welcome to The music industry around the worldWeekly Recap – where we make sure you’ve caught the five biggest stories that have made headlines in the past seven days. The MBW Roundup is supported by Centtripwhich helps over 500 of the world’s best-selling artists maximize their income and lower their touring costs.
This week, Warner Music Group confirmed that Robert Kyncl has been named as the new CEO.
Kyncl currently holds the position of Commercial Director at Youtubewhere, Warner says, it has “been instrumental in its phenomenal growth across all platforms”.
Warner also says that Kyncl and the current CEO of WMG Steve Cooper will serve as co-CEOs for the month of January 2023 “to ensure a smooth transition into leadership.”
Then, effective February 1, Kyncl will become sole CEO of WMG. He will also assume Cooper’s board seat on the WMG board.
The other big news this week came from the pages of the RIAAMusic industry revenue in mid-2022 Report.
According to the RIAA, on a retail basis, US recorded music revenue (money spent on streaming subscriptions, as well as physical and digital music), increased $700 million per year at $7.7 billion in the first half of this year. In H1 2021, the equivalent figure ($7 billion) was standing by $1.4 billion YoY.
Mid-year wholesale (trade) revenue was hit $4.9 billion in H1 2022, up $300 million YoY; in H1 2021, the equivalent figure ($4.6 billion) was up by $600 million YoY.
In other words, the mid-year recorded music growth seen in H1 2022 was halved compared to H1 2021.
Elsewhere, MBW confirmed this week MBW confirmed, for example, that Sony Music Entertainmentit is the entire recorded music catalog was pulled from Resso in the three territories where the Bytedance platform operates. MBW also confirmed this week that Kobalt entered into a new license agreement with Meta, while Youtube launched a “Creator Music” licensing hub and a new revenue-sharing model for short films.
Here’s what happened 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 in the first half of 2022, but only half as fast as in the first half of 2021.
On a retail basis, US recorded music revenue (money spent on streaming subscriptions, as well as physical and digital music), increased $700 million year-on-year to 7. $7 billion in the first half of this year (compared to $7 billion in the first half of 2021).
In the first half of 2021, on a retail basis, U.S. recorded music revenue increased $1.4 billion year-over-year to $7 billion
In other words, the mid-year recorded music growth seen in the first half of 2022 was halved compared to the first half of 2021.
2) CONFIRMED: ROBERT KYNCL IS THE NEW CEO OF WARNER MUSIC GROUP
Robert Kyncl has been appointed Chief Executive Officer of Warner Music Group Corp, effective January 1, 2023.
He currently serves as chief business officer at YouTube, where, according to Warner, he has “been instrumental in its phenomenal growth across all platforms…”
3) SONY MUSIC CATALOG TAKEN FROM RESSO, TIKTOK’S SISTER SUBSCRIPTION PLATFORM
For some time, the music industry has wondered what could happen if TikTok launched a subscription music platform.
In a sense, it’s happened before: Resso is a subscription audio platform from TikTok’s parent company, Bytedance, which operates in three key markets for the global music industry: Brazil, India and Indonesia.
Now, however, it operates without one of the richest catalogs of music in the world.
MBW has confirmed that Sony Music Entertainment’s entire recorded music catalog has been removed from Resso in the three territories where 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 – home to 700,000 songs – drew its repertoire from Facebook and instagram in the USA.
According to a memo sent to Kobalt’s writers and partners on July 23, the company planned to take this step because its U.S. licensing agreement with Facebook and Instagram’s parent company Meta had expired — and the two parties had no succeeded in reaching a new agreement. .
MBW confirmed this week that Kobalt has entered into a new licensing agreement 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 event in Los Angeles on Tuesday (September 20).
Creators can purchase music licenses through the hub, which is currently in beta in the US and will expand to other countries in 2023.
Creator Music is described by YouTube as “a new destination that gives creators easy access to an ever-growing catalog of music to use in their videos, while giving artists and music rights holders a new revenue 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 revenue and lower touring costs.
The music industry around the world