Welcome to Music Business 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 maximize their revenue and scale back their touring prices.
As forecast by MBW in April final yr, Latin music formally generated greater than $1 billion in US recorded music income in 2022.
Complete retail revenues generated by Latin recorded music in the US reached $1.09 billion in 2022, a rise of 23.8% YoY.
That’s in accordance with new information revealed on Wednesday (April 12) by the RIAA, which additionally confirmed that Latin music’s income enhance was significantly bigger than income development for the US recorded music business as a complete, which was up 6.1% YoY in 2022, to a record high of $15.9 billion.
Latin music had a market share of 6.9% of all recorded music income final yr, an all-time excessive for the style, the RIAA stated, and up from 5.9% in 2021.
Synthetic intelligence additionally continued to make headlines this week.
The federal government in China has drawn up proposals to limit the event of generative AI within the nation, whereas Universal Music Group has reportedly instructed Spotify and different music streaming companies to restrict AI-powered tech from ‘scraping melodies and lyrics’ from its artists’ songs.
Elsewhere, Diddy retracted his declare that he pays Sting $5,000 per day in royalties for sampling the previous Police frontman’s 1983 hit, Each Breath You Take.
Plus, Kobalt posted a $21.9 million working revenue in FY 2022, up 71% YoY, whereas international on-demand music audio streams crossed the 1 trillion mark in simply three months this yr.
Right here’s what occurred this week…
MBW known as it a yr in the past, and now we will say we have been proper: US revenues from Latin recorded music shot previous the USD $1 billion mark in 2022.
Based on information launched on Wednesday (April 12) by the RIAA, complete retail revenues generated by Latin recorded music within the States got here in at $1.09 billion final yr, a rise of 23.8% YoY from 2021.
The numbers present Latin music continues to develop as a pressure within the US music scene….
One factor that most individuals throughout the music enterprise – and the political spectrum – appear to have the ability to agree on proper now’s that the speedy improvement of AI goes to be extremely transformative for our skilled and private lives.
Lately, over 1,000 signatories, together with a whole lot of tech, science, and educational leaders, signed an open letter calling on all AI labs all over the world “to right away pause for a minimum of 6 months the coaching of AI programs extra highly effective than GPT-4”.
Over in China, the federal government has drawn up proposals to take the restriction of the event of generative Synthetic Intelligence within the nation into its personal arms.
In the meantime, within the music business, generative AI and its potential to infringe on copyrighted content material is changing into an more and more urgent concern for main rightsholders.
Common Music Group, the world’s largest recorded music rightsholder, has reportedly instructed Spotify and different music streaming companies like Apple Music to restrict AI-powered tech from ‘scraping melodies and lyrics’ from its artists’ songs…
Final week, Kobalt introduced that its revenues in FY 2022 (to finish of June final yr) have been up 22% YoY, topping USD $600 million.
Now, by way of a brand new submitting at UK Firms Home, MBW can publish extra granular particulars on Kobalt’s monetary efficiency within the yr – together with a outstanding soar in annual income.
Kobalt Music Group‘s annual revenues in FY 2022 from persevering with operations stood at $631.2 million, in accordance with the submitting…
Rapper and producer Sean Combs, higher often called Diddy, rapidly retracted his declare that he pays Sting $5,000 per day in royalties for sampling the previous Police frontman’s 1983 hit, Each Breath You Take.
Diddy in 1997 launched the Grammy Award-winning monitor, I’ll Be Lacking You, which he carried out with singer Religion Evans and R&B group 112. The music was a tribute to Diddy’s fellow Dangerous Boy Information artist and Evans’ husband, the Infamous B.I.G., or Christopher Wallace.
The monitor, which sampled the Police’s Each Breath You Take, topped the Billboard Scorching 100 for 11 weeks. On Spotify, Diddy’s music has been streamed over 443 million instances, far lower than the just about 1.5 billions streams of the unique music by the Police…
On-demand music audio streams the world over crossed the one trillion mark within the first quarter of 2023 amid the rising consumption of digital music.
That’s in accordance with Luminate (previously MRC Data / Nielsen Music), which revealed that the 1 trillion stream milestone was surpassed as of March 31. It marked the primary yr in historical past for that milestone to be reached in simply three months, Luminate stated.
Luminate information additionally confirmed that music listeners have cumulatively spent roughly 960,000 years streaming music to this point this yr……