*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).
Iwao Fusillo, Chief Data & Analytics Officer, GM, joins Cheddar News to dispel myths and cut straight to the facts about GM's role in an all-electric future.
Goldman Sachs is rolling out an Amazon Web Service for trading firms called GS Financial Cloud for Data with Amazon Web Services. The move comes as Wall Street looks to keep up with today's evolving tech.
Online ad-tech company Innovid made its public debut on the New York Stock Exchange. CEO and co-founders Zvika Netter joined Cheddar's "Opening Bell" to discuss factors that drove the company to launch an IPO via a SPAC deal. He noted that the rapid growth of connected TV advertising (CTV) made it an opportune time for his business to go public. While the company is profitable, Netter also explained the various avenues it will take to increase total revenue.
Lululemon is accusing Peloton of copying a number of patented apparel designs and has filed a lawsuit. Julie Zerbo, founder and Editor-In-Chief at The Fashion Law, joined Cheddar to discuss whether or not Lululemon has a valid case. The lawsuit comes as sales for Peloton's premiere products, like its treadmills, have been slowing and it looks to provide more offerings. Zerbo also discussed a co-branding partnership between the two companies that ended amicably earlier this year and how it could play into the outcome of the case.
Airbnb has come under fire after an Axios report found that the rental company has properties available in China's Xinjiang region where the nation has been accused of committing genocide against Uyghur Muslims, demolishing their homes, and replacing them with tourist attractions.
With the emergence of the omicron variant, the U.S. is considering tightening international travel guidelines. The CDC said it might reduce the window for foreign travelers to submit a negative COVID-19 test from three days prior to one day before allowing entry.
Following the recent emergence of the Omicron variant, markets are still attempting to recover after high sell-offs over the past few days. CEO and founder of Asymmetric ETF’s Darran Schuringa reacted to the further dive in markets following Fed Chairman Jerome Powell's announcement that the central bank is discussing speeding up the taper of its bond-buying program.
Black Friday and Cyber Monday are over, but even early bird shopper could find themselves with gifts in time this holiday season due to potential delivery delays as traditional mail services such as the UPS and Fedex work to get packages from mail rooms to front doors. Kassidy Bird, Senior Director of Marketing at Convey by Project44 gives an in depth look into how savvy shoppers can navigate around potential shipping issues this holiday season.
