Welcome to Music Enterprise Worldwide’s weekly round-up – the place we ensure that 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 maximise their earnings and scale back their touring prices.
Hypothesis in regards to the pending international launch of a devoted TikTok Music service has been gathering tempo for months.
This week, a report from The Wall Avenue Journal introduced information that TikTok’s father or mother ByteDance is in talks with report firms about increasing its Resso music app into a number of new territories (not together with the US initially).
Resso is at present solely out there in Brazil, India and Indonesia, and the reported growth plans, if profitable, would see the app launch in “greater than a dozen” new territories.
The WSJ’s article follows MBW’s report final week that a minimum of six verified Twitter accounts have popped up in a number of international markets for ‘TikTok Music’.
In keeping with MBW’s sources, ByteDance’s plan is assembly some resistance from sure music rightsholders who query the present financial reward their music receives from TikTok itself (a separate platform to Resso).
One other trigger for concern for some music rightsholders, stories the WSJ, are the payouts they’re seeing from Resso, which – much like Spotify – operates each an ad-funded and subscription tier.
Elsewhere, MBW reported that Latin Music continues to be heading in the right direction to hit $1 billion in revenues in the USA this yr, after rising 23% in H1 2022, to achieve $510 million.
Not solely is Latin Music nonetheless heading in the right direction to hit $1 billion in revenues within the US by the top of the yr, however its development can be outpacing that of the broader US recorded music market.
This week additionally introduced information that Julie Greenwald has been promoted to the position of Chairman and CEO of a newly-created entity at Warner Music – Atlantic Music Group.
In her new put up, the extensively revered Greenwald oversees Atlantic Information (together with the Atlantic, ATCO, Large Beat, and Canvasback labels) in addition to 300 Elektra Leisure, which encompasses 300, Elektra, Fueled By Ramen, Roadrunner, Low Nation Sound, DTA, and Public Consumption.
Plus, BMI is altering to a for-profit mannequin, whereas SoundCloud launched a brand new creator dashboard and rebranded artist companies platform, now dubbed SoundCloud for Artists.
Right here’s what occurred this week…
1) TIKTOK PARENT IN TALKS WITH LABELS TO LAUNCH MUSIC STREAMING SERVICE IN 12+ NEW MARKETS – REPORT
The Wall Avenue Journal reported on Wednesday (October 12), citing folks aware of the discussions, that TikTok father or mother ByteDance is in negotiations with report firms about increasing its devoted music-streaming platform to a number of new markets.
The transfer, if profitable, would see TikTok’s sister app, Resso, broaden out of its three present marketplaces – Brazil, India and Indonesia – and into “greater than a dozen” new territories.
Initially, these markets wouldn’t embody the USA, stories the WSJ, citing sources…
2) WITH REVENUES OF $510M IN H1, LATIN MUSIC IS STILL ON COURSE TO GENERATE $1 BILLION IN THE US THIS YEAR
In April, MBW predicted that the recorded music marketplace for Latin artists in the USA will generate over a billion {dollars} in income throughout the 12 months of this yr.
Latin music generated $886.1 million on a retail foundation (cash spent on streaming subscriptions, in addition to bodily and digital music), within the US in FY 2021, which was up by 35.4% versus the prior yr.
As reported in April, this annual income determine will now solely must rise by an extra 12.9% (+$114m) in 2022 to hit 1 billion {dollars}.
In keeping with new mid-year knowledge launched in a report by the RIAA, on a retail foundation, Latin Music could be very a lot heading in the right direction to hit $1 billion in revenues in the USA this yr, after rising 23% within the first half of 2022, to achieve $510 million.
3) JULIE GREENWALD PROMOTED TO CHAIRMAN & CEO OF NEWLY-CREATED ATLANTIC MUSIC GROUP
Julie Greenwald has been promoted to the position of Chairman and CEO of a newly-created entity at Warner Music – Atlantic Music Group.
In her new put up, the extensively revered Greenwald oversees Atlantic Information (together with the Atlantic, ATCO, Large Beat, and Canvasback labels) in addition to 300 Elektra Leisure, which encompasses 300, Elektra, Fueled By Ramen, Roadrunner, Low Nation Sound, DTA, and Public Consumption.
Greenwald and Craig Kallman will proceed to collectively lead Atlantic Information, with Kallman as Chairman and CEO, based on a press launch issued by Warner Music Group (WMG) on Wednesday (October 12).
4) AFTER SCRAPPING SALE PLANS, BMI TRANSITIONS TO A FOR-PROFIT BUSINESS MODEL
There’s a big change afoot at US-based efficiency rights firm BMI (Broadcast Music Inc.).
BMI revealed on Wednesday (October 12) that its not-for-profit enterprise mannequin, beneath which it has operated because the PRO was based in 1939, is altering to a for-profit mannequin.
The information was introduced by the corporate in a put up printed to its web site, which features a notice despatched by BMI President & CEO Mike O’Neill to the group’s associates…
5) THE EXEC WHO BUILT SPOTIFY FOR ARTISTS JUST LAUNCHED… SOUNDCLOUD FOR ARTISTS
SoundCloud simply launched a brand new creator dashboard and a brand new title for its artist companies platform, now dubbed SoundCloud for Artists.
‘SoundCloud for Artists’ was previously often called ‘Repost’ which SoundCloud acquired in Might 2019 for round $15 million.
Following the acquisition of Repost, in April 2020, SoundCloud launched its Repost by SoundCloud advertising and distribution platform. On the time, it mentioned that it was geared toward “critical artists who need to take their profession to the subsequent stage”.
Now, all of that has been reborn as ‘SoundCloud for Artists’. The rebranded companies platform was introduced on Thursday (October 13) by Tracy Chan, SoundCloud’s Senior Vice President of Creator, and former Head of Music at Twitch.
Previous to becoming a member of Twitch, Chan was Director of Product Administration at Spotify, the place he led the technique and growth of analytics instruments for artists and labels, together with Spotify Analytics and… Spotify for Artists…
MBW’s Weekly Spherical-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their earnings and scale back their touring prices.
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