*By Carlo Versano*
Genius, the online encyclopedia for lyrics, has struck a deal with Apple that will allow Apple Music subscribers to listen to a song and follow its lyrics side-by-side, all from the Genius website.
"This is a really big moment for Genius ー and for Apple too, I think," Genius chief strategist Ben Gross said Friday in an interview on Cheddar. He called the integration a "dream experience" for music lovers and a "pure value add" for Apple Music users.
For Apple Music, the partnership exposes the service to a new user base.
Gross cited Comscore data to show that three-quarters of users who log on to Genius don't already pay for a streaming service.
The deal is the latest example of how Apple ($AAPL) has made a priority of its music platform ー along with other services that guarantee revenue from monthly subscriptions. Services ー which include Apple Music, the App Store, and iCloud ー generated $9.55 billion in sales in its latest quarter, up more than 30 percent from the year before and nearly 20 percent of total revenue.
The company's partnership with the iPhone maker could also create new revenue stream for songwriters and artists. While Gross praised the "Music Modernization Act," signed by President Trump on Thursday at the White House, where he was flanked by Kid Rock and Kanye West, headline performers are only one part of the creative music complex.
Monetization for songwriters, even if they aren't performers, is equally important, Gross said. So, like Apple Music, Spotify ($SPOT), and other music platforms, Genius ー which has over 100 million unique visitors a month on its website and native apps, plus growing audiences on social, according to Gross ー has deals to pay out artists whose lyrics are read on its service.
"When we make money, the songwriters and artists who create the content that we're trying to do cool things with also make money," Gross said.
Genius is replacing a patchwork online database of lyrics that has "been sort of garbage."
"Lyrics are an incredibly important part of music culture," Gross said.
For full interview [click here](https://cheddar.com/videos/apple-music-gets-wiser-with-music-encyclopedia-genius).
President Biden will sit down with farmers today, looking to ease supply chain issues in the meat industry. The administration aims to combat the impact corporate consolidation has had on rising prices for consumers and lower earnings for farmers and ranchers. President Biden plans to leverage $1 billion to eliminate this bottleneck, along with helping slow price increases and boosting farmers' earnings. Chloe Demrovsky, president and CEO of Disaster Recovery Institute International, explains the struggles that the meat industry is facing ahead of the meeting.
Elon Musk continues on his path to make a reusable rocket with his starship project, but it's not going to be easy. If successful, the rocket would heavily reduce launch costs, in addition to further developing Starlink, Musk’s satellite-based internet service. Rick Tumlinson, founding partner at Space Fund, spoke to Cheddar News about the future of SpaceX.
Kevin Book, Managing Director at Clearview Energy Partners, breaks down the factors that impact the price of gas and what this means for renewable energy initiatives.
Kelsey Sutton, streaming editor at Adweek, talks about the offers going on during Disney+ Day and what the entertainment giant is doing to boost subscriber growth.
We are just one day away from what has been called the most influential tech event in the world. CES 2022 will officially kick off on Wednesday in Las Vegas, but the annual tech summit is being impacted by COVID-19, like so many other recent events. The Consumer Technology Association originally planned for a hybrid event to take place from January 5-8, with some in-person events and some virtual; however, a few big-name companies announced they will not be attending in-person, so the CTA decided to shorten the event by one day, with it now ending on Friday. Consumer electronics senior analyst Will Greenwald joins Cheddar News' Closing Bell to discuss.
Stocks closed mixed Tuesday, with the Dow hitting a record close, but the tech-heavy Nasdaq remained under pressure as bond yields continue to rise. Meanwhile, the S&P 500 closed lower, just shy of a record high. Nancy Prial, Co-CEO & Senior Portfolio Manager of Essex Investment Management joins Cheddar News' Closing Bell to discuss today's close, market predictions for 2022, and more.
This year - for the first time in five years - store openings might actually top announced store closings. Reports show that we're seeing companies opening up new locations by the dozens, and by the hundreds. The need for customers to touch and feel its' products is only one factor in the equation. John Harmon, senior analyst at Coresight Research, joins Cheddar News' Closing Bell to discuss.
Harry Yeh, Managing Director at Quantum Fintech Group, joins Cheddar News' Closing Bell, where he explains why his firm has a target estimate of $400,000 for Bitcoin this year.
California's new composting law will affect what residents do in their kitchens. As of this week, Californians will have to recycle excess food in an effort to reduce emissions caused by food waste. Cities and counties will turn recycled food into compost or use it as a renewable energy source. California's new law is the largest mandatory residential food waste recycling program in the country. Rachel Wagoner, Director of the California Department of Resources, Recycling and Recovery called the law 'the biggest change to trash' since recycling started in the 1980s. She joined Cheddar Climate to discuss.
