Bytedance hires former Tencent Music exec for Douyin role
Bytedance’s latest music hire will be focusing on its Douyin short-video app in China – the Chinese version of TikTok. The company has recruited Deng Linhai to lead Douyin’s music business, according to news site Technode. The former operations director at Tencent Music Entertainment is taking over from Douyin’s former music boss Zhu Jie, who left the […]
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Source: Music ally
Ripple exec Craig DeWitt reveals plans for xSongs platform
Ripple Labs is one of the bigger companies in the crypto / blockchain space, with its payment protocol and XRP cryptocurrency. Now its director of product Craig DeWitt has revealed plans for a personal project focusing on music, called xSongs. It’s a familiar (and thus far, unsuccessful) idea in blockchain music: a platform for artists to […]
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Source: Music ally
Analysis: the music industry enters 2020 on a wave of growth – and optimism
Barring a major surprise, 2019 will have been the fifth straight year of growth for the global recorded music industry. Over those five years, its annual revenues have grown from $14.2bn to $19.1bn, taking it almost back to its 2004 level. If 2019 matched 2018’s 9.7% growth, we could be talking about $21bn last year.
The indications are good, from the quarterly figures published last year by the major labels, to the RIAA’s mid-year stats showing 16% growth for the US recorded music market, via record-setting revenues for collecting societies and steady subscriber growth for the big, global streaming services.
We’re still a way off the revenues that the industry was recording in the peak-CD pre-Napster era, but Goldman Sachs is predicting that streaming alone will be worth $37.2bn a year to the industry by 2030, while Midia Research reckons consumer-spending on streaming (as opposed to trade revenues) could reach $45.3bn by 2026.
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Source: Music ally
In 2019, UK music-streaming spending passed £1bn for the first time
Consumer spending on music streaming in the UK passed the symbolic £1bn mark for the first time last year, according to figures published by the Entertainment Retailers Association (ERA) today.
Brits spent just over £1bn on streaming subscriptions in 2019, up by 23.5% from the £812m spent in 2018 – and 31 times the spend on streaming back in 2010. The 2019 spend is equivalent to £19.2m a week, £2.74m a day, £114,486 an hour or… you get the picture.
According to ERA, streaming accounted for just under 72% of the £1.41bn spent on recorded music overall last year in the UK. Spend on physical was down by 17% to £318m, accounting for 22.5% of the total, while downloads fell by 26.8% to £89.7m, just 6.3% of all spend.
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Source: Music ally