YouTube will present live coverage of both Lollapalooza and Austin City Limits. In addition to live performances, there will be a secondary backstage and interview feed.

• EMI Sale Update: Citgroup is hoping to get a sale done quickly (NY Post) and bidders are likely to include Universal and Sony. (Reuters)
• Ted Cohen, Dick Wingate and their TAG Strategic team have partnered with recruiting firm Rosenzweig & Company to provide executive search services within the entertainment industry. These guys were popular before they could help you find a great job. What's it going to be like now?

MORE:

• France based MXP4, the developer of the Bopler Games social music gaming app for Facebook, is moving its business development operations to Los Angeles.
• Turntable.fm has now been licensed by both BMI and ASCAP.
• Google+ is getting low marks for its mobile platforms (Epicenter) and test of the Google+ business platforn have been scaled back. (CNet) Both failings are forcing a shift Google+ from artists' "must do" to "wait and see" despite exploding signups of 20+ million. Perhaps we'll know more when it exits beta on July 31st.
• A Funny Spotify Experiment: Why Judas Priest Sounds Just Like Jerry Reed (Digital Audio Insider)
• Justin Bieber joins Instagram and sparks traffic surge. (Music Ally)