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 maximise their revenue and scale back their touring prices.
YouTube revealed this week that it’s added 30 million paid YouTube Music and Premium subscribers up to now 13 months.
The platform’s subscriber tally, which now stands at over 80 million paying subs (together with triallists), signifies that it has added round 2.3 million subscribers each month since September 2021.
That 80m+ subs tally was the second massive stat to be reported by YouTube within the house of simply two months. In September, the platform introduced that it had paid music rightsholders over $6 billion within the 12 months to finish of June 2022 – a $2 billion improve from the $4 billion contribution to music rightsholders that YouTube mentioned it paid out within the prior-year interval (the 12 months to finish of June 2021).
Writing in a weblog submit this week, YouTube’s World Head of Music Lyor Cohen pinned YouTube’s development on its so-called ‘”twin engine of income – subscriptions and advertisements,” which he added “is the true deal”.
He additionally reiterated the platform’s ambition of turning into the primary contributor of income to the music trade.
Elsewhere this week, Fb dad or mum firm Meta introduced that it’s making 11,000 layoffs.
Founder and CEO Mark Zuckerberg defined that in an effort “to turn out to be extra capital environment friendly”, the agency has diverted its assets to “a smaller variety of excessive precedence development areas” together with Meta’s AI discovery engine, its advertisements and enterprise platforms, and what Zuckerberg says is the corporate’s “long-term imaginative and prescient for the metaverse”.
Additionally, the three main music corporations are reportedly within the strategy of negotiating new offers with video-sharing platform TikTok, and so they’re pushing for a share of promoting revenues on the platform, in response to a Bloomberg report.
In the meantime, Twitter’s new proprietor Elon Musk, in an interview on the Baron Funding Convention on Friday (November 4), mentioned that he’s contemplating introducing long-form movies on Twitter and permitting creators to monetize their content material.
Plus, we introduced all of the winners from The A&R Awards, MBW’s UK-focused annual awards ceremony in affiliation with Abbey Street Studios, which occurred Tuesday night (November 8) in central London.
Right here’s what occurred this week…
1) YOUTUBE MUSIC AND PREMIUM SURPASS 80M PAID SUBSCRIBERS
YouTube has surpassed the milestone of 80 million paid YouTube Music and Premium subscribers worldwide.
(YouTube Music is out there as a standalone subscription platform, or bundled right into a YouTube Premium subscription.)
That subscriber determine, which YouTube says consists of triallists, marks a 30 million (or 60%), improve on the final subscriber determine to be publicly introduced for YouTube Music, which was 50 million, simply 13 months in the past…
2) LABELS ASK TIKTOK FOR SHARE OF AD REVENUE IN NEW DEAL TALKS (REPORT)
Final month, MBW famous that the music trade may very well be headed for a tussle with TikTok over royalties.
We additionally requested if TikTok ought to comply with Meta and decide to paying a set proportion of its promoting revenues to music trade rightsholders.
In response to a brand new Bloomberg report, the three majors, Warner Music Group, Sony Music Leisure and Common Music Group, are presently negotiating new offers with TikTok, and so they’re asking for a share of promoting revenues generated on the platform.
3) ELON MUSK SAYS TWITTER WILL SOON ‘SHARE REVENUE WITH CONTENT CREATORS’. WILL THAT INCLUDE MUSIC?
Vital change is afoot at social media big Twitter.
Inside per week of closing his $44 billion acquisition of the corporate, Elon Musk has began implementing a serious overhaul on the platform.
Musk, on October 27, accomplished his go-private takeover of Twitter. He then proceeded to make sweeping modifications on the firm together with widespread layoffs and the official announcement of a brand new subscription service referred to as Twitter Blue, which is able to value $7.99 month-to-month, for a verification checkmark and different options.
Taking a look at Twitter’s upcoming modifications by a music trade lens, one of the vital attention-grabbing updates of all is the information that Musk plans to supply monetization to “content material creators” by way of a brand new (as-of-yet unspecified) revenue-sharing mannequin…
4) MARK ZUCKERBERG MAKES 11,000 LAYOFFS AT META
Fb dad or mum firm Meta is chopping round 13% of its world workforce.
The discount in workers, which totals 11,000 layoffs, was introduced by founder and CEO Mark Zuckerberg in a letter printed on Wednesday (November 9). He added that the tech big will likely be “chopping discretionary spending and lengthening our hiring freeze by Q1”.
Writing to workers, Zuckerberg referred to as the motion “a number of the most troublesome modifications we’ve made in Meta’s historical past”.
Mentioned Zuckerberg: ” “I wish to take accountability for these selections and for the way we obtained right here. I do know that is robust for everybody, and I’m particularly sorry to these impacted….”
The A&R Awards, MBW’s UK-focused annual awards ceremony in affiliation with Abbey Street Studios, occurred Tuesday night (November 8) in central London.
As we introduced earlier this week, the A&R Icon Award – recognizing a profession’s work that has ceaselessly modified the face of the music enterprise – was collected by legendary Island Information founder, Chris Blackwell.
Blackwell, 85, was launched on stage by YouTube’s World Head of Music, Lyor Cohen. A heartfelt and reverential video message to Blackwell from Sir Lucian Grainge, Chairman & CEO of Common Music Group, was performed to a hushed room.
You may see a full record of winners from Tuesday night time’s awards by right here…
MBW’s Weekly Spherical-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their revenue and scale back their touring prices.
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