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Initial sale of Yeezy stock by Adidas following collapse of Kanye West partnership generated €400 million
announced in October last year that it was terminating its long-running and very profitable alliance with West after his increasingly controversial racist and anti-Semitic statements made the partnership untenable.The sudden axing of the deal around West’s Yeezy fashion brand cut off a lucrative revenue stream for Adidas, and left the company with an awful lot of unsold stock.In May this year it announced it would start selling some of the Yeezy products sitting in its warehouses via its website and app.Keen to counter any criticism of it profiting from it’s former alliance with the still pretty controversial West, the sportswear firm said that it would donate some of the proceeds from the sale of the products to charities, including the Anti-Defamation League and the Philonise & Keeta Floyd Institute For Social Change.At the time Adidas CEO Bjørn Gulden said: “After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products. Selling and donating was the preferred option among all the organisations and stakeholders we spoke to”.Confirming the those sales had gone well in an update to investors, Gulden confirmed the company will “continue to carefully sell off more of the existing Yeezy inventory”, insisting that that approach is “much better than destroying and writing off the inventory”.A second round of Yeezy product sales is already underway with retail partners involved this time as well as Adidas’s own digital channels.The continued demand for the Yeezy trainers will help the company mitigate the commercial impact of terminating its partnership with West.
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A third of independent artists interested in using AI in their music-making, according to TuneCore survey
Believe and its TuneCore subsidiary have surveyed nearly 1600 self-releasing artists about generative AI. Half of those surveyed said that they had a positive perception of artificial intelligence and would be willing to offer their music for the training of AI models.Around a third said they were interested in using AI as part of their music-making process, with a similar amount reckoning AI technologies could help them with their marketing and promotion.Commenting on the study, TuneCore CEO Andreea Gleeson says: “As AI continues to be a conversation topic across creative industries, we sought to engage directly with independent artists to determine their awareness of AI and how they’re most interested in engaging with it”.“TuneCore’s main priorities lie in the interests of our artists”, she adds, “so the responses to this survey will help us enable them to utilise AI on our platform with consent, control, transparency, and fair monetary compensation”.Of those surveyed, 35% said that they are interested in using AI in their creative process, while 31% said it could help with marketing and promotion around releases.Meanwhile, 18% said they might use AI technologies to create promotional content – including videos to post to TikTok and Instagram – while 16% said they were interested in how AI could help them more generally engage and develop their fanbases.In terms of allowing tech companies to use their creative output in order to train generative AI models, 50% showed a willingness to allow that to happen.
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