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Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be certain 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 maximise their earnings and cut back their touring prices.
Is the recognition of latest music dwindling? Or are we simply witnessing a pandemic-driven anomaly?
That’s the massive query left hanging by MBW’s reportage this week, as we word two key conclusions from a brand new mid-year report from the US by MRC Information.
The primary of these conclusions exhibits that, throughout all codecs, ‘catalog’ music claimed over 66% of the streaming-plus-sale file market within the States within the first half of this yr – a big market share bounce vs. the identical interval of 2020. ‘Present’ music, in the meantime, barely took over a 3rd (33.6%) of the market. (Vital caveat: ‘Catalog’ on this context describes music launched 18 months previous to the second it was performed or bought, so we don’t understand how a lot of that 66% is predicated on the recognition of golden oldies, and the way a lot is newer hits.)
Our second key conclusion from the MRC Information report considerations the “streaming megahit”. MBW evaluation exhibits that the cumulative reputation of the High 10 greatest on-demand audio streaming information within the first half of 2021 was considerably smaller than the equal numbers in H1 2020, H1 2019, and H1 2018.
Regardless of this, general streaming quantity rose by an honest margin. Conclusion: Extra streams are taking place in America than final yr, however much less of them are going to the most important hits.
Elsewhere this week, MBW broke the information that an impending report from a cross-party UK Parliamentary inquiry into the Economics of Music Streaming, would comprise a few key suggestions for the British authorities that the main music corporations would possible not be followers of.
These solutions, obtained by way of MBW sources, and later confirmed within the revealed doc, concern granting artists the best to earn from ‘equitable remuneration’, and the referral of the so-called “dominance” of the majors to the UK’s Competitors and Markets Authority (CMA).
In the meantime, I2PO, a brand new Particular Objective Acquisition Firm that’s planning to checklist on the Euronext Paris this coming week, has efficiently raised $325 million, and it’s expressed an curiosity in exploring potential partnerships within the music {industry}. One to keep watch over.
Elsewhere, Spherical Hill’s publicly-traded UK fund simply raised USD $86.5 million in a brand new share challenge – comfortably exceeding its minimal goal of elevating $50m.
Right here’s MBW’s greatest tales from the previous 5 days…
1) Over 66% of all music listening within the US is now of catalog information, slightly than new releases
There have been 555.3 billion streams of music on audio and video platforms in the US within the first six months of 2021 – up by 54.3 billion year-on-year.
However the greater story for the Stateside music {industry} is much less about how a lot folks listened, and extra about what they listened to.
In line with MRC Information’s new mid-year report, the six months to finish of June 2021 noticed catalog music’s share of complete album consumption within the US rise to 66.4% (whereby ‘catalog’ displays something launched over 18 months earlier than a shopper made a purchase order and/or pressed play)…
2) ARE WE WITNESSING THE DEATH OF THE STREAMING MEGAHIT?
For many years, the file {industry} has turned its consideration and funding to at least one factor above every other: the hit file.
But new figures out of the US this week recommend that hits – as in blockbuster, industry-dominant megahits – are more and more changing into a lesser-spotted beast.
Regardless of tens of millions extra folks taking part in music on streaming companies every year, the {industry}’s greatest streaming hit on the mid-year level of 2021 is considerably smaller than its greatest streaming hit on the mid-year level of 2020, of 2019, and of 2018…
3) MAJOR RECORD COMPANIES HAMMERED BY UK POLITICIANS’ STREAMING INQUIRY REPORT
Again in January, MBW watched as a sequence of UK politicians took turns to problem (and lambast) the market’s main file firm bosses dwell on digicam.
They did so within the identify of a cross-party UK Parliamentary inquiry into the Economics of Music Streaming.
In line with MBW’s sources, the report from that inquiry, revealed by the Digital, Tradition, Media and Sport (DCMS) Committee, makes two explicit suggestions (later confirmed within the revealed doc) to the British authorities which might be certain to go away giant file corporations uncomfortable…
4) A NEW SPAC HAS $325M TO SPEND – AND IT’S GOT ITS EYE ON THE MUSIC INDUSTRY
There hasn’t been a extra talked about acronym within the music {industry} this yr than ‘SPAC’.
Particular Objective Acquisition Corporations are in all places they usually’re spending big sums, from long-time Geffen Information President Neil Jacobson’s $200m IPO in New York, to Anghami and Reservoir‘s respective NASDAQ plans by way of SPAC mergers, to Invoice Ackman’s monetary car shopping for 10% of Common Music Group.
Now a brand new SPAC, launching in Europe, with over $300m at its disposal, might be one other game-changer for the music {industry}…
5) IN MORE GOOD NEWS FOR MUSIC’S VALUE, ROUND HILL RAISES $86.5M IN SHARE ISSUE – FAR EXCEEDING TARGET
Spherical Hill’s publicly-traded UK fund has raised USD $86.5 million in a contemporary share inserting – comfortably exceeding its minimal goal of a $50 million elevate.
The information is additional proof of the optimistic investor sentiment surrounding music rights right this moment, and follows Hipgnosis Songs Fund additionally exceeding its minimal goal for a share challenge earlier this month. (Hipgnosis was aiming for $210 million, however attributable to an oversubscribed spherical, ended up with $215 million.)
Spherical Hill’s new share challenge will see it place 86.5 million C shares in Spherical Hill Music Royalty Fund Restricted (RHM) at $1.00 per share…
MBW’s Weekly Spherical-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their earnings and cut back their touring prices.Music Enterprise Worldwide
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