-- David Pakman, former CEO/COO of eMusic and now a partner with venture capital fund Venrock, on the Polyphonic article in yesterday's NY Times. After discussing some scenarios for return on investment, which are low by most VC standards, Pakman addressed how artist ownership of sound recordings impact the valuation of Polyphonic. "The other challenge with this model is that the funder owns nothing more than a cash flow interest in the band. ... I applaud that construct as I think that is the right new model with the right incentives. However, it means the multiple applied to a company like Polyohonic, which is building no long-term equity value, is less than that paid on a company building longer-term equity value. In other words, it is hard to sell a company like Polyphonic for a big multiple." (Pakman's Blog: Disruption)

-- FlyCast has raised $2.1 million in funding from an unnamed source. The company has a smart phone app that streams audio and video programming from the likes of NPR, BBC and ESPN. (SEC document, via paidContent)

-- Warner Music Group will conducts its Q3 earnings call at 8:30am ET on Thursday, August 6. (Press release)

-- In Minneapolis, club owners met to discuss rumors the city is thinking about curtail 18-and-over nights due to fighting and other unwelcome aspects of inebriated youth. Even though no public hearings have been set yet, the city's licensing director said, ""Something needs to be done. This is really a safety issue in the sense that we have underage people who are consuming alcohol -- and that combination often times leads to criminal behavior." (Star Tribune)

-- Here's some good news for the prospects of the Nokia's Comes With Music service, and it has nothing to do with music: Due to light consumer interest in the previous deal, U.K. mobile carrier Orange has decided to offer unlimited texting for the 5800 Comes With Music handset. It goes to show the success of mobile music services (and applications) relies on more than just the quality of the music service. (Mobile Today)

-- Jack White, who is heavy into vinyl releases and has launched a music subscription plan for his label, Third Man Records, on how the Internet has impacted fans' relationship with music: "It's taken a lot of the romance out of the experiences of music. ... Sometimes things you have complete easy access to, like a reality show, or an online purchase at the click of a mouse, can become forgettable and invisible." (BBC Radio 1)