From Robert Kyncl joining WMG as CEO, to the US record industry’s $7.7bn in H1… it’s MBW’s Weekly Round-Up

Welcome to Worldwide music businessweekly recap – where we’re sure you’ve caught the top five stories that will make our headlines over the past seven days. MBW’s round-up is powered by Centtriphelping more than 500 of the world’s best-selling artists maximize their income and reduce their touring expenses.

This week, Warner Music Group confirmed that Robert Kyncl has been appointed the company’s new CEO.

Kyncl is currently the Sales Manager at YouTubeThere, Warner said, he “played a key role in its phenomenal growth across all platforms”.

Warner also said that Kyncl and the current WMG CEO Steve Cooper will serve as Co-CEO for January 2023 “to ensure a smooth leadership transition”.

Thereafter, effective February 1, Kyncl will become the sole CEO of WMG. He will also take up Cooper’s board seat on WMG’s Board of Directors.

The other big news this week comes from the pages of RIAAMusic industry revenue in mid-2022 Report.

According to the RIAA, on a retail basis, recorded music revenue in the US (money spent on streaming subscriptions, as well as physical and digital music), has increased $700 million annually arrive 7.7 billion dollars in the first half of this year. In the first 6 months of 2021, the equivalent figure (7 billion dollars) was up by 1.4 billion dollars YoY.

Mid-year wholesale (commercial) sales reached 4.9 billion dollars in H1 2022, increase 300 million dollars YoY; in the first half of 2021, the equivalent figure ($4.6 billion) has increased 600 million dollars YoY.

In other words, the music growth recorded in the middle of the year has seen H1 2022 has been cut in half compared to the first half of 2021.

Elsewhere, MBW confirmed this week, such as MBW confirmed that Sony Music Entertainment‘S The entire catalog of recorded music has been sourced from Resso in all three territories where the Bytedance platform operates. MBW also confirmed this week that Kobalt reached a new licensing agreement with Meta, while YouTube launched a ‘Music for Creators’ licensing center and a new revenue sharing model for Shorts.

Here’s what happened this week…

1) US RECORDED MUSIC SALES HIT $7,7BN IN H1 2022, BUT SLOW GROWTH COMPLEX TO H1 2021

The recorded music market in the US grew in the first half of 2022 – but only half as fast as in the first half of 2021.

On a retail basis, recorded music revenue in the US (money spent on streaming subscriptions, as well as physical and digital music), increased $700 million year over year to 7 $0.7 billion in the first half of this year (up from $7 billion in the first half of 2021).

Back in the first half of 2021, on a retail basis, recorded music sales in the US increased by $1.4 billion year-over-year to $7 billion.

In other words, music growth recorded mid-year in the first half of 2022 has halved compared to the first half of 2021.

2) CONFIRMED: ROBERT KYNCL IS THE NEW CEO OF WARNER MUSIC GROUP

Robert Kyncl has been appointed CEO of Warner Music Group Corp, effective January 1, 2023.

He’s currently the Chief Business Officer of YouTube, where Warner says, he “played a key role in its phenomenal growth across all platforms…”

3) SONY’S MUSIC CATEGORIES EXPANDED FROM RESSO, TIKTOK’s SISTER SUBSCRIPTION PLATFORM

For a while, the music industry wondered what might happen if TikTok launched a subscription music platform.

In a sense, it happened: Resso is a subscription audio platform from TikTok’s parent Bytedance, which operates in the three main markets of the global music industry – Brazil, India, and Indonesia.

Now, however, it’s running without one of the most highly qualified music catalogs in the world.

MBW has confirmed that Sony Music Entertainment’s entire catalog of recorded music has been sourced from Resso in all three territories where the Bytedance platform operates…

4) KOBALT LIVE WITH META: COMPETITION NEW CERTIFICATE LICENSE 700.000 SONG FOR FACEBOOK

In July, MBW reported that Kobalt Music Publishing – which hosts 700,000 songs – was pulling its repertoire from Facebook and Instagram in U.S.A.

According to a memo sent to Kobalt writers and partners on July 23, the company is planning to take this action because of the US licensing agreement with Facebook and Instagram’s parent company, Meta. , expired – and the two sides failed to reach a new agreement. .

MBW confirmed this week that Kobalt has reached a new licensing agreement with Meta…

5) YOUTUBE Launches ‘CREATOR MUSIC’ LICENSE HUB AND NEW REVENUE SHARE MODEL FOR SHORTS

YouTube launched what it calls its new ‘Music for Creators’ hub at its first Made On YouTube event in Los Angeles on Tuesday (September 20).

Creators can purchase music licenses through the hub, which is currently in beta in the US and will expand to more countries in 2023.

Creator Music is described by YouTube as “a new destination that makes it easy for creators to access an ever-growing catalog of music to use in their videos, and provides artists and rights holders with music a new revenue stream for their music on YouTube…”

MBW’s Weekly Round-Up is powered by Centtrip, helping more than 500 of the world’s best-selling artists maximize their earnings and reduce their touring expenses.

Worldwide music business