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Welcome to Music Business Worldwide’s weekly round-up – the place we ensure that you caught the 5 largest tales to hit our headlines over the previous seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their earnings and scale back their touring prices.
This week, Warner Music Group confirmed that Robert Kyncl has been appointed as its new CEO.
Kyncl presently serves as Chief Enterprise Officer at YouTube, the place, Warner says, he’s “been instrumental in its phenomenal development throughout all platforms”.
Warner additionally says that Kyncl and present WMG CEO Steve Cooper will function Co-CEOs for the month of January 2023 “to make sure a clean management transition”.
Then, as of February 1, Kyncl will develop into the only CEO of WMG. He’ll additionally assume Cooper’s board seat on WMG’s Board of Administrators.
Different large information this week got here from the pages of the RIAA‘s 2022 Mid-12 months Music Trade Income Report.
Based on the RIAA, on a retail foundation, recorded music revenues within the US (cash spent on streaming subscriptions, in addition to bodily and digital music), grew $700 million YoY to $7.7 billion within the first half of this yr. In H1 2021, the equal determine ($7bn) was up by $1.4 billion YoY.
Midyear wholesale (commerce) revenues hit $4.9 billion in H1 2022, up $300 million YoY; in H1 2021, the equal determine ($4.6bn) was up by $600 million YoY.
In different phrases, mid-year recorded music development seen in H1 2022 was minimize in half in comparison with H1 2021.
Elsewhere, MBW confirmed this weekMBW confirmed, for instance, that Sony Music Entertainment‘s total recorded music catalog has been pulled from Resso in all three territories during which the Bytedance platform operates. MBW additionally confirmed this week that Kobalt has reached a recent licensing settlement with Meta, whereas YouTube launched a ‘Creator Music’ licensing hub, and a brand new revenue-sharing mannequin for Shorts.
Right here’s what occurred this week…
Table of Contents
1) US RECORDED MUSIC REVENUES HIT $7.7BN IN H1 2022, BUT GROWTH SLOWED COMPARED TO H1 2021
The US recorded music market grew in H1 2022 – however solely half as quick because it did in H1 2021.
On a retail foundation, recorded music revenues within the US (cash spent on streaming subscriptions, in addition to bodily and digital music), grew $700 million YoY to $7.7 billion within the first half of this yr (up from $7 billion in H1 2021).
Again in H1 2021, on a retail foundation, US recorded music revenues grew by $1.4 billion YoY to $7 billion
In different phrases, mid-year recorded music development seen in H1 2022 was minimize in half in comparison with H1 2021.
2) CONFIRMED: ROBERT KYNCL IS WARNER MUSIC GROUP’S NEW CEO
Robert Kyncl has been appointed Chief Government Officer of Warner Music Group Corp, efficient January 1, 2023.
He presently serves as Chief Enterprise Officer at YouTube, the place, Warner says, he’s “been instrumental in its phenomenal development throughout all platforms…”
3) SONY MUSIC CATALOG PULLED FROM RESSO, TIKTOK’S SISTER SUBSCRIPTION PLATFORM
For a while, the music business has questioned what may occur if TikTok launched a subscription music platform.
In a single sense, it’s already occurred: Resso is a subscription audio platform from TikTok dad or mum Bytedance that operates in three key markets for the worldwide music business – Brazil, India, and Indonesia.
Now, nonetheless, it’s working with out one of the vital storied music catalogs on the earth.
MBW has confirmed that Sony Music Leisure’s total recorded music catalog has been pulled from Resso in all three territories during which the Bytedance platform operates…
4) KOBALT MAKES UP WITH META: NEW DEAL STRUCK TO LICENSE 700,000 SONGS FOR FACEBOOK
In July, MBW reported that Kobalt Music Publishing – residence to 700,000 songs – was pulling its repertoire from Facebook and Instagram in the USA.
Based on a memo despatched to Kobalt writers and companions on July 23, the corporate was planning to take this motion as a result of its US licensing cope with Fb and Instagram’s dad or mum firm, Meta, had expired – and the 2 events had failed to succeed in a brand new settlement.
MBW confirmed this week that Kobalt has reached a recent licensing settlement with Meta…
5) YOUTUBE LAUNCHES ‘CREATOR MUSIC’ LICENSING HUB, AND A 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 can purchase music licenses through the hub, which is presently in beta within the US and can increase to extra nations 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 be used of their movies, whereas offering artists and music rights holders with a brand new income stream for his or her music on YouTube…”
Music Enterprise Worldwide