Welcome to Music Enterprise 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 maximize their revenue and cut back their touring prices.
This week, US market monitor Luminate printed its Midyear Music Report, which reveals music consumption stats and listening traits for the US and globally from the primary half of the yr.
In response to Luminate’s report, on the planet’s largest recorded music market, america, on-demand audio streams grew 13.5% to achieve 616.5 billion in H1 2023.
Globally, complete on-demand audio track streams rose 22.9% YoY to 2 trillion.
Elsewhere, Hipgnosis Songs Fund (HSF), the UK-listed entity that owns stakes in over 65,000 songs, printed its monetary figures for FY 2023 (to finish of March 2023), revealing that its like-for-like web revenues grew 10.9% YoY within the interval.
Additionally, Los Angeles-headquartered music distribution and funds platform Stem secured a $250 million credit score facility from Chicago-headquartered Victory Park Capital.
Plus, Common Music Group referred to as on US Congress to go new guidelines regulating AI, whereas AI music creation platform Mubert introduced that its AI has generated 100 million tracks – roughly equal to the whole catalog obtainable on Spotify.
Right here’s what occurred this week…
1) ENGLISH LANGUAGE MUSIC’S POPULARITY ON STREAMING SERVICES IS SHRINKING IN THE US… AND GLOBALLY.
In response to Luminate’s mid-year music report, in america, in H1, the streaming share of English language content material within the High 10,000 complete on-demand (audio and video) tracks was down 4.2% since 2021.
Spanish language music’s streaming share of the High 10,000 US on-demand (audio and video) tracks, alternatively, has grown 3.6% in the identical time-frame.
Within the US, English language music’s streaming share of the High 10,000 US on-demand (audio and video) tracks was 88.3% in H1. Spanish language music had a 7.9% share of the equal metric….
2) HIPGNOSIS SONGS FUND’S LIKE-FOR-LIKE NET REVENUES ROSE 10.9% IN FY 2023, STREAMING REVENUES UP 14.8% LAST YEAR
Hipgnosis Songs Fund (HSF), the UK-listed entity that owns stakes in over 65,000 songs, noticed double-digit progress in its newest fiscal yr – in what the agency calls its strongest FY efficiency since its IPO 5 years in the past.
HSF on Thursday (July 13) printed its monetary figures for FY 2023 (to finish of March 2023), revealing that its like-for-like web revenues grew 10.9% YoY within the interval.
3) STEM RAISES $250M FROM VICTORY PARK CAPITAL TO EXPAND ARTIST ADVANCES
Los Angeles-headquartered music distribution and funds platform Stem says it has secured a $250 million credit score facility from Chicago-headquartered Victory Park Capital.
In response to Stem, its partnership with VPC, a world different funding agency specializing in non-public credit score, will permit it to develop its artist-advance product.
Together with advances for yet-to-be-released music, artists may also have the choice to take advances towards beforehand launched albums and songs, “presenting a variety of alternatives to help their progress”, Stem stated on Tuesday (July 11)…
4) UNIVERSAL MUSIC GROUP CALLS ON US CONGRESS TO PASS NEW RULES REGULATING AI
Common Music Group (UMG), the world’s largest music rights holder, has referred to as on the US Congress to enact legal guidelines defending creators and different rights holders towards copyright infringement by AI builders and customers.
At a listening to of the Senate Judiciary Committee’s subcommittee on mental property on Wednesday (July 12), Jeffrey Harleston, Normal Counsel and Govt Vice President for Enterprise and Authorized Affairs at UMG, laid out three particular legal guidelines UMG want to see enacted.
They embrace: A nationwide proper of publicity regulation; the flexibility of copyright house owners to see what has gone into the coaching of AI fashions; and the labeling of AI-generated content material…
5) 100 MILLION AI-GENERATED TRACKS HAVE BEEN CREATED BY MUSIC PLATFORM MUBERT
AI music creation platform Mubert introduced Wednesday (July 12) that its AI has generated 100 million tracks – roughly equal to the whole catalog obtainable on Spotify.
Mubert says the audio information have been generated “solely utilizing licensed music for enter.” The corporate says it has established relationships with music creators who contributed audio samples to its AI, permitting Mubert to create a database of two.5 million “proprietary sounds” on which it trains its algorithms…
MBW’s Weekly Spherical-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their revenue and cut back their touring prices.Music Enterprise Worldwide