The Recording Industry Association of America released 2023 revenue metrics. The at-a-glance story shows rocketing upward revenue, but that glance does not adjust for inflation. We do. Also, how streaming dominates. Continue Reading
The recorded music industry reached an all-time high in total revenue for the first half of 2023 — $8.3-billion across all reported categories. Streaming accounted for $7.0-billion, 84% of the total. On average, there were 96-million music subscriptions in H1 2023. All this and more from the Recording Industry Association of America (RIAA) in its annual mid-year report. Continue Reading
Russ Crupnick of MusicWatch returns to RAIN News with a bold and well researched assessment of SiriusXM, reaching a broad conclusion that the satellite/streaming service is underestimated after a challenging Q1 earnings call. Original research from MusicWatch bolsters the argument, in addition to several keen business-side observations from Russ. A thorough assessment and a good read. Continue Reading
Major label Universal Music Group (UMG) has asked Spotify, Apple, and other streaming platforms to block AI-generated music. Based on reporting (HERE and HERE), this is not a legal action, but an urgent request. For now, the news is framed as a request from UMG to streaming services. That stage of protest is reminiscent of major-label protests of Napster and other file-sharing platforms in the late 1990s. That tumultuous period eventually led to label lawsuits against Napster users, meant to both punish individuals and demonstrate purposeful intent to everyone. We see a significant likeness harking back to the 1990s file-sharing epoch. Click through for key facts and RAIN’s speculation. Continue Reading
The International Federation of the Phonographic Industry has released its full-year 2022 report. The research is headlined with one key metric: The global recorded music market grew by 9.0% in 2022, driven by growth in paid subscription streaming. This meshes with the recently released RIAA of U.S. music revenue. Click through for many more stats.
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The International Federation of the Phonographic Industry (IFPI) released its full-year 2021 report of worldwide recorded music revenue. As with the recent U.S. report supplied by the RIAA, streaming music was the leading revenue category around the world in 2021. Click for details, graphic, and report download. Continue Reading
In a fulfillment of a RAIN News projection, and in what RIAA CEO Mitch Glazier calls “one of the most incredible comeback stories in modern commercial history,” the U.S. record industry in 2021 surpassed its previous record of annual revenue. The headline number is $15-billion. More than half of that is subscription streaming, and this milestone is a profound validation of that commercial model. Continue Reading
Jottings of Note, smart speaker edition
— Read It (The Podcast Reader)
— TOPcast (WTOP)
— Perspectives (Metal Injection & Spotify)
Missed the webinar? Would rather read anyway? Here is the transcript of the inaugural RAIN Podcast Business Lunch, featuring Tom Webster. Continue Reading
Brad Hill: Tom Webster is senior vice president of Edison Research. He’s been with Edison for nearly eight years. He has keynoted at conferences around the world. The Infinite Dial is Edison’s flagship consumer research in the audio field cited… Continue Reading
The U.S. recorded music industry is projected to exceed a 48-year revenue record set in 1999, according to RAIN’s examination of reports from the RIAA. The historical revenue high point was set in 1999 at $14.6-billion in recorded music revenue. Based on a persistent trend of H2 revenue exceeding H1 revenue, we project a new high water mark driven by streaming, the most lucrative channel for music labels. Click through for details and infographics. Continue Reading
A proposed bill called the American Music Fairness Act was introduced yesterday in a public spectacle attended by Dionne Warwick and other music celebrities. The legislation is fronted by congressional reps Ted Deutch (D-FL) and Darrell Issa (R-CA). Click for details on the argument and the proposed solution. Continue Reading