Who needs a Grammy when you could have a Springsteen bust? - Flickr photo via Kezee

  • Sony just reported a $2.9 billion loss this year due to the strong yen, flooding in Thailand and the dismal worldwide economy.

  • Song-tagging app Shazam is offering special content (and gift cards!) to users during the Super Bowl.

  • Bruce Springsteen will perform on the Grammys.

  • In what may be possibly the weirdest news of the week, Macy Gray is set to release a cover album of songs by Radiohead, Metallica, My Chemical Romance and many other random bands.

  • Indie label Frenchkiss announced a partnership with distribution company the Orchard. Frenchkiss is the home of the Hold Steady, the Antlers, Les Savy Fav and more.

  • Adele has now topped the Billboard 200 for 18 weeks.

  • Edgar Bronfman Jr. says the looming Universal-EMI merger “would create what I call a super-major that would control not only the future of recorded music but the future of all digital media.” Does anyone want to heed the warning of an insider trader?

  • Lisa Marie Presley wants to make a movie about Elvis that is actually good. Come on, Lisa, haven’t you seen Bubba Ho-Tep?

  • Soul Train creator Don Cornelius died at 75 this week.

  • And now here’s some news about companies that make more money than you do: Vevo, the online music video service, made $150 million in 2011.

    Industry Wrap is a weekly CMJ column covering industry-related music news. Send tips to Kate Shapiro at kshapiro [AT] cmj [DOT] com.