Good Wednesday. Here’s what we’re watching:
• Spotify files to go public.
• Dick’s Sporting Goods will stop selling assault-style rifles.
• The end of an era for Ackman; the start for another one?
• What to make of Wall Street’s response to Mr. Powell?
• The Federal Reserve is walking a monetary tightrope.
• And is Jared Kushner’s weakness his family business?
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Spotify is certainly getting paid to be the music industry’s savior.
Perhaps more than any other streaming service, Spotify has revived the fortunes of recording artists. It is funneling billions of dollars from its subscribers to music companies, which, for the most part, faced a bleak future. But a charity Spotify is not. The company appears to be taking a bigger and bigger cut of the revenue it receives from listeners, according to numbers first made public on Wednesday.