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.
Global recorded music activity generated $26.2 billion in commercial revenue in 2022, up 9.0% year over year.
These are the main statistics of IFPIIt is World Music Report this week. But how does this compare to Goldman Sachs‘predictions for the industry?
It is complicated. MBW explained how and why this week, in our most-read story of the past five days.
Elsewhere this week, ICT Tac was under fire from critics in the United States – as its global CEO stepped forward to take the flak and pro-ByteDance arguments.
He did so over concerns about whether TikTok is sharing data with the Chinese government about its more than 2 billion users worldwide.
At the same time, a new player in the song catalog acquisition space has been launched, with $100 million in his pocket, in AMR Songs.
Additionally, MBW reported – via Bright data – that nearly a quarter of all tracks on global music streaming services received zero plays last year. Zero. Pieces.
Here are the biggest music industry hits of the week…
1) GOLDMAN SACHS EXPECTED THE GLOBAL TRADE IN RECORDED MUSIC TO GENERATE $27.9 BILLION IN 2022. IT HAS NOT BEEN. HERE’S WHY.
Spring/Summer 2022 has been a buoyant time for the global recorded music industry.
The industry trade body IFPI had just released its annual Global Music Report (GMR) showing record global wholesale revenues in 2021 had increased by US$4 billion year-on-year.
Then, in June 2022, came Goldman Sachs, with an update to their own article (and arguably the most influential tome in existence for music industry investing): music in the air.
In the wake of good news from the IFPI about 2021, Goldman has updated its forecast for the future prosperity of the global recorded music industry.
MBW’s headline at the time captured the festive mood: “Goldman Sachs: Global Music Industry Will Be Worth Even More Than We Thought.”
Goldman predicted in its updated report that the global recorded music industry will generate $27.9 billion in annual business revenue in 2022.
However, the IFPI confirmed yesterday (March 21) that the actual revenue of the global recorded music industry in 2022 was $1.7 billion below this Goldman forecast of $26.2 billion. .
Fortunately, the reality is not as grim as this comparison suggests.
It’s just a bit complicated…
2) TIKTOK CEO: “ALMOST HALF” OF THE US POPULATION USE THE APP, AND A BAN WOULD “DAMAGE” THE COUNTRY’S ECONOMY
TikTok now has 150 million users in the United States, up from 100 million in 2020.
The shorthand video app, owned by China’s ByteDance, revealed the number on Tuesday (March 21) as the company faces growing calls from lawmakers to ban it in the United States over national security concerns.
“This milestone coincides with a critical period for TikTok. Some politicians have raised concerns about the potential ban on our platform, which would directly affect the 150 million Americans who have adopted TikTok,” the company said.
In a video posted on the app, TikTok CEO Shou Chew said the number of users in the United States equaled “almost half of the United States coming to TikTok”….
3) LAUNCH OF AMR RIGHTS COMPANY AMR SONGS, BACKED BY $100 M, INTERESTED IN JOHN SEBASTIAN’S CATALOG OF THE LOVIN’ SPOONFUL
A well-funded new player has risen to prominence in the American music industry.
AMR Songs (AMR), described as a new “music publishing, rights management and catalog marketing company”, was launched this week with the backing of private capital.
The Los Angeles and New York-based company says it will use the capital for catalog acquisitions and frontline operations, including artist and songwriter development, label distribution, licensing film and television, digital marketing, etc.
Sources tell MBW that AMR Songs has raised US$100 million from institutional investors.
MBW has also learned from sources that AMR Songs is already working on its second round of funding…
4) MULTIMEDIA MUSIC RAISES ANOTHER $100M AND ACQUIRES EMMY-WINNING COMPOSER SEAN CALLERY’S CATALOG
Multimedia Music has secured what it says is a $100 million investment “raise” from its group of investors and lenders (Metropolitan Partners Group, Bardin Hill, Pinnacle Bank and Regions Bank).
The new investment means that the total funds raised by the company to date increase from $100 million to $200 million.
Led by industry veterans Phil Hope and James Gibb, Multimedia Music launched in early 2022 with initial funding of $100 million from Metropolitan Partners Group, Pinnacle Bank and Regions Bank to acquire music rights catalogs from films and television from production companies, composers and other rights. holders….
5) 38 million songs on music streaming services were listened to ZERO times in 2022.
First, check this: there is 67.1 million tracks on music streaming services today that, in calendar year 2022, attracted 10 or fewer streams each, globally.
This 67.1 million that figure represents just under half (42%) of the entire catalog of tracks available on music streaming services globally as you read this (based on ISRCs).
Get ready for the next stat hay: almost a quarter (24%) of the 158 million tracks on music streaming services monitored by Luminate in 2022 attracted NO plays that year.
That’s about 38 million tracks. 38 million! Zero parts!
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
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