From Robert Kyncl joining WMG as CEO, to the US record industry’s $7.7bn in H1… it’s MBW’s Weekly Round-Up

Welcome to Music Business Worldwide’s weekly round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s round-up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their income and reduce their touring costs.

This week, Warner Music Group confirmed that Robert Kyncl has been appointed as its new CEO.

Kyncl currently serves as Chief Business Officer at YouTube, where, Warner says, he’s “been instrumental in its phenomenal growth across all platforms”.

Warner also says that Kyncl and current WMG CEO Steve Cooper will serve as Co-CEOs for the month of January 2023 “to ensure a smooth leadership transition”.

Then, as of February 1, Kyncl will become the sole CEO of WMG. He’ll also assume Cooper’s board seat on WMG’s Board of Directors.

Other big news this week came from the pages of the RIAA‘s 2022 Mid-Year Music Industry Revenue Report.

According to the RIAA, on a retail basis, recorded music revenues in the US (money spent on streaming subscriptions, as well as physical and digital music), grew $700 million YoY to $7.7 billion in the first half of this year. In H1 2021, the equivalent figure ($7bn) was up by $1.4 billion YoY.

Midyear wholesale (trade) revenues hit $4.9 billion in H1 2022, up $300 million YoY; in H1 2021, the equivalent figure ($4.6bn) was up by $600 million YoY.

In other words, mid-year recorded music growth seen in H1 2022 was cut in half compared to H1 2021.

Elsewhere, MBW confirmed this weekMBW confirmed, for example, that Sony Music Entertainment‘s entire recorded music catalog has been pulled from Resso in all three territories in which the Bytedance platform operates. MBW also confirmed this week that Kobalt has reached a fresh licensing agreement with Meta, while YouTube launched a ‘Creator Music’ licensing hub, and a new revenue-sharing model for Shorts.

Here’s what happened this week…

1) US RECORDED MUSIC REVENUES HIT $7.7BN IN H1 2022, BUT GROWTH SLOWED COMPARED TO H1 2021

The US recorded music market grew in H1 2022 – but only half as fast as it did in H1 2021.

On a retail basis, recorded music revenues in the US (money spent on streaming subscriptions, as well as physical and digital music), grew $700 million YoY to $7.7 billion in the first half of this year (up from $7 billion in H1 2021).

Back in H1 2021, on a retail basis, US recorded music revenues grew by $1.4 billion YoY to $7 billion

In other words, mid-year recorded music growth seen in H1 2022 was cut in half compared to H1 2021.

2) CONFIRMED: ROBERT KYNCL IS WARNER MUSIC GROUP’S NEW CEO

Robert Kyncl has been appointed Chief Executive Officer of Warner Music Group Corp, effective January 1, 2023.

He currently serves as Chief Business Officer at YouTube, where, Warner says, he’s “been instrumental in its phenomenal growth across all platforms…”

3) SONY MUSIC CATALOG PULLED FROM RESSO, TIKTOK’S SISTER SUBSCRIPTION PLATFORM

For some time, the music industry has wondered what might happen if TikTok launched a subscription music platform.

In one sense, it’s already happened: Resso is a subscription audio platform from TikTok parent Bytedance that operates in three key markets for the global music industry – Brazil, India, and Indonesia.

Now, however, it’s operating without one of the most storied music catalogs in the world.

MBW has confirmed that Sony Music Entertainment’s entire recorded music catalog has been pulled from Resso in all three territories in which the Bytedance platform operates…

4) KOBALT MAKES UP WITH META: NEW DEAL STRUCK TO LICENSE 700,000 SONGS FOR FACEBOOK

In July, MBW reported that Kobalt Music Publishing – home to 700,000 songs – was pulling its repertoire from Facebook and Instagram in the United States.

According to a memo sent to Kobalt writers and partners on July 23, the company was planning to take this action because its US licensing deal with Facebook and Instagram’s parent company, Meta, had expired – and the two parties had failed to reach a new agreement.

MBW confirmed this week that Kobalt has reached a fresh licensing agreement with Meta…

5) YOUTUBE LAUNCHES ‘CREATOR MUSIC’ LICENSING HUB, AND A NEW REVENUE SHARING MODEL FOR SHORTS

YouTube launched what it calls its new ‘Creator Music’ hub at its inaugural Made On YouTube event in Los Angeles on Tuesday (September 20).

Creators can buy music licenses via the hub, which is currently in beta in the US and will expand to more countries in 2023.

Creator Music is described by YouTube as “a new destination that gives creators easy access to an ever-growing catalog of music for use in their videos, while providing artists and music rights holders with a new revenue stream for their music on YouTube…”

MBW’s Weekly Round-Up is supported by Centtrip, which helps over 500 of the world’s best-selling artists maximise their income and reduce their touring costs.

 Music Business Worldwide