August is shaping up to be American music month in Shanghai. Metallica, the legendary heavy metal band, has just wrapped up its long-awaited China debut with two packed shows at the city's Mercedes-Benz Arena. This weekend, Limp Bizkit headlines a two-day festival. Next week, Aerosmith plays a Shanghai soccer stadium followed by a concert by Pitbull, the Cuban-American rapper from Miami.
Steinway & Sons, the 160-year-old musical instrument maker, is set to change hands.
Last month, a private equity firm emerged as the company's likely buyer. But a mystery bidder — rumored to be hedge fund manager John Paulson — has swooped in at the last minute, and now looks likely to take control of one of the oldest manufacturers in the United States. Paulson made billions betting against the housing market at a time when many thought housing prices could only go up. His reported offer for the company is $458 million.
As sales of recorded music continue to plummet, the concept of fans "owning" music may soon be considered old-fashioned. Today, it's all about access to music, rather than ownership of an album or a song, and newer streaming services like Spotify are at the center of the storm.