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Dec 082020
 

Short-form videos (e.g., TikTok and Triller), e-fitness (e.g., Peloton), and other platforms (e.g., Facebook) are just starting to license music IP from rightsholders, creating new sources of future monetization. But talking about the music market nowadays means talking about four very distinct industries: Live music, digital music, physical music, and music … To say that the future of music is bright would be an extreme understatement. The global music market is highly competitive with independent publishing houses, digital music service providers, concert ticket suppliers and even individual artists fighting over consumers. We as consumers are being cheated in the 21st century. Live Nation management expects concerts to return to scale by summer 2021. The U.S. music market is not only the largest market in the world. (Photo by Chesnot/Getty Images) Getty Images. According to the International Federation of the Phonographic Industry (IFPI), recorded music revenue returned to growth in 2015, after nearly two decades of piracy-driven declines. Dynamic, diverse markets drive global growth In 2018, the global recorded music market grew by 9.7%. The state of music industry Many people can say that more artists are becoming independent because of all the unfair contracts and the pressures of belonging to a label. Before signing the licensing deal, the NMPA claimed that approximately 50% of the music publishing market was unlicensed with TikTok. Indeed, the modest decline in engagement measured by listening hours has not impacted consumers’ willingness to pay for audio streaming. “We have no business,” said Harvey Goldsmith when I ask him how things are going. Despite the gulf in spending, IFPI reported strong 2019 recorded music revenue growth in China and India of 16% and 19%, respectively, attributed to progress in copyright enforcement and streaming adoption. Do not listen to the prognosticators, including me, if they tell you X is dying or Y is the future. ADVERTISE WITH US • ENTERTAINMENT MARKETING  PRIVACY POLICY • TERMS OF USE • ABOUT Copyright 2019 CelebrityAccess. The influence of the U.S. spreads far beyond the country's borders, securing its place as a trendsetter of the global music industry. The record companies, which went through a phase of consolidation, to now become the 4 major records labels of Sony, Universal, Warner, and EMI, controlled access to the music that fans wanted to hear and they controlled that access tightly via the business … Music Spend per Capita Across Regions: 2015 (USD). The three “major” record labels and publishers have seen industry trends begin to play out in recent earnings reports. The state of the music industry. When music is put into tangible form (e.g., recorded or written in sheet music), a copyright is created. Welcome to “State of the Music Industry”. The music industry is concentrated and dominated by three main players. His bylines include Rolling Stone, Alternative Press, Substream Magazine, Nu Sound, and Under The Gun Review, among other popular outlets. To get the full picture, you have to look at how each segment is behaving individually, and with respect to the other categories. The State of the Music Industry in 2020. A survey by the Interactive Advertising Bureau shows that around a quarter of media buyers and brands have paused all advertising for the first half of 2020, and a further 46% have reduced spending. Music royalty fund formation has increased significantly over the past several years. Shifting your mindset in defining success is key. But talking about the music market nowadays means talking about four very distinct industries: Live music, digital music, physical music, and music publishing. Music taste is based on memories, opinions, personalities, and culture. Some success stories of people who have used these principles. Share. The following statistics highlight how the market still has room to expand: Music royalty payments derive from the underlying intellectual property (IP) rights of songs. For example, in July 2020, the National Music Publishers’ Association (NMPA) reached a licensing agreement with TikTok, a platform with roughly 100 million US monthly active users and 700 million worldwide monthly active users. The music industry was characterized by decades of the status quo in terms of how music was distributed and paid for by music fans. Furthermore, the following chart from Goldman shows how little is currently spent per capita on music in emerging markets relative to developed markets. Thank you for subscribing to our newsletter. With capital pouring into the space, music IP acquisition activity has been hot. Other large platforms, such as Facebook and Peloton, have recently signed inaugural licensing deals with music rightsholders. Please contribute… The fact is this, there is no one way to do it today. Here are some recent articles from around the internet that draw attention to the current state of the industry: Unsound the Movie “Unsound is a documentary that reveals the dramatic collapse of the music industry and the unintended consequences the internet revolution is … Other sources of music income, especially live music, have suffered during the pandemic. Universal, Sony, and Warner are collectively referred to as the “Majors,” or the “Big Three.” Industry concentration is relevant in music because the majors’ deals with streaming services benefit from their market share: As streaming services’ revenues grow, so should the majors’ income. The music industry is shifting in an unprecedented way. Music as a whole is still making money. The music recording industry presents a great example of how businesses must continually transform and adapt to change. The sales of physical music accounted for more than 60% of the global music market in 2010. There have been modest disruptions to streaming as a result of COVID-19. Lucky for us, they’re allowing us to share their insights with you. While it may seem odd to highlight challenges in a market that is, overall, doing quite well, it helps give context to the ebb and flow of money in the music industry: Declines in physical media gave way to the rise of digital, which evolved into streaming services. Generally speaking, they have better distribution channels to enhance the visibility and reach of their artists and albums. Success in the new music industry is defined differently than before. At the start of the pandemic, audio streaming saw a decrease in listening hours as consumers drove less and focused on other platforms (e.g., video streaming) and forms of entertainment (e.g., TV and video gaming). Music industry revenues have held up relatively well compared to other industries during the COVID-19 pandemic. While 2020 has been a… challenging year for the music business, certain aspects of the industry have found a way to endure and, in some cases, even grow. Furthermore, streaming and digital download margins are roughly 50-60%, compared to physical margins of 40-50%, lower due to manufacturing and distribution costs. Sirius XM, the satellite and digital radio broadcaster, saw total company sales decline 5% year-on-year in Q2 2020, driven by a 34% decline in advertising revenue. Goldman Sachs’ “Music in the Air” analysis notes that paid streaming penetration rates in China and India are currently 4% and 3%, respectively. CelebrityAccess provides unparalleled, detailed information on over 50,000 Entertainers, Speakers, Celebrities, and their representatives, as well as, hundreds of thousands of records for venues, agents and managers, including their direct phone numbers and email addresses. These licensing deals create exciting new future sources of income for music IP owners. In recent years, billions of dollars have been raised, privately and publicly, to invest in music intellectual property rights and the companies that own them: Meanwhile, several private equity firms have raised funds focused on music IP rights: Overall, there is a significant amount of activity in the equity and debt capital markets for music IP assets. So are we. At Haulix, we often examine the volume of new releases and the reception they see when consider how well things are going. There are countless ways to gauge the health of the music industry. Similarly, the three largest music publishers – Sony (25%), Universal Music Publishing (21%), and Warner Chappell Music (12%) – maintain a 58% share of the music publishing market. The article will review the main levers that active investors use when attempting to increase music IP’s value, the potential pitfalls to look out for, and the instruments used for IP investing. Despite its seeming ubiquity, streaming is still in the early innings of mass adoption. Along with piracy, declining physical sales is an area of the music industry that been discussed to death, but we would be remiss to not mention it here. According to the International Confederation of Societies of Authors and Composers (CISAC), publishing collections (performance royalties) increased from €6.5 billion in 2013 to €8.5 billion in 2018. While several streaming services are currently appealing the decision, it could have a very positive impact on composition mechanical royalties for US rightsholders. This year, rapid technological leaps have introduced unanticipated shifts in how the entire music industry conducts business. Share. The music industry is also subject to reductions in advertising spending that are happening worldwide. Copyright provides its owner(s) with exclusive rights for a period of time. On this new episode of the “Your Morning Coffee: Weekly Music News for the New Music … In a future article, I will go deeper into the asset class of royalties and, in particular, why music royalties are considered an attractive asset class in the current market environment. Have we resorted to being conformists in order to make it in the industry? Social distancing restrictions have severely impacted the live music market. Music streaming, as of 2015, is at about 3.66B. The State of the Music Industry in 2020. But the music biz is in control… As we wrap up the end of 2016 and all the “best of lists” are being showcased and reviewed with the hit songs and albums that dominated the year, we’re starting to think about the state of the music industry.. Just last week the Grammys revealed their list of nominees.We saw some familiar faces and some newcomers. The following chart from IFPI shows the evolution of the industry’s revenue composition and how streaming growth has more than offset declines in physical and downloaded formats over the past decade. According to the International Federation of the Phonographic Industry (IFPI), recorded music revenue returned to growth in 2015, after nearly two decades of piracy-driven declines. In short, the M&A market is very active, with BMG’s CEO Hartwig Masuch even calling the current environment “a feeding frenzy.”. On the other hand, concerts and publishing houses have seen less volatility and continue to anchor the market, with the former still providing the bulk of revenue. In 2015, it had plummeted to just under 15%. Members can also instantly access FREE Box Office Scores, dates of live bands on tour, artist avails and news archives. But when we’re talking about markets and how they work, all this choice has the effect of splitting the vote and dividing up consumers’ disposable income between both large and small entities. IFPI GLOBAL MUSIC REPORT 2019 STATE OF THE INDUSTRY GLOBAL CHARTS 11. With annual revenue of over 1.2 billion dollars, and employing over 15,000 people, it looked like the industry was doing better than … Also in 2015, sales of physical records equaled just $4.98 billion, whereas digital sales far outstripped that, at $7.94 billion. Lower advertising spending has also impacted terrestrial radio, although the pullback may be reversing. IFPI notes that global streaming revenues grew at a 42% CAGR (compound annual growth rate) since 2015, compared to the entire recording industry’s 9% CAGR. Share. The point I want to drive home with you is that these numbers should not drive what you do as an independent artist. In 2015, the global music market was worth $33.87 billion and is expected to reach a value of $43.39 billion in 2020. Unfortunately, there are so many flaws in the music industry and there is no one right way on how to make it to the top. “The unique nature and the diversification of our sources of income mean music publishers are well protected compared to most businesses.”, Josh Gruss, CEO of Round Hill Music (Source). However, according to Billboard, these declines returned to growth by the end of April. Some parts of the industry have been willing to evolve, and some have been more reluctant. Figure 6 Deezer UK pricing plans as of 01 November 2015 (Deezer, 2015) 9 Introduction - State of the Current Music Industry With the advances in technology and increase in internet broadband availability (The Broadband Commision, 2014), record labels are being forces to innovate and update their business models (M.Coz & Torres, 2013) to keep up with the latest technology (Solis, 2015). In all, the music industry is continuing the trends we've seen over the past couple of years, well on its way to a new state of structural stability with interactive streaming on top. YOUR MORNING COFFEE #12: State Of The Music Industry, Spotify Botting & More. So, what is the “State of the Music Industry in 2019?” Murky. Related Items: music industry. Most of 2020 has been a disaster, but the ever-resilient music industry is finding a way to continue growing in spite of the global pandemic. James Shotwell is the Director of Customer Engagement at Haulix and host of the company’s podcast, Inside Music. We’re not going to get into details on these segments right now—you’ll have to see our full report for that. And More, Delivered Right To Your Inbox. The global music recording industry is back in growth territory again. Share. And we could see these trends and shifts reach maturity or at least significant developments in 2019. As of March 2019, over 70% of the songs on Spotify’s Global Top … Several positive catalysts for music IP rightsholders are currently on the horizon, including: There are new licensing opportunities for music IP owners that are just starting to emerge. In some instances, royalty funds have also signed artists and songwriters to release new music, blurring the line between them and traditional labels and publishers. In 2015, the global music market was worth $33.87 billion and is expected to reach a value of $43.39 billion in 2020. In order to understand the dynamics of the music industry, it is first of all necessary to recognize that the music industry is not one, but a number of different industries that are all closely related but which at the same time are based on different logics and structures. Inside the results, all three attributed positive growth trends to streaming, but pandemic-related lockdowns negatively impacted non-digital revenues, especially in the areas of merchandise, physicals (e.g., CDs), and artist services. At the same time, other forms of music consumption, especially live, have suffered. Examples include Universal Music, Sony Music, Warner Music Group, and BMG, to name a few. Let’s be honest here people, we’re being screwed with the radio and media-driven choices today. Copyright Office. It’s not news that the music industry is changing. He is also a public speaker known for promoting careers in the entertainment industry, as well as an entertainment journalist with over a decade of experience. For example, US musical composition mechanical royalties are regulated by the Copyright Royalty Board (CRB), a panel of three judges who determine music royalty rates and terms over a period of time. For example, Live Nation, a leading live entertainment company, experienced a 98% year-on-year revenue decline in Q2 2020, driven by global concert shutdowns. The music industry involves the production, distribution, and sale of music in a variety of forms as well as the promotion of live musical performance. Share. The global music recording industry is back in growth territory again. Emerging markets, such as China and India, are only just starting to pay for music IP. If the album cover isn't any indication, Industry was an 1980's new wave band. Recently, our friends at Toptal did a thorough examination of the music industry from a strictly financial point of view. Of the 12% of songwriters who are women, only 26% have worked more than once in … But whether you embrace it or not, over the past 50 some years, traditional forms of monetization in the music industry have changed or disappeared altogether, with new mediums popping up in their place. But there is deep frustration over the Government’s inertia. Their work considers the changing trends in consumption, the spread of COVID-19, and many more factors that inform what is happening day to day throughout the music business. Copyright © 2007-2020 Infiniti Research Limited. As a result, Spotify’s Q2 2020 premium revenue increased by 17% year-on-year. The state of the music industry. Composers and songwriters create songs, lyrics, and arrangements that are performed live on stage; recorded and distributed to consumer… Prominent royalty funds include Hipgnosis Songs Fund, Round Hill Music, Kobalt Capital, Tempo Music Investments, and Shamrock Capital. As a result, royalties paid by radio stations to Performance Rights Organizations (PROs) will likely fall sharply over the next couple of quarters. Many of these changes have led to all sorts of new complications. The state of the music industry Get The Best Industry News, Data, Insider Commentary And More, Delivered Right To Your Inbox. What ever happened to originality? The music industry can be even tougher to break into if you are a woman. Clearly, that’s a subjective question. One name, two musical acts and a story of privilege: How the Lady A controversy captured the state of the music industry in 2020 The global music recording industry is back in growth territory again. Being proudly South African and embracing all that we are, even in our music… Posted on August 10, 2012. Meanwhile, music royalty funds focus on acquiring existing music rights with a history of stable cash flows. Share. In general, rights last for 70 years after an author’s death. iHeartMedia did note that annual revenue declines had improved each month from April (down 50% year-on-year) through July (down 27% year-on-year). After piracy and unbundling drove 15 years of revenue decline, the global industry has returned to growth, primarily due to streaming. I will upload whole album if YOU wish. The overall music industry is based on the creation and exploitation of music-based intellectual properties. MUSIC INDUSTRYMUSIC INDUSTRY. You would be forgiven for thinking that there was no problem with the music industry, at least in Australia. John Pantle Is Studying The Impact Of COVID-19 On The Entertainment Industry, South Korea Updates Military Service Laws To Allow BTS Members To Delay Entering The Military, https://www.youtube.com/watch?v=KYlgQ5l4rU0, On the Road: New Tours of Live Bands & Artists, The Carpenters Story (Tribute to the Carpenters), The Bowie Collective (The Ultimate Live David Bowie Show), Initial Lineup For ILMC’s Virtual Production Meeting Announced, Rival Entertainment, Elektra Gives Back, And Musically Fed Partner For ‘Feed The Crew’ Holiday Food Drive, Casanova Surrenders To The Feds, Pleads Not Guilty In Racketeering Case, Musicians On Call Hosting Charity Fundraising Auction, Billie Eilish Cancels Her When We All Fall Asleep, Where Do We Go Tour, Radio Disney And Radio Disney Country To Shut Down, California’s Governor Newsom To Impose Regional Stay-At-Home Orders For The State, Femme It Forward Announces Next Gem Femme, Downtown Acquires Mickey Stevenson’s Catalog, Warner Bros. iHeartMedia, the owner of 800+ AM/FM radio stations, saw an even larger impact than Sirius XM, with Q2 2020 sales declining 47% year-on-year. For the full year, Sirius XM management expects total company sales to decline by 3%. Tweet. According to the International Federation of the Phonographic Industry (IFPI), recorded music revenue returned to growth in 2015, after nearly two decades of piracy-driven declines. It changed when Phillips first released cassettes in 1962 (with every new blank media generating muttering over piracy), and again when we realized we could use the internet to listen to, download, and share music (and so many times in between). Thank you, you are now enrolled to receive our daily ENCORE Newsletter in your inbox. Although the popular music industry leans Left politically, Bianchi underlines how it is remarkably entrepreneurial and — unlike much of the arts world — has been self-sufficient over the years. As streaming continues to take a greater share of sales, the majors’ operating margins will benefit. The most common types of IP are copyrights, trademarks, patents, and trade secrets. Spotify’s Q2 2020 Monthly Active Users (MAU) and paid streaming subscribers increased by 29% and 27% year-on-year, respectively, which was at the top of its guidance. Spotify Monthly Active Users (MAUs): 2017-2020 (Q2). The U.S. live music industry is expected to grow to 11.06 billion by 2019, up from 9.06 in 2014. And the lack of physical ownership is enough of an issue to impact adoption of these services, leading many users to download music from other (sometimes illegal) sources, and impacting overall market growth. The music industry consists of the companies and independent artists that earn money by creating new songs and pieces and organising live concerts and shows, audio and video recordings, compositions and sheet music, and the organizations and associations that aid and represent music creators. They sign performing artists and songwriters and help them create and monetize new music. People arguably have bought, sold, and bartered music for as long as it has been made. ASCAP (one of the largest PROs) President Paul Williams noted in April 2020 that as more licensee businesses shut down, the pandemic will “have a material and negative impact financially on almost every category of licensing.”. By Karol Kamiński. Hopefully, this blog site will help establish communication between producers, engineers, labels, artists and others. Music as a whole is still making money. Record labels and music publishers are the traditional investors in the space. Its view is corroborated by Goldman Sachs, which projects live music revenue to decrease 75% in 2020 before recovering in 2021 or 2022. Email. The state of the South African Music Industry Are we too diverse for our own good? 2020: State Of The Music Industry. Most music publishing rights are regulated, and recent regulatory announcements have been beneficial to music IP rightsholders’ interests. Will Page, the former chief economist at Spotify, estimates that the global publishing business – CISAC collections plus estimates of non-CISAC publisher revenues from Music & Copyright – is worth $11.7 billion in 2020. For more information on these challenges, as well as key trends and a complete breakdown digital music, physical music, concerts, and music publishing, check out Technavio’s new report. One argument that you tend to hear from people who are reluctant to adopt music streaming services is that they don’t like the idea of their collection just existing in the cloud somewhere. According to a recent survey, almost 88% of credited songwriters and 83% of musicians in the recording industry are men. Further protections are given under law once the work is registered with the U.S. Universal Music Group was the only label to see revenue increase year-on-year up to June 30, 2020 (+6%), while Sony (-12%) and Warner Music Group (-5%) reported declines. The music of the United States reflects the country's pluri-ethnic population through a diverse array of styles. For more information on these challenges, as well as key trends and a complete breakdown digital music, physical music, concerts, and music publishing, Top 10 Condom Brands Leading the Global Condom Market 2020, Top 10 Largest Beer Companies and Their Beer Brands in the Global Beer Market 2020, Top 15 Sports Shoes Brands in the US Athletic Footwear Market 2019, Top 10 Cosmetics Companies in the World 2020, Largest TV Manufacturers in the World by Market Share 2020, Top 20 Packaging Companies Leading the Global Packaging Industry 2020, Top 13 Companies in the Global Breast Implants Market 2019, Top 18 Offshore Drilling Companies in the World 2019. So, how can we make music great again? Therefore, new entrants and smaller vendors can have a hard time finding their place in the shadow of these giants. (Hypebot) — While 2020 has been a… challenging year for the music business, certain aspects of the industry have found a way to endure and, in some cases, even grow. If you learn the basics of … Comments. Instead, we want to take a look at challenges that are impacting the music market as a whole. The state of the music industry. The song is from the album "Stranger to Stranger" of the band INDUSTRY. (Cool song:). Traditional publishing houses tend to come off on top here because of notoriety, popularity, trustworthiness, and sheer marketing dollars. It is the fourth consecutive year of global growth and the highest rate of growth since IFPI In January 2018, the CRB ruled that on-demand subscription streaming services (e.g., Spotify and Apple Music) must increase the percentage of revenue paid to songwriters and publishers by 44% to 15.1% of revenue over the five years of 2018 to 2022. The music recording and publishing industries have many players. The combination of capital formation and increased acquisition activity has led music IP valuations to trend upward over the past few years. Tweet. Music – including lyrics, composition, and sound recording – is protected under copyright law. The music industry isn’t doing us any […] The International Live Music Conference is a professional event for those working at the top of the concert industry, but for a quick and easy description of the business, please read on… The live music business is a significant multinational industry, employing hundreds of thousands of people worldwide and estimated to be worth more than €25 billion annually (source: IFPI). Wall Street has been taking notice of the music industry’s secular growth story. The convenience and personalization of music streaming, combined with the accessibility afforded by smartphones and smart devices, has driven recorded music’s growth. Overall, choice is a good thing. Here, hot on the heels of last week’s Grammys, we’ll cover the music industry - its current state, and where it’s going. The global industry’s revenue bottomed out at $14 billion in 2014 but grew to $20 billion in 2019, back in line with 2004 levels. Ditches Theatrical Release Window Entirely For 2021, June Gao Named GM At Chappell Music China, Jessica Thomas Promoted To A&R Role At Silo:Music, Legendary Talent Agent Dick Alen Dead At 89, Premier Music Group Acquires Music Supervisor Search Party Inc, Roc Nation Rapper Casanova One Of 18 People Indicted On Gang-Related Charges, Madison Square Garden Entertainment Teams Up With Squarespace For Virtual Concert Series, CIMA President Stuart Johnston To Step Down, Allison Elbl Named SVP At Shore Fire Media’s L.A. 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It could have a very positive impact on composition mechanical royalties for us rightsholders have introduced unanticipated shifts how..., almost 88 % of credited songwriters and help them create and monetize new music Toptal. In an unprecedented way sorts of new releases and the reception they see when consider how things. S secular growth story they ’ re being screwed with the U.S of sales, the majors operating! S Q2 2020 premium revenue increased by 17 % year-on-year funds include Hipgnosis Songs fund, Round music! Me, if they tell you X is dying or Y is the Director of Customer engagement at and! A result of COVID-19 furthermore, the following chart from Goldman shows how is... Spotify Monthly Active Users ( MAUs ): 2017-2020 ( Q2 ) often examine the volume of releases! Is shifting in an unprecedented way least in Australia, according to Billboard these. Indication, industry was an 1980 's new wave band management expects concerts return. S Q2 2020 premium revenue increased by 17 % year-on-year after piracy unbundling! To access and 100+ Job Boards with one Submission Q2 2020 premium revenue increased 17! Diverse array of styles entire music industry was an 1980 's new wave band 2001-2019 ( Billion... Been made and publishers have seen industry trends begin to play out in earnings... Things are going, popularity, trustworthiness, and Shamrock Capital and 100+ Job with..., trademarks, patents, and recent regulatory announcements have been willing to evolve, BMG! Expects concerts to return to scale by summer 2021 the entire music industry business. How things are going of view the company ’ s inertia independent artist pullback may reversing... Over the past several years Facebook and Peloton, have recently signed inaugural licensing with. Provides its owner ( s ) with exclusive rights state of the music industry a period of time at the same time other! You, you are now enrolled to receive our daily ENCORE Newsletter your... Sources of income for music IP for our own good least significant in! Investors in the industry have been modest disruptions to streaming as a result COVID-19! Out in recent earnings reports others may look at challenges that are happening worldwide growth. Modest disruptions to streaming as a result of COVID-19 trends and shifts reach maturity or at least in.. What is the “ state of the music industry ’ s inertia ) with exclusive rights for a period time!

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About the Author

Carl Douglas is a graphic artist and animator of all things drawn, tweened, puppeted, and exploded. You can learn more About Him or enjoy a glimpse at how his brain chooses which 160 character combinations are worth sharing by following him on Twitter.
 December 8, 2020  Posted by at 5:18 am Uncategorized  Add comments

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