Welcome to Music Business Worldwide’s weekly roundup – where we make sure you’ve caught the five biggest stories that have made headlines over the past seven days. The MBW Roundup is supported by Centtripwhich helps over 500 of the world’s best-selling artists maximize their income and lower their touring costs.
As predicted by MBW in April last year, Latin music officially generated over $1 billion in US recorded music revenue in 2022.
Total retail revenue generated from Latin music recorded in the United States reached $1.09 billion in 2022, a 23.8% year-on-year increase.
That’s according to new data released Wednesday (April 12) by the RIAA, which also showed that the increase in Latin music revenue was considerably larger than the revenue growth of the US recorded music industry as a whole. , which was on the rise. 6.1% over one year in 2022, at a record level of $15.9 billion.
Latin music had a market share of 6.9% of all recorded music revenue last year, an all-time high for the genre, the RIAA said, and up from 5.9% in 2021.
Artificial intelligence also continued to make headlines this week.
The Chinese government has drawn up proposals to restrict the development of generative AI in the country, while Universal Music Group has reportedly told Spotify and other music streaming services to limit AI-powered technology from “remove melodies and lyrics” from songs by its artists. .
Elsewhere, Diddy retracted his claim that he was paying Sting $5,000 a day in royalties for sampling the former police leader’s 1983 hit, Every Breath You Take.
Additionally, Kobalt reported operating income of $21.9 million in fiscal 2022, up 71% year-on-year, as global on-demand music audio streams crossed the $1 trillion in just three months this year.
Here’s what happened this week…
1) OFFICIAL: LATIN MUSIC PASSED $1 BILLION IN U.S. RECORDED MUSIC REVENUES IN 2022 (AND CLAIMED AN 8% MARKET SHARE OF STREAMING REVENUES)
MBW called it a year ago, and now we can say we were right: U.S. Latin recorded music revenues topped the $1 billion mark in 2022.
According to data released Wednesday (April 12th) by the RIAA, total retail revenue generated by recorded Latin music in the United States was $1.09 billion last year, an increase of 23 .8% compared to 2021.
The numbers show that Latin music continues to grow as a force in the American music scene….
2) AS UNIVERSAL CLOSES ON AI MUSIC COPYCATS, CHINA PROPOSES NEW RULES TO RESTRICT ARTIFICIAL INTELLIGENCE DEVELOPMENT
One thing that most people in the music industry – and across the political spectrum – seem to be able to agree on right now is that the rapid development of AI is going to be very transformative for our professional and personal lives.
Recently, more than 1,000 signatories, including hundreds of technology, science and academic leaders, signed an open letter calling on all AI labs worldwide to “immediately halt for at least 6 months training of AI systems more powerful than GPT-4”. .
In China, the government has drawn up proposals to take control of restricting the development of generative artificial intelligence in the country.
Meanwhile, in the music industry, generative AI and its potential to infringe copyrighted content is becoming an increasingly pressing concern for major rights holders.
Universal Music Group, the world’s largest recorded music rights holder, reportedly told Spotify and other music streaming services like Apple Music to limit AI-based technology to ‘scrape melodies and lyrics’ songs by artists…
3) CONFIRMED: KOBALT POSTED US$21.9M OPERATING PROFIT IN FY22, UP 71% YOY
Last week, Kobalt announced that its revenue for fiscal year 2022 (through the end of June last year) was up 22% year-over-year, topping US$600 million.
Now, via a new filing with UK Companies House, MBW can release more specific details of Kobalt’s financial performance over the year, including a remarkable increase in annual profits.
Kobalt Music Group’s fiscal 2022 annual revenue from continuing operations was $631.2 million, according to the filing…
4) NO, DIDDY DOES NOT PAY STING $5,000,000 A DAY TO SAMPLE “EVERY BREATH YOU TAKE”.
Rapper and producer Sean Combs, better known as Diddy, quickly retracted his claim that he was paying Sting $5,000 a day in royalties for sampling the former police frontman’s 1983 hit Every Breath You Take.
Diddy in 1997 released the Grammy-winning track I’ll Be Missing You, which he performed with singer Faith Evans and R&B group 112. The song was a tribute to fellow Bad Boy Records artist of Diddy and Evans’ husband, the Notorious BIG. , or Christopher Wallace.
The track, which sampled Every Breath You Take from the police, topped the Billboard Hot 100 for 11 weeks. On Spotify, Diddy’s song has been streamed more than 443 million times, far less than the almost 1.5 billion streams of the original song by the Police…
5) GLOBAL MUSIC STREAMS CROSSED THE 1 BILLION MARK IN JUST THREE MONTHS THIS YEAR – A NEW RECORD
On-demand music audio streams around the world have crossed the trillion dollars in the first quarter of 2023 in a context of growing digital music consumption.
It depends Luminate (formerly MRC Data/Nielsen Music), which revealed that the 1 trillion stream milestone had been passed as of March 31. This was the first year in history for this milestone to be achieved in just three months, Luminate said.
Data from Luminate also showed that music listeners accumulated around 960,000 years of streaming music so far this year……