback had decided to retire, but was dismissed by Brady’s camp. Note: Brady has a contract with the Tampa Bay Buccaneers through the end of next season, but will forgo $16 million in signing bonuses if he retires now.
A bad start to the year for stock market bulls
With just a day left, January is shaping up to be the worst month for stocks since the start of the pandemic. As it stands, the S&P 500 is down 7% this month, making it its fourth worst month since at least 1928, according to the S&P Dow Jones Indices. Futures suggest the stock will open lower.
Investors are still worried about what the Fed can do about inflation. Rob Arnott, president of Research Affiliates, told DealBook that even if supply chain problems ease, the housing boom will keep inflation numbers high for a while. Raphael Bostic, president of the Atlanta Fed, told The Financial Times that “all options are on the table” for the central bank, including a larger-than-expected rate hike.
But most Wall Street strategists think the market will turn around. Analysts at Goldman Sachs and UBS both predict that the market will end the year about 15 percent higher than it closed last week. James Paulsen, strategist at Leuthold Group, told DealBook: “I don’t think there’s too much of a risk for a recession right now. “Then I don’t think it’s a bull.”
And retail investors bought in. In the first three weeks of the year, individuals with accounts with Bank of America bought $2.3 billion more in stock than they sold, the bank said.
More market news:
“Does it mean anything? Sitting all day in front of the machine, making money without needing to give it to someone you don’t know?”
– Hedge fund manager Leon Cooperman on moral calculations of a billionaire.
Cy Vance Jr. worry about network security
Today, Cyrus Vance Jr., who ended his third term as Manhattan district attorney last year, begins his new job as a partner at law firm Baker McKenzie, leading the global cybersecurity practice company demand. This happened when tensions between Russia and Ukraine raise ghosts belong to worldwide ransomware attacks.
This “moment of strong interest in cybersecurity” adds to Vance’s already significant concerns, he told DealBook’s Ephrat Livni. As Manhattan’s chief prosecutor for more than a decade, Vance, 67, has seen how technological developments can create new threats. “Tensions between countries can lead to attacks by state institutions against individuals and businesses in other jurisdictions,” he said. Now, “we have a lot more threat actors and domains because we have high value, high dollar targets for ransomware,” he added.
Last week, the Department of Homeland Security warned law enforcement agencies of the increased risk of attacks by Russian Government or its authorized agencies.
Britain’s National Cyber Security Center said on Friday that businesses should strengthen their defensesexpect malicious activity tied to tensions in Ukraine.
“To say this is a top priority for our customers is an understatement,” said Colin Murray, CEO of Baker McKenzie North America. In a recent survey of corporate business leaders, about 80% said cybersecurity risk is a top concern. “When faced with attacks on infrastructure, working with the government is vitally important to catch the bad guys,” he said. “Cy has a lot of experience in that area. ”
For more on geopolitics and cybersecurity, read “The battle for the most powerful cyber weapon in the worldIn The New York Times Magazine.
Exclusive: Audrey Strauss reunites with former prosecutors at Fried Frank
For DealBook, The Times’s Benjamin Weiser is the first to report a major move in the legal world.
Audrey Strauss, a former U.S. attorney for the Southern District of New York who ascended to that post following the shocking 2020 dismissal of President Donald Trump’s predecessor Geoffrey Berman, is returning to private practice. core.
Straus, 74, is returning to Fried Frank as a senior advisor in the firm’s white-collar operation, which she led from 1995 to 2012. She resigned from her position as US attorney in October. 10 after Damian WilliamsPresidential candidate Biden, was sworn in.
With her return to Fried Frank, the company effectively recreated the recent Southern District office: Berman arrives December 2020 its leading white-collar practice; and Ilan Graff, associate US attorney under Strauss, joined the firm as partners this month.
Strauss, 74, said in a statement that she was pleased to “reunited with my former partners and friends in the firm, as well as my recent colleagues from the US attorney’s office.” .”
In January 2018, Berman, after being appointed by the Trump administration to lead the Southern District, appointed Strauss as his senior adviser, and she later became his deputy. Strauss, known for his sophisticated style, is forced to pay attention in June 2020 when Bill Barr, then attorney general, find a way to replace Berman with an ally of the Trump administration.
After Berman initially refused to resign, Trump finally fired him, making Strauss the acting US attorney – only the second woman to lead the floor office in its more than 230-year history. The judges of the United States District Court then exercised a rarely exercised power to officially appointed her for the post, extending her tenure.
During his time as a US attorney, Strauss published indictments of high-profile defendants such as Ghislaine Maxwell‘s old companion Jeffrey Epstein, who was convicted of sex trafficking in December; and Steve Bannon, Trump’s former chief strategist, who was accused of misusing funds. (Trump later pardoned Bannon.)
She also oversaw the continued investigation of Rudy Giuliani into his dealings in Ukraine. Giuliani herself, a former US attorney in Manhattan, has denied any wrongdoing.
Citrix is reportedly close to reaching an agreement to sell itself to the acquisition arm of Elliott Management and Vista Equity Partners for about $13 billion. (WSJ)
“An army of faceless suits is taking over the $4 trillion hedge fund world” (Bloomberg)
Why didn’t Apple buy Peloton. (Bloomberg)
Democrats have long complained about “dark money” donations, but they’ve benefited from it in 2020 (NYT)
China accuses the US of trying to “sabotage” the Winter Olympics by paying athletes to criticize Beijing and compete half-heartedly. (Reuters)
“Inside the pressure campaign to force Justice Stephen Breyer to retire” (WaPo)
The best rest
Britain has agreed to extradite Mike Lynch, the software tycoon accused of deceiving HP in selling Autonomy, to the US to face criminal charges there. (CNBC)
MacKenzie Scott sold Amazon stock last year, potentially worth $8.5 billion. (Bloomberg)
A New York City regulation that publishes salary ranges in job postings is a big step forward in the movement for more transparency about pay. (Axios)
The latest craze that TikTok has become popular with: printed books, which just had their best sales ever. (Forbes)
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https://www.nytimes.com/2022/01/31/business/dealbook/spotify-rogan-ek.html Spotify Argues It Shouldn’t Censor Joe Rogan and Others