Local and Industry News
A new report by the NEA and the Bureau of Economic Analysis shows the impact of the arts on the economy.
From 2020-21, the economic value of the arts in the US grew by nearly 14 percent to a record $1 trillion, or 4.4 percent of the GDP. Employment in the arts rose to 4.9 million workers, but is still below pre-pandemic levels. Despite the growth, certain sectors, including independent artists and performing arts organizations, have not yet returned to pre-pandemic levels.
The US immigration service is proposing raising visa fees from $460 to $1,615. They are also proposing other rule changes that would make it difficult for all but the biggest overseas stars to perform in the US.
Massachusetts is proposing a pilot program to provide tax credits to Broadway-bound live theater. Up to $5 million would be available to support productions costing at least $100,000 that will launch a national tour or move to Broadway or off-Broadway.
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Netflix is lowering prices in more than 100 international markets, but not in the US or western Europe. The four percent of Netflix customers living in the mostly poorer territories will se price drops from 20 to 60 percent. The discounts are seen as a way to drive subscriber growth in those markets.
YouTube Music contractors in Austin (TX) went on strike to protest an order to return to work in-person. The contractors, who are paid as little as $19 an hour, are attempting to get union representation. They are demanding a fair and flexible return-to-work policy that addresses the relocation, travel, and childcare costs that they will incur by returning to the office rather than working remotely.
Warner Bros. is suing Paramount over a South Park exclusivity contract. In 2019, Warner-owned HBO Max purchased streaming rights for the series, including 30 new episodes. When Paramount+ launched in 2021, new South Park episodes were shown there instead of on HBO Max, in breach of the exclusivity contract, according to Warner Bros.
Universal Music quarterly streaming revenue reached record $1.06 billion in the fourth quarter of 2022. Streaming and subscription revenue was up over 18 percent and now accounts for over half of the label's total revenue.
Vinyl records outsold CDs in 2022 for the fist time since 1987. RIAA reports that 41 million vinyl albums were sold last year, with revenue up 17 percent to $1.2 billion. Streaming, however, still makes up 84 percent of the industry's total revenue.
Spotify has announced that it has now paid $40 billion to rights holders since its launch. Spotify is the largest paid music streaming service in the world, with 205 million paying subscribers.
Netflix has one million subscribers in its new ad-supported tier. As of January, 19 percent of new signups are for the ad-supported tier. This percentage may increase as Netflix starts cracking down on password sharing.
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The Pittsburgh Symphony has launched PSO Disrupt to reach out to new patrons. The casual series will feature concerts of 90 minutes or less, complete with a host and musicians wearing casual concert attire. The Symphony has had great success with concerts featuring artists such as Sting and live-with-film concerts, selling out the hall multiple times already in 2023.
The BBC has closed the BBC Singers, the only full-time chorus in Britain. They have also announced plans to cut payroll of the BBC Symphony and Concert Orchestras and the Manchester Philharmonic by 20 percent. The BBC says it will use the savings to increase its music education and training programs.
Florida Grand Opera will only present three opera productions next season, down from a high of six productions in its 2006-7 season. The Opera states that the reduction was due to not being able to get dates in the performing arts centers in February and March. FGO will open the season in November with La Traviata, followed by I Pagliacci in January and La Boheme in April.
