Welcome to Music Enterprise Worldwide’s weekly round-up – the place we ensure that 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 maximize their revenue and cut back their touring prices.
On Wednesday (September 20), MBW predicted that new music streaming worth rises could be with us by the top of the yr.
Lower than 24 hours after we issued that forecast, it got here true.
Elsewhere this week, on Monday (September 18), Katy Perry bought a bundle of music rights to $500 million-backed Litmus Music. Litmus’ cope with Katy Perry, which business sources recommend was value round $225 million, marks this yr’s greatest catalog cope with a single artist.
We additionally realized on Wednesday that each one seven members of megastar Ok-pop group BTS are renewing their contracts with South Korea-based leisure large HYBE and its Large Hit Music subsidiary.
Plus, BMG is taking its digital/streaming distribution enterprise in-house, whereas recorded music business revenues hit $8.4 billion within the US in H1.
Right here’s what occurred this week…
On Wednesday (September 20), MBW predicted that new worth rises on the earth of music streaming could be with us by the top of 2023. It took lower than 24 hours for that forecast to return true.
Yesterday (September 21), Deezer, the Paris-headquartered rival to the likes of Spotify and Apple Music, quietly introduced that its costs are rising but once more.
In a brief assertion posted on its web site, Deezer wrote: “From September twenty first, 2023, costs are adjusted for all new premium and/or household subscriptions in France, UK, Spain, Italy and the Netherlands. For our present premium and household subscribers in these nations, the modifications in pricing will change into efficient on the earliest on the primary billing interval after October twenty fourth, 2023.”
Katy Perry has bought a bundle of music rights to $500 million-backed Litmus Music.
The deal spans Perry’s 5 studio albums recorded for Capitol Information, together with the Grammy-nominated Teenage Dream.
Litmus now owns the artist’s stake in her grasp royalty revenue and her publishing rights to the albums One of many Boys, Teenage Dream, PRISM, Witness and Smile – all launched between 2008 and 2020.
Common Music Group continues to personal and/or management the grasp rights to the Capitol albums…
Simply two months after taking cost of BMG as its worldwide CEO, Thomas Coesfeld’s first main transfer as the top of the music firm is sort of upon us.
Two well-placed business sources have indicated to MBW that BMG’s seven-year recorded music distribution relationship with Warner Music Group / ADA is coming to an finish.
Subsequently, we’re instructed, BMG is taking its digital/streaming distribution enterprise in-house…
Large information from BTS and HYBE: All seven members of the megastar Ok-pop group have renewed their contracts with the South Korea-based leisure large and its Large Hit Music subsidiary.
HYBE revealed the information in a regulatory submitting on Wednesday (September 20), by which it acknowledged: “Our firm has accomplished the Board of Administrators’ decision to resume the unique contracts of seven BTS members”.
The corporate added within the submitting that “this truth was judged to be a administration matter that would have an effect on the corporate’s monetary standing and investor decision-making, and was subsequently disclosed…”
The US recorded music business generated USD $8.4 billion in gross revenues within the first six months of 2023.
That’s the headline stat from the Recording Trade Affiliation of America’s (RIAA) Mid-Yr 2023 Report, which, revealed Monday (September 18), reveals that on a retail foundation, recorded music revenues within the US (cash spent on streaming subscriptions, in addition to bodily and digital music), grew 9.3% YoY.
On a wholesale foundation – i.e. the cash that makes its manner again to report labels, distributors and in the end artists – the whole US recorded music business generated $5.3 billion in H1 2023.
Based on the RIAA information, that was up by 8.3% YoY…