*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).
AdTheorent just the latest company to go public via a SPAC. The company specializes in digital advertising, using AI and machine learning as a tool to move marketing forward. AdTheorent to close its SPAC merger with MCAP Acquisition today and will trade on the Nasdaq under the ticker symbol ADTH. CEO Jim Lawson spoke with Cheddar ahead of the move.
Although still early in development, blockchain technology, Web3, also known as Web 3.0 has been getting a lot of attention from some top tech names lately. Web3 is based on blockchain technology, which powers NFT’s and cryptocurrencies such as bitcoin. With Web3, users would ideally control their own data, rather than have it be controlled by a few large companies. But, Tesla CEO Elon musk isn't buying into Web3 just yet, tweeting over the weekend that the decentralized iteration of the internet seems more like a marketing "buzzword" right now than reality. Twitter co-founder Jack Dorsey also chiming in to the conversation, expressing doubt over whether or not Web3 would actually be decentralized if ownership still belonged to venture capital firms. Parker McCurley, co-founder & CEO of Decent Labs explains the significance of Web3 catching the eye of the tech giants, and what Web3 could mean for the future of the internet.
The FDA has granted emergency use authorization to Pfizer's pill to treat covid-19. The treatment, called Paxlovid, is the first antiviral covid-19 pill that people can take at home.
Pfizer says the pill can reduce the risk of severe illness by 90 percent and is intended for people at high risk for severe disease, including those over 65, people with obesity, diabetes, or a weakened immune system. Professor Peter Pitts, Founder, Center for Medicine in the Public Interest & Former FDA Associate joined Wake Up with Cheddar to discuss.
On December 20th, the TSA reported that for the fourth day in a row, it had screened more than 2 million people through its airports as the Omicron variant continues to rage and spread rapidly throughout the country. The CDC now reporting that roughly 73% of all covid cases are caused by the Omicron variant ahead of President Biden’s remarks aimed towards curbing the virus and helping hospitals battle rises in hospitalizations. Dr. Nasia Safdar breaks down the latest on traveling during the pandemic.
Ahead of a four day week for the markets due to the upcoming Christmas holiday, investors hoping for a quiet end to the year, or even a Santa Claus rally, may not be in luck. Investors are still digesting the latest from the Fed regarding a quicker than expected taper, as well as ever increasing blow back as the Omicron variant spreads. Octavio Marenzi, CEO of Opimas LLC, explains why the markets have been so volatile ever since the emergence of the latest variant and what to expect going forward into 2022.
Carlo and Baker cover the heartening news on the Covid front ahead of the holiday, plus President Biden punting student loan repayments again, a new space telescope and Love, Hate, Ate: Christmas Eve Eve Edition!
