How Paul McCartney Landed First No. 1 Album in 36 Years
*By Conor White*
Paul McCartney is celebrating his first number-one album in nearly four decades.
"Egypt Station," released on September 7, sold 153,000 copies during its first week, including an impressive 147,000 in physical sales. And it's not the 76-year-old former Beatle's core Baby-Boomer fan base behind his latest success ー it's streamers.
Daily Dot managing editor Austin Powell says those numbers are certainly the ones to watch.
"'FourFiveSeconds,' \[McCartney's\] track with Kanye and Rihanna ー that's been streamed nearly 500 million times on Spotify," Powell said Thursday in an interview on Cheddar.
"So he has this other audience that he can tap into and that Spotify can push his music towards as well."
Powell noted that with physical album sales dropping from over half a billion in 2007 to just 169 million last year, artists have sought help from the very platforms that damaged their sales in the first place ー McCartney, for instance, recorded a live performance specifically for Spotify.
To date, "Egypt Station" has been streamed over 6 million times across all platforms, and that number will only continue to grow.
"I'm sure he got a nice push from Spotify itself ーgiving those notifications, letting people know the new album was available to stream," Powell said.
Spotify's power and influence continue to spread, as does that of its rival, Apple Music. The two services now account for more than 80 percent of paid streaming subscribers in the United States, leaving their competitors to fight for meager scraps.
And those smaller players ー including industry pioneer Pandora ー don't have great odds, according to Powell.
"I think there are only two that stand a fighting chance, and that's Google via YouTube, and that's Amazon," he said.
"They can bundle streaming into an existing service," he said.
For full interview [click here] (https://cheddar.com/videos/streaming-nation).
Microsoft announced on Tuesday it's acquiring video game publisher Activision Blizzard for nearly $70 billion in cash, a company that's is known for big titles like "Call of Duty" and "World of Warcraft." Lyron Bentovim, Glimpse Group president and CEO, and Dan Ives, managing director and senior equity research analyst at Wedbush, sat down to talk about what Ives called "a shot across the bow" towards the competition. "This is pretty exciting for the industry as a whole because another one of the big players is coming to the metaverse," said Bentovim. "Microsoft using metaverse in the quote from their CEO in their press release shows the importance of this deal."
Netflix may not be staying at the top of the streaming wars, according to some wary investors, as competition heats up and it raises prices yet again. Tuna Amobi, director and senior equity analyst at CFRA Research, spoke with Cheddar about what investors should be considering should they stick with the streaming pioneer or drop the investment. "I think it's always mostly about the subscriber growth for the Q4, which is going to be an indicator of how the company has been navigating the speed bumps that we saw early in the year," said Amobi.
L’Oréal is doubling down on its investment in tech. The French beauty giant unveiled two new high-tech products ahead of CES 2022, aimed at simplifying the hair coloring process. Guive Balooch, global vice president of L’Oréal Technology Incubator, joined Cheddar's Opening Bell to discuss the company's innovations for hair coloring, including the Colorsonic application device and the Coloright AI diagnostic tool.
Walmart is one of the latest companies looking to adapt to the emerging digital economy by possibly establishing its own cryptocurrency. The retail giant filed at least seven applications with the U.S. Patent and Trademark Office, including one for blockchain assets.
Inflation in the U.S. is only getting hotter. The 12-month inflation rate for December 2021 was the highest in nearly 40 years - continuing the trend seen at the close of 2021.
The Consumer Price Index increased 7% in the 12-month period ending in December, marking the fastest increase since 1982. Scott Wren, Senior Global Market Strategist at Wells Fargo Investment Institute, joined Cheddar's Movers for more.