Each Saturday, CMU provides a roundup of five key music business stories from the previous week, as well as other interesting or popular stories from CMU that may have been missed. In this week’s edition:
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– Universal Music CEO Lucian Grainge and Warner Music CEO Robert Kyncl are focusing on superfans in their start-of-year memos.
– New UK music market stats for 2023 show revenue growth in the UK and increased music consumption worldwide.
– India experienced substantial growth in streaming volumes, with over one trillion streams in 2023, while Gen Z is reducing spending on streaming subscriptions.
– Proposed new legislation in the US would help performers protect their voices and likeness from AI clones.
– The UK’s Advertising Standards Authority ruled against Viagogo over paid editorial articles that failed to disclose ticket resale restrictions.
– Bytedance announced the shutdown of its Resso music service in India following a government ban.
– In case you missed it: Utopia Music, the Swiss music tech company, has experienced significant CEO turnover, the Hipgnosis Songs Fund has warned investors about reduced valuation, and a court has ruled that a previously dismissed sexual abuse lawsuit against Marilyn Manson can go forward to trial.
To learn more about current music business trends and developments, CMU is launching a series of virtual masterclasses on various topics, which will be live on Zoom and available on-demand.