Start-of-Year Memos from Universal and Warner Music
This week’s show featured discussions about the start-of-year memos from the bosses of Universal Music and Warner Music. Lucian Grainge, CEO of Universal Music, welcomed the changes made to the streaming model and emphasized the priority of super-serving superfans in the 2024 memo. On the other hand, Warner Music CEO Robert Kyncl outlined a vision for the next decade, focusing on boosting engagement, increasing the value of music, and evolving team collaboration.
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News in Brief
Vinyl sales have seen growth while cassettes have slumped, with streaming now accounting for 87.7% of UK music consumption. Additionally, UK music retail brought in £2.2 billion in 2023, showing a 7% increase in total revenues generated by retailers and digital platforms in music, video, and games. The numbers also reveal India’s explosive streaming growth, with over one trillion streams and a pull-back in streaming subscription spend by Gen Z.
Viagogo Advertorial Ruling
The show also covered the ruling against Viagogo’s advertorial pieces in the NME. The ASA ruling emphasized the importance of accurate and transparent advertising in the music industry, shedding light on the impact of misleading promotional content.
Music Market Stats in 2023
Furthermore, the episode delved into the music market statistics for 2023, including the proposed new laws aimed at protecting performers from AI clones. It also examined the advancements and challenges related to Artificial Intelligence in the industry and provided insights into the topics that will define the music business in 2024.
Insights from Sony Music Chief
The episode featured insights from Sony Music chief Rob Stringer, who discussed trends in the music industry, including streaming, short-form content, gaming, and AI, during an investor presentation for Sony Group. Stringer provided valuable perspectives on the challenges and opportunities within the industry.
Throughout the show, various updates and discussions highlighted the current landscape of the music industry, offering valuable insights into the strategies, trends, and statistics shaping the business in 2024.