Welcome to Music Business Worldwide’s weekly round-up – the place we be certain you caught the 5 greatest 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 maximise their revenue and scale back their touring prices.
This week, MBW calculated that the three ‘majors’ (Sony Music Group, Universal Music Group and Warner Music Group), throughout recorded music, publishing, and different revenue streams – collectively generated USD $12.99 billion within the first six months of 2023.
This determine was a billion {dollars} bigger than the $11.99 billion that the ‘Large Three’ generated in revenues in the identical interval of 2022.
It additionally signifies that the three majors mixed generated a median of roughly $72 million per day within the first half of this yr… or roughly $3 million per hour.
We had been capable of crunch these numbers as a result of this week noticed two main music firms – Warner and Sony – publish their calendar Q2 income/profitability figures for buyers. (Sony did so on Wednesday by way of its Japanese dad or mum, Sony Group Corp.)
WMG and SMG’s outcomes adopted the equal calendar Q2 numbers from publicly-traded UMG, which reported its revenues late final month.
Additionally this week, we discovered that South Korea-headquartered leisure large HYBE is taking full management of BeLift Lab, the label dwelling of Okay-pop stars Enhypen, whereas Tom Becci has been employed as Chief Govt at Concord Label Group.
See beneath for 5 of the most important headlines on MBW this week…
1) The 3 major music companies generated $1bn more in the first half of 2023 vs. the first half of 2022
Music Enterprise Worldwide has been crunching a veritable mountain o’ numbers this week.
That’s as a result of this week has seen two main music firms – Warner Music Group (WMG) and Sony Music Group (SMG) – publish their calendar Q2 income/profitability figures for buyers. (Sony did so on Wednesday by way of its Japanese dad or mum, Sony Group Corp.)
These outcomes adopted the equal calendar Q2 numbers from publicly-traded Common Music Group (UMG), the world’s greatest music rightsholder, which it reported to the Amsterdam Euronext late final month.
All of which means – mixed with previously-reported calendar Q1 figures from UMG, Sony, and WMG – we’ve been capable of apply MBW’s microscope to how the ‘majors’ carried out throughout the primary six months of 2023.
What have we found?
Properly, for starters, there’s that headline above: The three ‘majors’ – throughout recorded music, publishing, and different revenue streams – collectively generated USD $12.99 billion within the first six months of 2023…
2) WARNER EXPECTS ‘MORE REGULAR’ STREAMING PRICE HIKES AHEAD, AND 3 OTHER THINGS WE LEARNED ON WMG’S LATEST EARNINGS CALL
Though music rightsholders are definitely proud of the worth hikes seen at streaming providers of late, it’s no secret that recording firms and publishers wish to see extra – and Warner Music Group (WMG) is relying on it.
Throughout the firm’s newest earnings name, held on Tuesday (August 8), CEO Robert Kyncl mentioned he was “happy” to see that every one the most important music streaming providers – together with, most lately, Spotify – have raised costs on their particular person subscription plans, calling it “the fiscally accountable factor to do.”
But Kyncl made it clear that he expects to see streaming value hikes turn out to be a daily a part of the music panorama going ahead…
3) SONY GENERATED $2.28BN FROM RECORDED MUSIC AND PUBLISHING IN CALENDAR Q2, UP 12.5% YOY
Sony’s world music rights operation – throughout recorded music and music publishing – generated USD $2.284 billion within the three months to finish of June 2023.
That’s in response to MBW’s calculations primarily based on Sony Group Corp’s calendar Q2 2023 (fiscal Q1 2023) outcomes, as introduced by the Japanese agency on Wednesday (August 9).
The $2.284 billion determine was up 12.5% year-on-year (vs. calendar Q2 2022) at US dollar-converted fixed forex…
4) HYBE TO FULLY ACQUIRE ENHYPEN LABEL BELIFT LAB IN $100M+ DEAL (REPORT)
South Korea-headquartered leisure large HYBE is taking full management of BeLift Lab, the label that’s dwelling to Okay-pop stars Enhypen.
BeLift began out as a three way partnership between HYBE and CJ ENM, proprietor of South Korean pay-TV music channel Mnet.
In a press launch shared with MBW, HYBE says that it’s buying a 51.5% stake within the label from CJ ENM, that means that it’ll now personal 100% of BeLift.
In accordance with native studies, HYBE is shopping for CJ ENM’s 51.5% stake in BeLift for 150 billion South Korea Gained (approx. USD $113.8m)…
5) TOM BECCI HIRED AS CHIEF EXECUTIVE OF CONCORD LABEL GROUP
US-headquartered Harmony is setting its sights on increasing its presence within the recorded music enterprise.
To that finish, this previous June it introduced the launch of a joint-venture label with PULSE Music Group, to be dubbed Pulse Data.
The most recent step on this growth, introduced on Wednesday (August 9), is the creation of a brand new Chief Govt place at Harmony Label Group, to supervise the corporate’s complete recorded music division, together with world frontline label and catalog operations.
Into that function shall be stepping Tom Becci, a music trade veteran with three a long time of expertise, together with a seven-plus-year stint at Crimson Gentle Administration, the world’s largest impartial music administration company…
Music Enterprise Worldwide