Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be certain 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 earnings and scale back their touring prices.
Regardless of an general spectacular Q2 earnings report, buyers punished Common Music Group this week for a miss on its streaming income numbers, with UMG’s inventory value sliding by double digits. On its earnings name, the corporate’s management workforce made a strong case for why the increase in music streaming subscriptions isn’t over simply but.
In the meantime, on Spotify‘s earnings name, CEO Daniel Ek just about confirmed {that a} new “deluxe” subscription tier is coming to the platform. He additionally made it clear the corporate isn’t planning on backing down from its battle with US music publishers over its resolution to “bundle” music and audiobooks choices, thereby decreasing mechanical royalty payouts.
Additionally this week, Kobalt Music Publishing and a variety of different publishers launched lawsuits towards 14 NBA groups, accusing them of utilizing their music with out permission in promo movies on social media and on the NBA.com web site
In the meantime, we acquired shocking information out of South Korea, the place Okay-pop large HYBE abruptly introduced the departure of CEO Jiwon Park, after a three-year stint.
And talking of adjustments on the high of the C-suite, streaming service Deezer named Alexis Lanternier as its new CEO, changing interim CEO Stu Bergen, who stepped in earlier this 12 months to switch Jeronimo Folgueira.
The information about Common Music Group following its newest earnings report on July 24 was dramatic, to say the least: A double-digit inventory value drop. A run of analyst downgrades. Hypothesis that the music streaming increase could also be hitting the skids.
All of this was primarily based on a single metric: UMG’s streaming revenues in Q2.
To be clear, streaming revenues are nonetheless very a lot rising at Common. Most notably, subscription streaming revenues had been up 6.9% YoY in Q2 – but that fell wanting analysts’ estimates, which was for round 11% development. The image was worse for ad-supported streaming income, which truly fell 3.9% YoY within the quarter.
Different measures of monetary success, nonetheless, remained totally spectacular at UMG in Q2…
On Spotify‘s newest earnings name, co-founder and CEO Daniel Ek just about confirmed what has lengthy been rumored and unofficially reported – that Spotify might be launching a brand new, pricier “Tremendous-Premium” tier as a part of its efforts to distinguish its paid subscription plans.
Spotify’s management isn’t prepared to share many particulars about this new subscription plan, although it’s broadly anticipated to incorporate high-fidelity audio – a characteristic that Spotify has but to roll out, regardless of it being out there on another streaming providers for years at this level.
Different doable options embrace entry to “superfan golf equipment” and new playlisting and tune administration instruments.
Ek described the brand new tier as being for “big music lovers who’re primarily in search of much more flexibility in how they use Spotify and the music capabilities that exist on Spotify…”
14 NBA groups have been hit with lawsuits within the US alleging that the professional basketball franchises used copyrighted music with out permission in promo movies posted to their social media channels and on the official NBA.com web site.
The lawsuits, filed by Kobalt Music Publishing, Artist Publishing Group and others, goal among the highest-ranked groups of the 2023-2024 season, together with the New York Knicks, Cleveland Cavaliers, Denver Nuggets and Minnesota Timberwolves.
Additionally dealing with lawsuits are the Atlanta Hawks, Indiana Pacers, Miami Warmth, New Orleans Pelicans, Orlando Magic, Philadelphia 76ers, Phoenix Suns, Portland Path Blazers, Sacramento Kings, and San Antonio Spurs.
All 14 lawsuits had been filed within the US District Courtroom for the Southern District of New York on Thursday (July 18), and so they all allege that the groups in query “didn’t acquire plaintiffs’ license, authorization, or consent” to synchronize copyrighted music with the movies in query…
There was a big management shakeup at South Korea-headquartered leisure large HYBE.
Jiwon Park, who has served as HYBE’s CEO for the previous three years, has stepped down from his position on the firm.
HYBE says that Park has led the corporate by way of “unprecedented development” throughout his tenure as CEO, which began in July 2021.
The corporate added that Park will proceed to contribute to its development technique by “leveraging his experience within the intersection of leisure and know-how”…
Deezer has named Alexis Lanternier as its new CEO.
Lanternier will succeed interim CEO Stu Bergen on the France-headquartered music streaming service, efficient September 2, 2024.
Bergen will stay on Deezer’s Board of administrators. Bergen was appointed interim CEO in March, following the departure of former CEO Jeronimo Folgueira.
Deezer mentioned that the appointment will “place Deezer for continued worthwhile development and innovation within the evolving music streaming business”…
