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 Centtrip, which helps over 500 of the world’s best-selling artists maximize their income and lower their touring costs.
This week, US market monitor Luminate released its Midyear Music Report, which reveals music consumption statistics and listening trends in the US and around the world from the first half of the year.
According to Luminate’s report, in the world’s largest recorded music market, the United States, demand audio flows have grown 13.5% to reach 616.5 billion in H1 2023.
Globally, the total number of on-demand audio song streams has increased 22.9% From one year to another 2 trillion.
Elsewhere, Hipgnosis Songs Fund (HSF), the UK-listed entity that holds stakes in more than 65,000 songs, has released its financial figures for the 2023 fiscal year (through the end of March 2023), revealing that its like-for-like revenue increased 10.9% year over year in the period.
Additionally, Los Angeles-headquartered music distribution and payment platform Stem secured a $250 million credit facility from Chicago-headquartered Victory Park Capital.
Additionally, Universal Music Group called on the US Congress to pass new rules governing AI, while AI-based music creation platform Mubert announced that its AI generated 100 million tracks, roughly the equivalent of the entire catalog available on Spotify.
Here’s what happened this week…
1) THE POPULARITY OF ENGLISH-LANGUAGE MUSIC ON STREAMING SERVICES IS REDUCED IN THE US…AND AROUND THE WORLD.
According to Luminate’s Mid-Year Music Report, in the US, in the first half of the year, the share of English-language content streaming in the Top 10,000 On-Demand Tracks (Audio and Video) decreased by 4, 2% since 2021.
The streaming share of Spanish-language music in the US Top 10,000 On-Demand Tracks (Audio and Video), on the other hand, increased by 3.6% over the same period.
In the United States, the streaming share of English-language music in the Top 10,000 US on-demand titles (audio and video) was 88.3% in the first half. Spanish-language music had a 7.9% share of the equivalent metric….
2) HIPGNOSIS SONGS FUND NET REVENUES INCREASED 10.9% IN FY2023, SPREADING REVENUES UP 14.8% LAST YEAR
Hipgnosis Songs Fund (HSF), the UK-listed entity that holds stakes in more than 65,000 songs, posted double-digit growth in its last financial year – in what the company calls its best annual performance since its IPO five years ago.
HSF published on Thursday July 13 its financial figures for the 2023 fiscal year (through the end of March 2023), revealing that its like-for-like revenue increased 10.9% year over year in the period.
3) STEM RAISES $250M FROM THE CAPITAL OF VICTORY PARK TO INCREASE THE PROGRESS OF ARTISTS
Los Angeles-based music distribution and payment platform Stem said it secured a $250 million credit facility from Chicago-headquartered Victory Park Capital.
According to Stem, its partnership with VPC, a global alternative investment firm specializing in private credit, will allow it to extend its advance product to artists.
Along with advances for music that has yet to be released, artists will also have the ability to take advances on previously released albums and songs, “presenting a range of opportunities to support their growth,” Stem said Tuesday. (11 July)…
4) UNIVERSAL MUSIC GROUP CALLS ON US CONGRESS TO ADOPT NEW RULES REGULATING AI
Universal Music Group (UMG), the world’s largest music rights holder, has called on the US Congress to enact laws protecting creators and other rights holders from copyright infringement by developers and users of music. AI.
During a hearing of the Senate Judiciary Committee Subcommittee on Intellectual Property on Wednesday, July 12, Jeffrey Harleston, general counsel and executive vice president for business and legal affairs at UMG, presented three specific laws that ‘UMG would like to see enacted.
They include: A national law on the right to publicity; the ability of copyright holders to see what happened in the training of AI models; and labeling AI-generated content…
5) 100 MILLION AI-GENERATED TRACKS HAVE BEEN CREATED BY MUBERT MUSIC PLATFORM
AI-based music creation platform Mubert announced on Wednesday (July 12) that its AI had generated 100 million tracks, roughly equivalent to the entire catalog available on Spotify.
Mubert says the audio files were generated “exclusively using licensed music for input.” The company claims to have established relationships with music creators who provided audio samples to its AI, allowing Mubert to create a database of 2.5 million “proprietary sounds” on which it trains its algorithms…