Music News: Spotify is now worth about as much as General Mills

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A Spotify banner hangs from the New York Stock Exchange.
A Spotify banner hangs from the New York Stock Exchange (NYSE) on the morning that the music streaming service begins trading shares at the NYSE on April 3, 2018 in New York City. (Spencer Platt/Getty Images)

"On its first day of trading on the New York Stock Exchange," reports the New York Times about Spotify, "the music streaming service finished with a valuation of $26.5 billion." That gives Spotify a total market valuation similar to that of Minnesota food giant General Mills, according to the Times.

"For the music business, Spotify's listing on the Big Board symbolized the ascent of streaming as the new dominant format," continues the Times report. "It also represented some rare good news for an industry deeply affected by technological change. Buoyed by subscriptions from services like Spotify and Apple Music, record labels have begun to have significant revenue growth for the first time in nearly two decades."

Liza's selling her stuff

"I woke up one day and thought, 'Honey, you ain't gonna wait till you've bought the farm and leave your life on someone else's doorstep,'" says Liza Minnelli. The star of stage and screen is selling over 1,900 items next month. The sale will include many pieces from Minnelli's storied wardrobe, as well as Hollywood souvenirs — among them, some items she inherited from her mother, Minnesota native Judy Garland.

"A paycheck from MGM Studios to a 13-year-old Garland, Ms. Garland's scrapbooks and personal 35-millimeter screening copies of her films" will be among the items put up for sale, reports the New York times. Minnelli is also selling memorabilia such as costumes she wore in Cabaret and clothes she wore during the days when she was a regular at Studio 54.

An actual disco ball from the legendary New York club will hang over a monthlong exhibit showcasing some of those items at the Paley Center for Media in Beverly Hills, Calif.

Wayne Kramer plans Kick Out the Jams anniversary tour

A couple years ago, The Current's listeners voted the MC5’s debut Kick Out the Jams number 688 on our list of 893 essential albums — just ahead of Beck’s Mellow Gold. Now, the band's Wayne Kramer is heading out on a tour celebrating the 50th anniversary of Kick Out the Jams, playing the album in its entirety at every stop. Kramer will be the only MC5 member on the tour, with a backing band of members drawn from bands including Soundgarden and Fugazi.

The tour kicks off Sept. 5 in Fort Lauderdale, Fla. and hits the Varsity Theater in Minneapolis on Oct. 23. (Rolling Stone)

"Weird Al" creates crossword

Wednesday's New York Times crossword was created by none other than "Weird Al" Yankovic — and it's full of cheese puns. "If you're hungry for a sample of what to expect of the puzzle," notes Billboard, "clue 20A reads 'Cheesy military drama?' The answer — obviously — would be A Few Gouda Men."

The crossword appeared just as Yankovic was in Minneapolis for a two-night stand at the Pantages Theatre.

The Mac are back, thanks to viral tweet

Fleetwood Mac’s Rumours track "Dreams" is back on the charts, thanks to a viral tweet. The song lands at number 14 on Billboard's Hot Rock Songs chart this week, with streams and downloads surging after the song was included in a tweet that syncs the track with footage of a dance team to prove that yes, you can dance to the band's music. (NPR)


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