Welcome to Music Business Worldwide’s weekly round-up – the place we ensure 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 tendencies for the US and globally from the primary half of the 12 months.
In keeping with Luminate’s report, on this planet’s largest recorded music market, the USA, on-demand audio streams grew 13.5% to succeed in 616.5 billion in H1 2023.
Globally, whole on-demand audio music 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 financial 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, Universal Music Group referred to as on US Congress to move new guidelines regulating AI, whereas AI music creation platform Mubert introduced that its AI has generated 100 million tracks – roughly equal to the complete catalog accessible on Spotify.
Right here’s what occurred this week…
In keeping with Luminate’s mid-year music report, in the USA, in H1, the streaming share of English language content material within the High 10,000 whole 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, however, has grown 3.6% in the identical timeframe.
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….
Hipgnosis Songs Fund (HSF), the UK-listed entity that owns stakes in over 65,000 songs, noticed double-digit development in its newest fiscal 12 months – in what the agency calls its strongest FY efficiency since its IPO 5 years in the past.
HSF on Thursday (July 13) printed its financial figures for FY 2023 (to finish of March 2023), revealing that its like-for-like web revenues grew 10.9% YoY within the interval.
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 keeping with Stem, its partnership with VPC, a world different funding agency specializing in non-public credit score, will enable it to develop its artist-advance product.
Together with advances for yet-to-be-released music, artists can even have the choice to take advances towards beforehand launched albums and songs, “presenting a spread of alternatives to assist their development”, Stem mentioned on Tuesday (July 11)…
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, Basic Counsel and Government 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 homeowners to see what has gone into the coaching of AI fashions; and the labeling of AI-generated content material…
AI music creation platform Mubert introduced Wednesday (July 12) that its AI has generated 100 million tracks – roughly equal to the complete catalog accessible on Spotify.
Mubert says the audio recordsdata had been generated “completely 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…