Local and Industry News
The number of indie record shops in the UK is growing, according to a study by the Digital Entertainment and Retail Association.
The number of indie shops has grown by 25 percent since 2014, to 461. However, the total number of stores selling music has declined precipitously from over 15,000 in 2016 to under 2,000 as supermarkets and large stores stopped selling music. This corresponds with the increase in music revenue streaming, from 17 percent of revenue in 2014, to 84 percent today.
Tennessee has become the first state to protect musicians against Artificial Intelligence. The Ensuring Likeness, Voice, and Image Security Act (ELVIS) takes effect on July 1. It will add vocal likeness to the list of property rights in the state, and people can be held liable for using an individual's voice, name, likeness, or photos without permission.
recording
Ampere Analysis predicts streaming revenue will overtake paid TV subscription revenue by the end of this year. This will be due to a rise in streaming ad revenue, which is expected to reach $9 billion this year, as well as a decline in pay TV revenue, which is expected to fall to half of its peak revenue by 2028.
ASCAP had a record-breaking year, with revenue and distributions up in every category. In 2023, ASCAP had revenue of $1.737 billion, a 14 percent increase over the previous year.
AMC Theatres beat expectations with revenue of $1.1 billion in the fourth quarter of 2023, up from $990 million in the previous year. For the year, revenue was up $900 million, to $4.8 billion. The increase last quarter is attributed to Taylor Swift and Beyonce showings.
Apple has been fined $2 billion by the European Commission for antitrust violations. The Commission ruled that Apple restricted app developers from informing users of alternative ways to subscribe to music streaming services. The ruling came after a complaint by Spotify. Apple will now have to allow developers to receive payments through alternatives to Apple's processing services. The US Justice Department is also considering filing an antitrust lawsuit against Apple.
Representatives Rashida Tlaib (MI) and Jamaal Bowman (NY) have introduced the Living Wage for Musicians Act. The Act would create a new streaming revenue of a penny per stream, which would be paid on top of existing royalties. The payments would be funded by a tax on non-subscription revenue and an increase in subscription rates.
According to IFPI, global recorded music revenues rose ten percent in 2023, to $28.6 billion. Subscription streaming revenues rose over eleven percent and now account for nearly half of the global market. Also last year, the number of paid subscriptions shattered past 500 million for the fist time, to 667 paid users.
A report by Deloitte shows that Americans paid 27 percent more for streaming services last year, for an average of $61 per month. The report also indicated that Americans are at their limit, and another price hike will have them canceling services. Streaming was originally thought to be a better deal than cable TV, but with cable TV packages averaging $50 to $85 per month, bundled streaming services are now costing just as much.
symphonic
Musicians of the Philadelphia Orchestra have ratified a three-year agreement. Wages will rise six percent in the first year and 4.5 percent in each of the final two years. Pay for substitutes and extras will rise from 91 percent of weekly pay to 100 percent of weekly pay by the final year.
