HomeBusinessFrom Robert Kinkle Joining WMG as CEO, To $7.7 Billion In The Record Industry In The First Half… It’s MBW’s Weekly Round-Up
From Robert Kinkle Joining WMG as CEO, To $7.7 Billion In The Record Industry In The First Half… It’s MBW’s Weekly Round-Up
September 23, 2022
Welcome to Music Business Worldwide’s weekly roundup – where we make sure you’ve captured our five biggest stories to hit our headlines over the past seven days. MBW Tour is powered by Centriphelping more than 500 of the world’s best-selling artists increase their income and reduce the costs of their tours.
Warner Music Group this week confirmed the appointment of Robert Kinkel as its new CEO.
Kyncl currently serves as YouTube’s CEO, which Warner says “has been instrumental in its massive growth across all platforms.”
Warner also says that Kyncl and current WMG CEO Steve Cooper will serve as co-CEOs for January 2023 “to ensure a smooth leadership transition.”
Thereafter, effective February 1, Kyncl will become WMG’s sole CEO. He will also take over as Cooper’s board position on the WMG Board of Directors.
Other big news this week came from the pages of the RIAA’s 2022 Mid-Year Music Industry Revenue Report.
According to the RIAA, on a retail basis, US recorded music revenue grew (money spent on streaming subscriptions, as well as physical and digital music) 700 million dollars annually to me 7.7 billion dollars In the first half of this year. In the first half of 2021, the equivalent figure ($7bn) was up before 1.4 billion dollars year.
Wholesale revenue (trade) was hit in the middle of the year $4.9 billion In the first half of 2022 and above 300 million dollars A year in the first half of 2021, the equivalent figure ($4.6 billion) rose by 600 million dollars year.
In other words, record mid-year music growth in first half 2022 It was halved compared to the first half of 2021.
Elsewhere, MBW confirmed this week, for example, MBW confirmed it sony music entertainment The entire catalog of recorded music has been pulled from Resso in all three regions where the Bytedance platform operates. MBW also confirmed this week that Kobalt has reached a new licensing agreement with Meta, while YouTube has launched a “Creator Music” licensing center and a new revenue-sharing model for shorts.
This is what happened this week…
1) US recorded music revenue reached $7.7 billion in the first half of 2022, but growth slowed compared to the first half of 2021
The US recorded music market grew in the first half of 2022 – but at half as fast as it did in the first half of 2021.
On a retail basis, US recorded music revenue (money spent on streaming subscriptions, as well as physical and digital music) grew $700 million year-over-year to $7.7 billion in the first half of this year (up from $7 billion in half). the first of 2021).
Back in the first half of 2021, on a retail basis, US recorded music revenue grew $1.4 billion year-over-year to $7 billion.
In other words, recorded mid-year musical growth in the first half of 2022 was halved compared to the first half of 2021.
2) CONFIRMED: ROBERT KYNCL is the new CEO of WARNER MUSIC GROUP
Robert Kinkel has been appointed CEO of Warner Music Group Corp. effective January 1, 2023.
He currently serves as CEO of YouTube Business, which Warner says has been “instrumental in its explosive growth across all platforms…”
3) Withdraw the SONY MUSIC catalog from RESSO, TIKTOK’s sister subscription platform
For some time, the music industry has wondered what would happen if TikTok launched a subscription music platform.
In a sense, this has already happened: Resso is a subscription audio platform from TikTok parent company Bytedance that operates in three major markets for the global music industry – Brazil, India and Indonesia.
Now, however, it operates without one of the world’s most storied music catalogs.
MBW has confirmed that Sony Music Entertainment’s entire recorded music catalog has been pulled from Resso in all three regions where the Bytedance platform operates…
4) KOBALT ACCEPTS META: NEW DEAL TO LICENSE 700,000 SONGS FOR FACEBOOK
In July, MBW reported that Kobalt Music Publishing – home to 700,000 songs – was pulling its repertoire from Facebook and Instagram in the US.
According to a memo sent to Kobalt’s writers and partners on July 23, the company was planning to take this action because the US licensing agreement with Facebook’s Meta affiliate and Instagram had expired — and the two parties failed to reach a new agreement. .
MBW confirmed this week that Kobalt has reached a new licensing agreement with Meta…
5) YOUTUBE launched “Creator MUSIC” licensing center and new revenue sharing model for shorts
YouTube launched what it called a new “Creator Music” hub at its inaugural Made On YouTube event in Los Angeles on Tuesday (September 20).
Creators can purchase music licenses via Hub, which is currently in beta in the US and will expand to more countries in 2023.
YouTube Creator Music is described as “a new destination that gives creators easy access to an ever-growing catalog of music to use in their videos, while providing artists and music rights holders a new revenue stream for their YouTube music…”
MBW’s Weekly Round-Up is backed by Centtrip, which helps more than 500 of the world’s best-selling artists increase their income and reduce their tour costs.