Welcome to Music Enterprise Worldwide’s weekly round-up – the place we be sure 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 earnings and scale back their touring prices.
This week, we bought official phrase on the state of the recorded music enterprise in 2023. In response to IFPI‘s newest World Music Report, recorded music revenues hit USD $28.6 billion in 2023, up 10.2% YoY.
In the meantime, Kobalt introduced it had secured a $450 million revolving credit score facility to refinance its money owed, and had raised $266.5 million by way of its first-ever sale of asset-backed securities, backed by music royalties. Add to that its partnership with Morgan Stanley introduced a brand new months again, and the corporate says it has greater than $1 billion with which to purchase music rights.
Talking of huge numbers, social music creation platform BandLab has surpassed 100 million customers, having added 40 million over simply the previous yr.
We additionally bought phrase this week that BMG‘s Chief Content material Officer, Dominique Casimir, is stepping down from her function. The announcement comes within the wake of some main adjustments introduced in by CEO Thomas Coesfeld.
Lastly, the Dagens Nyheter newspaper in Sweden reported that it had uncovered the true identification of a musician on Spotify who has used 50 composer aliases and a minimum of 656 invented artist names. His 2,700 songs on the platform have been streamed some 15 billion instances.
IFPI, the group that represents the recorded music business worldwide, has printed its World Music Report, which studies on world commerce revenues for the recorded music business in 2023.
The headline stat from IFPI‘s report: World recorded music revenues rose 10.2% YoY in 2023 to achieve USD $28.6 billion.
Final yr (2023) marked the worldwide music market’s ninth consecutive yr of progress.
Subscription streaming revenues grew by 11.2% YoY final yr, accounting for 48.9% of the worldwide market, which in greenback phrases, signifies that subscription streaming revenues reached $14 billion in 2023.
Whole streaming revenues (together with each paid subscription and advertising-supported) grew 10.4% YoY to achieve $19.3 billion in 2023 and accounted for greater than two-thirds (67.3%) of the entire world market…
Simply 4 months in the past, Kobalt introduced a partnership with funding funds managed by Morgan Stanley Tactical Worth to speculate greater than USD $700 million to amass music copyrights over the following few years.
Now, Kobalt has executed two new transactions that it says, mixed with the Morgan Stanley partnership, present it “with greater than $1 billion to proceed to develop and execute on its strategic initiatives”.
First up, Kobalt on March 19 introduced a brand new $450 million Revolving Credit score Facility from a Truist Securities-led “syndicate”, which in accordance with Kobalt will likely be used to “totally refinance present indebtedness”.
As well as, Kobalt has confirmed the elevate of $266.5 million by way of its first-ever Asset-Backed Securitization (ABS) transaction, backed by music royalties from a catalog of greater than 5,000 works from 66 writers…
BandLab, the social music creation platform owned by Singapore-based BandLab Applied sciences, simply reached a big milestone.
The app has surpassed 100 million registered customers, which signifies that it has added 40 million customers since January 2023, when, as MBW reported on the time, the app confirmed that it had 60 million registered customers.
Talking with Bloomberg, BandLab Applied sciences CEO Meng Ru Kuok mentioned: “It’s humorous whenever you get to those giant milestones, particularly one thing like 100 million, which is barely laborious to fathom by way of the dimensions of the quantity”.
In December, Meng Ru Kuok was named MBW’s Entrepreneur Of The Yr award winner for 2023/2024. He advised us on the time that he predicts there will likely be 1 billion music creators “by 2030, probably even sooner…”
BMG Chief Content material Officer Dominique Casimir is stepping down from her function after 15 years with the corporate.
The information was introduced by BMG on March 21.
The Berlin-based exec, who first joined BMG in 2008, was named Chief Content material Officer (CCO) of the corporate in Might 2022.
BMG mentioned on Thursday that Casimir has “performed a key function within the early improvement of BMG’s recordings enterprise”, noting that the exec progressively added higher obligations to her remit together with GSA (2016), Continental Europe (2019), Asia Pacific and Latin America (2020) BMG’s world synch operation (2021) and the UK when she was named Chief Content material Officer in Might 2022.
MBW reported in January that, since Thomas Coesfeld took cost final summer season, greater than 100 workers have been laid off at BMG…
The existence of pretend artists on Spotify is now a widely known truth: Music launched by musicians below pseudonyms, who don’t have any actual on-line presence aside from their Spotify accounts and performs, and whose music could be discovered on a lot of Spotify’s key playlists devoted to ‘temper music’.
On Tuesday (March 19), Swedish newspaper Dagens Nyheter printed an expose on Spotify’s pretend artist downside (not the newspaper’s first on that subject), and studies to have recognized the musician “behind the world’s most listened to community of pretend artists on Spotify.”
DN studies that this particular person is a composer from Sweden named Johan Röhr, whose music, it says, has been launched on Spotify below “50 composer aliases and a minimum of 656 invented artist names”.
In response to DN’s report, Röhr is behind over 2,700 songs which were launched below numerous pretend artist names on Spotify. A few of these names embrace Minik Knudsen, Mingmei Hsueh, Csizmazia Etel, and Adelmar Borrego.
His music throughout all of those pseudonymous artist accounts on Spotify, in accordance with DN, has been streamed roughly 15 billion instances…
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