Welcome to Music Business Worldwide’s weekly round-up – where we make sure you’ve caught the five biggest stories that hit our headlines over the past seven days. MBW’s round-up is supported by centretripWhich helps over 500 best-selling artists in the world to maximize their income and minimize their travel costs.
This week, Warner Music Group confirmed that Robert Kinkle has been appointed as its new CEO.
Kyncl currently serves as Chief Business Officer at YouTube, where Warner says “he has been instrumental in its phenomenal growth across all platforms”.
Warner also says that Kyncl and current WMG CEO Steve Cooper will serve as co-CEOs for the month of January 2023 “to ensure a smooth leadership transition”.
Then, starting February 1, Kyncl will become the sole CEO of WMG. He will also assume Cooper’s board seat on WMG’s board of directors.
Other big news this week comes from the pages of the RIAA’s 2022 mid-year music industry revenue report,
According to the RIAA, on a retail basis, recorded music revenue in the US (streaming subscriptions, as well as money spent on physical and digital music) increased $700 million annually To $7.7 billion in the first half of this year. In H1 2021, the equivalent figure ($7 billion) was up by $1.4 billion Yo.
Mid-year wholesale (trade) revenue impacted $4.9 billion H1 in 2022, up $300 million yoy; In H1 2021, the equivalent figure was increased ($4.6bn) $600 million Yo.
In other words, mid-year recorded music growth H1 2022 Compared to H1 2021, it was cut in half.
Elsewhere, MBW has confirmed this week MBW has confirmed, for example, that sony music entertainment All recorded music catalogs are pulled from Resso in all three regions in which the Bytedance platform operates. MBW also confirmed this week that Cobalt has reached a new licensing agreement with Meta, while YouTube has launched a ‘Creator Music’ licensing hub and a new revenue-sharing model for shorts.
Know what happened this week…
1) US recorded music revenue hit $7.7BN in H1 2022, but growth slows compared to H1 2021
The US recorded music market grew in H1 2022 – but only half as fast as H1 2021.
On a retail basis, recorded music revenue in the US (streaming subscriptions, as well as money spent on physical and digital music), grew by $700 million annually to $7.7 billion in the first half of the year (up from $7 billion in H1 2021 ).
In H1 2021, on a retail basis, US recorded music revenue grew by $1.4 billion annually to $7 billion
In other words, the mid-year recorded music growth seen in H1 2022 was halved compared to H1 2021.
2) Confirmed: Robert KYNCL is the new CEO of Warner Music Group
Robert Kinkle has been appointed Chief Executive Officer of Warner Music Group Corp with effect from January 1, 2023.
He currently serves as Chief Business Officer at YouTube, where Warner says “he has been instrumental in its phenomenal growth across all platforms…”
3) Sony Music Catalog sourced from RESSO, TIKTOK’s sister subscription platform
For some time, the music industry has wondered what might happen if TikTok launched a subscription music platform.
In a sense, it has already happened: Resso, a subscription audio platform from TikTok parent Bytedance, operates in three key markets for the global music industry – Brazil, India, and Indonesia.
Now, however, it operates without one of the most storied music catalogs in the world.
MBW has confirmed that Sony Music Entertainment’s entire recorded music catalog has been pulled from Resso in all three regions in which the Bytedance platform operates…
4) Cobalt made up with Meta: New deal to license 700,000 songs for Facebook
In July, MBW reported that Cobalt Music Publishing – home to 700,000 songs – was pulling its repertoire from Facebook and Instagram in the United States.
According to a memo sent to Cobalt authors and partners on July 23, the company was planning to take this action because its US licensing deal with Facebook and Instagram’s parent company Meta had ended — and the two sides reached a new agreement. had failed to arrive. ,
MBW confirmed this week that Cobalt has reached a new licensing agreement with Meta…
5) YouTube launches ‘Creator Music’ licensing hub and a new revenue sharing model for short
YouTube launched its new ‘Creator Music’ hub on Tuesday (September 20) at its inaugural Made on YouTube event in Los Angeles.
Creators can purchase music licenses through the Hub, which is currently in beta in the US and will expand to more countries in 2023.
Creator Music is described by YouTube as “a new destination that gives creators easy access to an ever-growing catalog of music for use in their videos, while allowing artists and music rights holders to access their music on YouTube.” Provides a new revenue stream…”
worldwide music business