Spotify has acquired Megaphone for $235 million, a leading podcast advertising platform, to invest in the growing industry of podcasting. With over 1.5 million podcasts and 34 million episodes available, Spotify believes that audio streaming, including music and podcasts, is the next frontier for listeners. This acquisition means that advertisers are recognizing the potential of podcasts and are ready to enter this world, giving podcast publishers more opportunities for monetization.

Virtual festivals were born due to the pandemic, but with the hope of a decent summer festival season in 2021, what will happen to the future of virtual festivals? A new study from MRC Data shows that virtual concerts have the potential for growth moving forward, despite the majority of music listeners yet to attend a digital performance. The study defines live-streaming's current success and highlights its potential for the future.

A survey conducted by the Musicians' Union in the UK revealed that one-third of musicians are considering abandoning their career due to the COVID-19 pandemic. The entertainment industry has been hit the hardest by the pandemic, and with most governments doing poorly in helping those in the arts, independent musicians who rely on shows have been greatly impacted. Nearly half of the surveyed musicians have already been forced to seek work outside of the industry, with seven in 10 unable to undertake more than a quarter of their usual work.

David Guetta is set to offer exclusive live performances on Sensorium Galaxy, a social VR platform backed by Mikhail Prokhorov and Jay-Z’s TIDAL. Guetta will create a series of performances in Sensorium’s alternate universe, allowing fans from around the world to get closer than ever to their favorite artist. This partnership is set to define the beginning of a new era for live events and the entertainment industry as a whole. Sensorium Galaxy consists of multiple worlds that act as content hubs, with all performances by David Guetta hosted at PRISM world.