Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be sure you caught the 5 greatest 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.
As forecast by MBW in April final yr, Latin music formally generated greater than $1 billion in US recorded music income in 2022.
Complete retail revenues generated by Latin recorded music in the US reached $1.09 billion in 2022, a rise of 23.8% YoY.
That’s in response to new knowledge revealed on Wednesday (April 12) by the RIAA, which additionally confirmed that Latin music’s income improve was significantly bigger than income development for the US recorded music trade as an entire, which was up 6.1% YoY in 2022, to a report excessive of $15.9 billion.
Latin music had a market share of 6.9% of all recorded music income final yr, an all-time excessive for the style, the RIAA mentioned, and up from 5.9% in 2021.
Synthetic intelligence additionally continued to make headlines this week.
The federal government in China has drawn up proposals to limit the event of generative AI within the nation, whereas Common Music Group has reportedly informed Spotify and different music streaming companies to restrict AI-powered tech from ‘scraping melodies and lyrics’ from its artists’ songs.
Elsewhere, Diddy retracted his declare that he pays Sting $5,000 per day in royalties for sampling the previous Police frontman’s 1983 hit, Each Breath You Take.
Plus, Kobalt posted a $21.9 million working revenue in FY 2022, up 71% YoY, whereas world on-demand music audio streams crossed the 1 trillion mark in simply three months this yr.
Right here’s what occurred this week…
1) OFFICIAL: LATIN MUSIC SURPASSED $1 BILLION IN US RECORDED MUSIC REVENUE IN 2022 (AND CLAIMED AN 8% MARKET SHARE OF STREAMING REVENUES)
MBW known as it a yr in the past, and now we are able to say we have been proper: US revenues from Latin recorded music shot previous the USD $1 billion mark in 2022.
In accordance with knowledge launched on Wednesday (April 12) by the RIAA, whole retail revenues generated by Latin recorded music within the States got here in at $1.09 billion final yr, a rise of 23.8% YoY from 2021.
The numbers present Latin music continues to develop as a power within the US music scene….
Credit score: Shutterstock/Gil Corzo
2) AS UNIVERSAL CLAMPS DOWN ON AI MUSIC COPYCATS, CHINA PROPOSES NEW RULES TO RESTRICT ARTIFICIAL INTELLIGENCE DEVELOPMENT
One factor that most individuals throughout the music enterprise – and the political spectrum – appear to have the ability to agree on proper now could be that the speedy growth of AI goes to be extremely transformative for our skilled and private lives.
Not too long ago, over 1,000 signatories, together with lots of of tech, science, and educational leaders, signed an open letter calling on all AI labs all over the world “to instantly pause for a minimum of 6 months the coaching of AI programs extra highly effective than GPT-4”.
Over in China, the federal government has drawn up proposals to take the restriction of the event of generative Synthetic Intelligence within the nation into its personal palms.
In the meantime, within the music trade, generative AI and its potential to infringe on copyrighted content material is turning into an more and more urgent concern for main rightsholders.
Common Music Group, the world’s largest recorded music rightsholder, has reportedly informed Spotify and different music streaming companies like Apple Music to restrict AI-powered tech from ‘scraping melodies and lyrics’ from its artists’ songs…
3) CONFIRMED: KOBALT POSTED A $21.9M OPERATING PROFIT IN FY 2022, UP 71% YOY
Final week, Kobalt introduced that its revenues in FY 2022 (to finish of June final yr) have been up 22% YoY, topping USD $600 million.
Now, by way of a brand new submitting at UK Corporations Home, MBW can publish extra granular particulars on Kobalt’s monetary efficiency within the yr – together with a outstanding soar in annual income.
Kobalt Music Group‘s annual revenues in FY 2022 from persevering with operations stood at $631.2 million, in response to the submitting…
Credit score: Press
4) NO, DIDDY ISN’T PAYING STING $5K A DAY FOR SAMPLING ‘EVERY BREATH YOU TAKE’.
Rapper and producer Sean Combs, higher referred to as Diddy, shortly retracted his declare that he pays Sting $5,000 per day in royalties for sampling the previous Police frontman’s 1983 hit, Each Breath You Take.
Diddy in 1997 launched the Grammy Award-winning observe, I’ll Be Lacking You, which he carried out with singer Religion Evans and R&B group 112. The track was a tribute to Diddy’s fellow Dangerous Boy Data artist and Evans’ husband, the Infamous B.I.G., or Christopher Wallace.
The observe, which sampled the Police’s Each Breath You Take, topped the Billboard Scorching 100 for 11 weeks. On Spotify, Diddy’s track has been streamed over 443 million instances, far lower than the just about 1.5 billions streams of the unique track by the Police…
5) GLOBAL MUSIC STREAMS CROSSED THE 1 TRILLION MARK IN JUST THREE MONTHS THIS YEAR – A NEW RECORD
On-demand music audio streams the world over crossed the one trillion mark within the first quarter of 2023 amid the rising consumption of digital music.
That’s in response to Luminate (previously MRC Information / Nielsen Music), which revealed that the 1 trillion stream milestone was surpassed as of March 31. It marked the primary yr in historical past for that milestone to be reached in simply three months, Luminate mentioned.
Luminate knowledge additionally confirmed that music listeners have cumulatively spent roughly 960,000 years streaming music to date this yr……
