welcome to The music business around the globeWeekly Recap – the place we be sure you’ve caught the 5 largest tales which have made headlines previously seven days. The MBW Roundup is supported by Centtripwhich helps over 500 of the world’s best-selling artists maximize their earnings and decrease their touring prices.
This week, Warner Music Group confirmed that Robert Kyncl has been named as the brand new CEO.
Kyncl at present holds the place of Industrial Director at Youtubethe place, Warner says, it has “been instrumental in its phenomenal progress throughout all platforms”.
Warner additionally says that Kyncl and the present CEO of WMG Steve Cooper will function co-CEOs for the month of January 2023 “to make sure a easy transition into management.”
Then, efficient February 1, Kyncl will grow to be sole CEO of WMG. He can even assume Cooper’s board seat on the WMG board.
The opposite huge information this week got here from the pages of the RIAAMusic business income in mid-2022 Report.
In accordance with the RIAA, on a retail foundation, US recorded music income (cash spent on streaming subscriptions, in addition to bodily and digital music), elevated $700 million per 12 months at $7.7 billion within the first half of this 12 months. In H1 2021, the equal determine ($7 billion) was standing by $1.4 billion YoY.
Mid-year wholesale (commerce) income was hit $4.9 billion in H1 2022, up $300 million YoY; in H1 2021, the equal determine ($4.6 billion) was up by $600 million YoY.
In different phrases, the mid-year recorded music progress seen in H1 2022 was halved in comparison with H1 2021.
Elsewhere, MBW confirmed this week MBW confirmed, for instance, that Sony Music Leisureit’s the complete recorded music catalog was pulled from Resso within the three territories the place the Bytedance platform operates. MBW additionally confirmed this week that Kobalt entered into a brand new license settlement with Meta, whereas Youtube launched a “Creator Music” licensing hub and a brand new revenue-sharing mannequin for brief movies.
Here is what occurred this week…
1) US RECORDED MUSIC REVENUES REACHED $7.7 BILLION IN H1 2022, BUT GROWTH IS SLOW FROM H1 2021
The US recorded music market grew within the first half of 2022, however solely half as quick as within the first half of 2021.
On a retail foundation, US recorded music income (cash spent on streaming subscriptions, in addition to bodily and digital music), elevated $700 million year-on-year to 7. $7 billion within the first half of this 12 months (in comparison with $7 billion within the first half of 2021).
Within the first half of 2021, on a retail foundation, U.S. recorded music income elevated $1.4 billion year-over-year to $7 billion
In different phrases, the mid-year recorded music progress seen within the first half of 2022 was halved in comparison with the primary half of 2021.
2) CONFIRMED: ROBERT KYNCL IS THE NEW CEO OF WARNER MUSIC GROUP
Robert Kyncl has been appointed Chief Government Officer of Warner Music Group Corp, efficient January 1, 2023.
He at present serves as chief enterprise officer at YouTube, the place, in line with Warner, he has “been instrumental in its phenomenal progress throughout all platforms…”
3) SONY MUSIC CATALOG TAKEN FROM RESSO, TIKTOK’S SISTER SUBSCRIPTION PLATFORM
For a while, the music business has questioned what might occur if TikTok launched a subscription music platform.
In a way, it is occurred earlier than: Resso is a subscription audio platform from TikTok’s father or mother firm, Bytedance, which operates in three key markets for the worldwide music business: Brazil, India and Indonesia.
Now, nonetheless, it operates with out one of many richest catalogs of music on the planet.
MBW has confirmed that Sony Music Leisure’s complete recorded music catalog has been faraway from Resso within the three territories the place the Bytedance platform operates…
4) KOBALT REWARDS ITSELF WITH META: NEW DEAL FOR LICENSE 700.000 SONGS FOR FACEBOOK
In July, MBW reported that Kobalt Music Publishing – dwelling to 700,000 songs – drew its repertoire from Fb and instagram within the USA.
In accordance with a memo despatched to Kobalt’s writers and companions on July 23, the corporate deliberate to take this step as a result of its U.S. licensing settlement with Fb and Instagram’s father or mother firm Meta had expired — and the 2 events had no succeeded in reaching a brand new settlement. .
MBW confirmed this week that Kobalt has entered into a brand new licensing settlement with Meta…
5) YOUTUBE LAUNCHES “CREATOR MUSIC” LICENSING HUB AND NEW REVENUE SHARING MODEL FOR SHORTS
YouTube launched what it calls its new “Creator Music” hub at its inaugural Made On YouTube occasion in Los Angeles on Tuesday (September 20).
Creators should purchase music licenses by way of the hub, which is at present in beta within the US and can increase to different international locations in 2023.
Creator Music is described by YouTube as “a brand new vacation spot that offers creators quick access to an ever-growing catalog of music to make use of of their movies, whereas giving artists and music rights holders a brand new income stream to their music on YouTube…”
MBW’s Weekly Roundup is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximize income and decrease touring prices.
The music business around the globe