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Business News CMU Digest
Chris Cook Published Sunday March 12, 2023
Last week’s big story in the music business…
Spotify unveiled a stack of stats and announced a number of new product features at its second Stream On event. A major innovation is the long-awaited new TikTok-esque feed that allows users to navigate content on the platform, allowing artists and other creators to share what they’re doing with existing and potential fans. can be pushed to New marketing tools for artists such as Countdown his page and his Spotify clips were also announced, along with the previously announced AI DJ tool. Regarding stats, boss Daniel Ek said Spotify currently hosts content from his over 10 million creators who have access to his 500 million listeners in 194 countries. Additionally, Spotify claims that more creators are making more money than ever through the platform. [READ MORE]
Recorded music market statistics for 2022 have been published in the US and UK. According to the RIAA, wholesale recorded music revenue in the United States, the world’s largest recorded music market, rose 5% last year to reach $10 billion. Streaming continues to drive growth, with streaming services now generating 84% of his total revenue. Premium streaming services generate the most cash, accounting for nearly two-thirds of total revenue. Physical earnings are also up 4% for him in 2022, thanks to the ongoing record revival. The UK market grew his 4.7% to £1.32 billion, according to BPI. Again, streaming revenues rose 6.3% to £885m, with most of it coming from streams. The record revival continued in the UK, but it wasn’t enough to stop overall physical earnings from dropping by 10.5%. [US STATS] [UK STATS]
Many music companies supported Live Nation’s Fair Ticketing Act. The live giant has proposed that US legislators introduce a number of new laws to regulate the ticketing business in America, but mostly secondary ticketing rather than primary ticketing. Pitches and platforms claim Live Nation is seeking to introduce new secondary ticketing rules to distract legislators from issues raised about the primary ticketing market in general and Live Nation’s Ticketmaster in particular. . However, various booking agencies, management companies and industry groups including CAA, WME, UTA, Wasserman, Vector and Red Light confirmed this week that they support Live Nation’s proposal. [READ MORE]
The British Musicians’ Union has denounced plans announced by the BBC to streamline its in-house choir and orchestra. The downsizing has been confirmed as part of a larger plan to overhaul the station’s classical music output, with cutbacks to the BBC’s England-based orchestra, which will eliminate about 20% of current office worker positions. Meanwhile, the BBC Singers Choir will be completely discontinued. MU Executive Director Naomi Paul said: They keep busy and play a wide range of roles in a number of high-profile programs and events, as well as contributing to music education. The hundreds of singers and musicians they employ are probably very concerned about their future today. [READ MORE]
The Jesus and Mary Chain has resolved a legal dispute with Warner Music over termination rights under US copyright law. The band’s Jim Reed and William Reed filed a lawsuit in 2021, saying they refused to acknowledge the termination notices Major issued under US copyright rules. The right of termination allows the creator to reclaim the copyright he previously assigned to his business partner after 35 years. Reids was trying to reclaim the rights to recordings he released on Warner Music UK in the 1980s. That said, some record labels have argued that the right to terminate does not actually apply to record contracts, and both labels and music publishers have argued that this right does not extend to contracts concluded outside the United States. Claims not to apply. Reed’s case would have tested both of these claims in court, but that won’t happen now that the case is settled. [READ MORE]
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