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Over the last three years, the Tony Bennett catalog generated an average of almost $2.17 million in global revenue, not including synchronization, while his estimated share of duets albums with Lady Gaga brought in another $1.22 million for a total of about $3.4 million, according to Billboard’s calculations.
Bennett, who died last week at the age of 96, enjoyed a recording career that extended back to 1952, with some 60-plus studio albums, 11 live albums, more than half a dozen collaborative albums and over 30 compilations, almost all of which were released through Columbia Records. His final album, released in September 2021, was Love For Sale, his second of two collaborative albums with Lady Gaga, and was nominated for album of the year at the 64th annual Grammy Awards.
Overall, Bennett’s solo catalog has averaged almost 122,000 album consumption units annually over the last three years, while his collaborations with Gaga have averaged about 88,000 album consumption units during that time period. Besides the greater volume for his solo output, there is also a greater disparity in individual year performances for the Bennett-Gaga catalog, with that catalog’s album consumption unit count jumping from 19,000 units in 2020 to 175,000 units in 2021, thanks to the release of Love For Sale that year, before falling back to nearly 70,000 units in 2022.
But due to how each catalog performs in the various music formats, the overall dollar volume comes out almost the same for both Bennett’s solo work and his work with Gaga. The Bennett/Gaga albums’ revenue is slightly bigger than Bennett’s solo catalog revenue, coming in at an estimated $2.4 million, vs. his estimated solo revenue of $2.17 million. When split in half, their duets recordings revenue comes out to $1.216 million for each artist.
But the revenue sources for the two catalogs are very different, with physical formats dominating the Bennett/Gaga offering — coming in at $1.75 million in average annual revenue globally, Billboard estimates — vs. Bennett’s solo catalog, with an estimated $450,000 in global revenue from physical formats.
Like most heritage acts, Bennett lags far behind in streaming, averaging 129 million on-demand U.S. streams annually over the past three years, while globally his streams averaged 233.7 million plays. (In other words, U.S. plays comprised 55% of his global streams.) Even though Bennett lags behind most big acts in streaming, that’s more than twice as large as the nearly 60 million average annual streams that the Bennett/Gaga duet albums had. Consequently, Bennett’s solo streams generated an estimated $1.4 million per year vs. the duet albums, which garnered an average of $325,000 in annual revenue over the last three years.
Average annual downloads over the last three years were about the same in terms of revenue, coming in at an estimated $135,000 for the duets albums and $120,000 for Bennett’s solo recordings.
It’s important to note that this article only estimates how much revenue Bennett’s master recordings generate and doesn’t put an amount on his earnings. That’s because there’s no way to know what kind of royalty rate he gets, which could vary wildly. Would it be the 6% paid to artists back in the 1950s and 1960s? The 22% rate most superstars get nowadays on physical product? A higher percentage for digital and streaming? A rate of 50% or higher, since all of his albums have long since recouped? Does Bennett own his Columbia albums like other Sony superstars appear to have negotiated back in the day? And what kind of financial arrangements were made for the recordings with Lady Gaga? All these are questions with answers that remain unclear.
Unlike the revenue estimates in the above story which are derived from annual unit counts, revenue estimates for the Bennett song chart below was derived using 2022’s year-end unit counts for all activity to date since the release of the music recordings, based on format counts generated by the “artist summary” feature in Luminate’s trend reports.
Beatport on Tuesday (July 25) announced its second annual Diversity + Parity Fund, with which the company will award $150,000 to initiatives that expand diversity and equality in dance music. The fund will award two kinds of grants: one that awards amounts between $3,000 to $15,000 to smaller organizations consisting of one to three staff […]
Sony Music Entertainment Germany and nonprofit artist association Music Women* Germany (MWG) have announced the winners of the 2023 Female* Producer Prize. The honor is designed to support and promote the careers of rising female-identifying producers across Germany.
The seven winners — Mimski, Evîn, Kota No Uta, Mona Yim, Aufmischen, Sheyda Minia and Just Honest — were selected from more than 150 applicants by a five-member jury. They will receive a support package consisting of production grants, vouchers for music equipment and a producer workshop at Sony Music Germany’s Circle Studios. They will also be added to the female producer register at Sony Music and NEUBAU Music Management, which will put them in touch with various labels and artists. Additionally, newly added partners Sony Music Publishing and the Female* Producer Collective will offer coaching sessions for the winners.
In addition to the seven selected applicants, a shortlist of 20 applicants will also be added to Sony Music and NEUBAU’s female producer register.
“The great response and the enormously high level of over 150 applications this year have not only shown how overdue the Female* Producer Prize was, but above all, how many highly competent and visionary female music producers there are out there,” said Jovanka v. Wilsdorf, jury member and initiator of the Female* Producer Prize, in a statement. “Visibility develops a radiance that creates measurable success.”
Added Sony Music Columbia Records Germany head of A&R Sarah Schneider, who also served on the jury: “More female and non-binary producers means more perspectives! This is again demonstrated by the outstanding quality of the many applications received. As a record label, we want to apply industry-wide approaches and tools to actively move forward to effect a change in the status quo.”
In addition to Wilsdorf and Schneider, the 2023 jury consisted of Novaa, a producer and finalist for last year’s prize; U.K. music producer, composer, sound engineer and sheWrites co-founder Charlie McClean; Pamela Owusu Brenyah, a freelance curator, creative consultant and project manager who serves as program curator of Musicboard Berlin and board member of Music Women Germany, among other roles; and music producer and songwriter Moses Schneider.
The Female* Producer Prize is supported by Reeperbahn Festival (sponsored by the Federal Government Commissioner for Culture and the Media) and sponsored by Thomann, Ableton, NEUBAU, Female* Producer Collective, Sony Music and Sony Music Publishing.
The award ceremony and workshop will be held in Berlin on September 14.
You can read capsule descriptions of the winners below.
Mimski: Started producing in early 2022, first in Germany and then in England, where she received a warmer welcome as a female producer than in Germany. There she submitted a beat for the Novembars competition, which helped her breakthrough: her first track was played directly on radio shows. She is currently working on her first album, which will be released on the RUNTLIFE Records label and working on an EP with King Kashmere as well as a Female Force EP with several female rappers.
Evîn: A German/Kurdish singer and producer in alternative R&B. Her music combines elements from different genres like soul and hip-hop with her Kurdish roots, giving her a characteristic sound within the German scene. Emotions and experiences, as well as themes like escape, memory culture and belonging can be found in Evîn’s songs, which she writes and produces in her home studio in Berlin. April 2022 saw the release of Evîn’s debut EP, followed immediately by her second EP, It wasn’t even for you, in November 2022.
Kota No Uta: Singer-songwriter and producer who works mainly in the direction of jazz, soul and neo soul. In October 2022 she released her song “Autumn Leaves” in self-production. At the moment she is working on two releases with collaborators and her own EP.
Mona Yim: A Chinese-German music producer, singer and DJ from Hamburg, Germany. Her music combines emotional vocal hooks with her self-produced electronic productions inspired by UK garage, house and electronica as well as influences from her training as a classical violinist and performer. Her debut release in 2022 was followed by further releases on labels such as Ninja Tune and remixes for Glass Animals and DJ Seinfeld, among others. She has played venues such as O2 Academy Brixton, DGTL Festival, Printworks, KOKO and Warehouse Project.
Aufmischen: Producer who started her first steps in the music industry as a drummer, in her studies she wrote contemporary compositions for classical ensembles before she dedicated herself completely to pop music. In 2022 her productions can be heard on the album of poetry artist Dshamilja Roshani, the EP of pop singer Pieke and numerous singles of other artists. More releases are planned for this year, such as the album by artist Elay.
Sheyda Minia: Iranian-born artist who began playing the harp at the age of 8 and became a junior student at the Musikhochschule in Cologne at 13. At 16, she used her first self-earned money to buy an interface microphone and Logic music software so she could finally produce her own beats. At the end of 2021 she was discovered by Mehrzad Marashi the CEO of Impulse-Records GmbH, where she has been working as a producer ever since.
Just Honest: Music has saved producer Just Honest many times, so she had no choice but to bring her songs to life and produce them herself. Hoping to touch, heal and inspire the hearts of others. Her debut single, “Toxic Culture,” has already reached over 1 million streams, and her debut album, No Love No Hate, is about to be released.
Elon Musk said Sunday (July 23) that he plans to change the logo of Twitter to an “X” from the famous blue bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year.
In a series of posts on his Twitter account starting just after 12 a.m. ET, Twitter’s owner said that he’s looking to make the change worldwide as soon as Monday.
“And soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk wrote on his account.
The change isn’t surprising given Musk’s long history with the name “X,” says Allen Adamson, co-founder of marketing consultancy Metaforce. The billionaire Tesla CEO tweeted last October that “buying Twitter is an accelerant to creating X, the everything app.”
Musk’s rocket company, Space Exploration Technologies Corp., is commonly known as SpaceX. And in 1999, Musk founded a startup called X.com, an online financial services company now known as PayPal.
“Not sure what subtle clues gave it way, but I like the letter X,” Musk tweeted Sunday.
But the change on Twitter was met with sharp criticism on the social media platform.
The change will be very confusing to a huge chunk of the Twitter’s audience, which has been already souring on the social platform given a slew of other major changes Musk has made, Adamson said.
“They won’t get it,” he said. “It’s a fitting end to a phenomenal unwinding of an iconic brand and business.”
Earlier this month, Musk put new curfews on his digital town square, a move that met with sharp criticism that it could drive away more advertisers and undermine its cultural influence as a trendsetter.
The higher tweet-viewing threshold is part of an $8-per-month subscription service that Musk rolled out earlier this year in an attempt to boost Twitter revenue. Revenue has dropped sharply since Musk took over the company and laid off roughly three-fourths of the workforce to slash costs and avoid bankruptcy.
In May, Musk hired longtime NBC Universal executive Linda Yaccarino as Twitter’s CEO.
Luring advertisers is essential for Musk and Twitter after many fled in the early months after his takeover of the social media platform, fearing damage to their brands in the enveloping chaos. Advertisers have cut back on spending partly because of changes Musk has made that has allowed for more hateful content to flourish and that has offended a wider part of the platform’s audience.
Musk said in late April that advertisers had returned, but provided no specifics.
Musk’s move to change Twitter’s logo to an “X” also comes as Twitter faces new competition from Meta’s new app, Threads, launched earlier this month. It has been seen as an alternative for those who have been upset with Twitter.
Threads is being billed as a text-based version of Meta’s photo-sharing app Instagram that the company has said offers “a new, separate space for real-time updates and public conversations.”
In the first five days of its launch, 100 million people had signed up for Threads, according to a post on Threads by Instagram head Adam Mosseri.
Charles “Chuck” Martin Flood Jr., a longtime Nashville business manager who served as a founding owner at FBMM, has died, Billboard has learned. He was 78. Flood was a prominent figure in Nashville for more than 40 years. Early in his career, Flood worked on the label side of the business, serving in A&R and […]
Shares of SiriusXM soared 49.1% this week due to a “short squeeze” related to a trading strategy involving its parent company, Liberty Media. The stock rose 49.1% to $7.08, turning an 18.7% year-to-date loss into a 21.2% year-to-date gain.
On Thursday (July 22), SiriusXM shares increased 42.3% as 128 million shares were traded — about 6.7 times the average daily trading volume. The price fell 9.3% on Friday to close at $7.08 as trading volume reached 132.9 million shares.
As an article at Barron’s explained, SiriusXM, a heavily shorted stock, has benefitted from investors taking a long position in Liberty SiriusXM Group — a tracking that includes SiriusXM — and a short position in SiriusXM. (A short position is a bet that a stock price will decline. A long position is a bet the stock price will increase.) Those positions would benefit if Liberty SiriusXM Group, viewed as an inexpensive alternative to SiriusXM, was able to narrow the gap to SiriusXM. But SiriusXM shares have risen in recent months, turning the short into a losing bet.
Investors who short a stock must buy back borrowed shares to cover their short position. When a stock has a small public float — as SiriusXM does — demand for a limited number of available shares can drive up the price. This isn’t happening just with SiriusXM: Heavily shorted stocks helped the stock market rally in the first half of the year. “As expected, shorts are getting squeezed in these losing trades and we are seeing short covering in these stocks — helping drive stock prices even higher alongside the momentum long buying we are seeing in these stocks,” Ihor Dusaniwsky, managing director of S3 Partners, told Yahoo Finance last week.
SiriusXM was — by far — the best-performing music stock this week, as the Billboard Global Music Index rose 6.8% to 1,447.32, bringing the year-to-date gain to 23.9%. Eight of the index’s 21 stocks were in negative territory, one was unchanged and 12 stocks posted gains this week.
French music streamer Deezer boasted the week’s second-biggest improvement after gaining 10.3% to 2.58 euros ($2.87). On Thursday, the company announced it had renewed its partnership with telecom company Orange, which will continue to drive customer acquisition in its home market. Under the new partnership, Deezer and Orange will offer new customers six free months of Deezer Premium.
Live music companies also had a good week. Shares of Sphere Entertainment Co. gained another 8.9%. German concert promoter CTS Eventim improved 6.9%. And Live Nation shares rose 2.5% after Oppenheimer initiated coverage of the company with a $110 price target, suggesting the stock has a 14% upside from its $96.84 closing price on Friday.
Sales and streams of Jason Aldean‘s single “Try That in a Small Town” have surged, following controversy that erupted this week surrounding the song and its corresponding music video.
After selling around 1,000 copies of the song each day from July 14 through July 17, according to preliminary reports from Luminate, sales rose after Billboard’s July 18 exclusive that CMT had pulled the video. The song earned 12,000 in sales on July 18, before surging to 108,000 in sales on July 19 and 103,000 in sales on July 20. The latest sales total for the week (July 14-20) is 227,000, according to the preliminary reports.
U.S. official on-demand daily streams of “Try That in a Small Town” also exploded over the past week.
After earning 204,000 official U.S. on-demand streams on July 14, and then dipping to 194,000 on July 15 and 174,000 on July 16, streams rose 24.3% to 216,000 on July 17, then surged 178% on July 18 to 600,000. On July 19, U.S. official on-demand streams of “Try That in a Small Town” skyrocketed to 3.2 million, a 440.2% increase.
The sales and streaming spikes come the same week social media commenters began questioning the song’s lyrics and the video’s imagery — with many calling it racist and anti-protest. “Try That in a Small Town” was written by songwriters Kelley Lovelace, Kurt Allison, Tully Kennedy and Neil Thrasher. The video features Aldean performing in front of the Maury County Courthouse in Columbia, Tenn. — the same location where a lynch mob murdered a Black man, Henry Choate, in 1927 — with an American flag hanging from the entrance. The performance is interspersed with footage of a flag burning, protesters screaming and attacking police in various scenarios as well as looting and robbing a convenience store.
Artists including Sheryl Crow and Margo Price have spoken out against Aldean and/or the song and video, while others, including Aldean’s labelmate Blanco Brown, have defended the singer.
Aldean issued a statement on July 18 that read in part, “In the past 24 hours I have been accused of releasing a pro-lynching song (a song that has been out since May) and was subject to a comparison that I (direct quote) was not too pleased with the nationwide BLM protests. These references are not only meritless, but dangerous. There is not a single lyric in the song that references race or points to it and there isn’t a single video clip that isn’t real news footage- and while I can try and respect others to have their own interpretation of a song with music- this one goes too far.”
In the week since it was released, the official music video for “Try That in a Small Town” has now been viewed more than 9 million times on YouTube. On the morning of July 18, before the controversy broke, it had been viewed around 350,000 times.
In terms of radio airplay, on last week’s Country Airplay chart (dated July 15), “Try That in a Small Town” rose one spot from 26-25, though it declined 2% in audience impressions for the week. On this week’s Country Airplay chart (dated July 22), the song holds at No. 25 but gained 16% to 6.5 million audience impressions in its ninth week on the chart.
Universal Music UK appointed Sally Davies as managing director of Abbey Road, the legendary recording studio forever linked with iconic albums by The Beatles, Pink Floyd, Radiohead, Kate Bush and more. This is an in-house move for Davies, who arrives after a 10-year run at U-Live, the live promoter within the Vivendi Group and UMUK. As CEO of U-Live, she notably produced the immersive dinner show Mamma Mia the Party! alongside ABBA’s Björn Ulvaeus. Prior to U-Live, Davies spent seven years with AEG as assistant GM/director of events of The O2 arena. Since Abbey Road became part of UMG as part of its 2012 acquisition of EMI (the studio was initially called EMI Recording Studios), it has expanded its services beyond recording and mixing. It offers audio mastering, audio restoration, and post-production services, among others. Davies is based in London and will report to UMUK COO David Sharpe.
“I’ve known Sally for a long time so it was an easy decision to appoint her to one of the most important leadership positions in our industry, at the forefront of world class recordings, sound innovation and creative education,” commented David Joseph, chairman and CEO of Universal Music UK. “Sally balances creativity and business strategy exceptionally well and I couldn’t be happier to welcome her back to the Universal Music family.”
Interscope Records appointed Manny Prado vice president of marketing and A&R. In the newly created role, Prado will work alongside executives Nir Seroussi and Jose Cedeño to sign and develop artists for Interscope Miami as well as work closely with its existing roster, according to a press statement. Most recently, Prado served as vp of West Coast operations at Sony Music Latin, where he worked for 20 years. During his tenure at the label, he was a key figure in the careers of Becky G, Carin León and Christian Nodal, among others. “Manny Prado is simply one of the most talented and driven executives working in music,” said Nir Seroussi, executive vice president of Interscope Geffen A&M Records. “We’re thrilled to have him join the team at Interscope Miami as we continue to build a best-in-class platform for Latin artists.” –Griselda Flores
ASCAP hired Tim Daugherty as senior vice president of general licensing. Based in New York City and reporting to head of licensing Stephanie Ruyle, Daugherty will oversee all licensing for brick-and-mortar businesses like bars, hotels and live music venues. Daugherty’s résumé includes five years with Vice Media, where he was most recently svp of revenue and digital operations, and earlier he held roles with Lonely Planet Global and Turner Broadcasting. Ruyle said she was eager to work with her new svp to “respond to the evolving economic and technology landscape for general licensees and to ensure that ASCAP members are fairly compensated for the public performance of their works.”
Verve Label Group hired longtime Spotify executive Monica Santucci as the UMG division’s new vice president of streaming, overseeing strategy and initiatives for the entire VLG family, including Verve Records, Decca Records US, Impulse! and Verve Forecast. Santucci joined Spotify back in 2013 in its label relations department and went on to launch and manage hugely popular franchises like Spotify Singles and the Live at Electric Lady series. Prior to Spotify, she spent six years at Sony Music, where she rose to associate director of digital sales. Dickon Stainer, president and CEO of VLG, said the NYC-based Santucci joined “at the perfect moment to help our artists and their music navigate the many routes to worldwide discovery.”
Porter’s Call, a Franklin, Tennessee-based nonprofit that has provided counseling and support to recording artists since 2001, is changing leadership. Effective May 2024, Porter’s Call founder/executive director Al Andrews will step down from his leadership role. Beth Barcus and Chad Karger will take the helm as co-executive directors. Phil Shay, who joined Porter’s Call in 2022, has been named director of development, while two additional staffers have joined the team: office and hospitality manager Audrey Ragan and porter Jared Farley. –Jessica Nicholson
Influence Media Partners, the music and entertainment investment firm backed by BlackRock and WMG, hired Lisa Licht as their chief marketing advisor, overseeing strategy in the spheres of partnerships, content development and communications. Over the decades, the experienced marketer has held C-suite and senior roles at Live Nation, Yahoo, Hasbro, Fox and Mattel, and owns her own consulting firm (where she advises companies like Build-a-Bear, Cameo and Illumination). Assisting Licht will be Nneka Ani, who has been promoted to head of marketing and will continue to manage corporate communications and develop opportunities around the fund’s portfolio. Additionally, Influence exec Danny Klotz has been named head of underwriting and will manage the company’s pipeline of deals and run the investment team’s catalog models and projections, among other duties. Launched in 2019 and led by Lylette Pizarro, Lynn Hazan, Rene McLean and Jon Jashni, Influence’s fund has invested in catalogs from a diverse slate of artists including Blake Shelton, Tainy, Future and Julia Michaels.
ICYMI: Longtime IFPI chief executive Frances Moore is retiring from the global trade body at year’s end … Four executives were promoted at Interscope Geffen A&M … Andre Perry was elected board president at NIVA … Amazon Music elevated Ryan Redington to general manager … Tencent Music’s chief strategy officer stepped down … and UMG upped Manusha Sarawan to MD of Southern and East Africa.
The Oriel Company welcomed Chrissy Borsellino as senior director of communications and Kelli Wasilauski as the director of operations in Nashville. Borsellino arrives from ADA Worldwide, where she was head of PR and promo, while earlier in her career she notably took the lead in launching a U.S. publicity division at WMA. Wasilauski most recently served as vp of publicity at Adkins Publicity, where she helped grow the company’s roster by double-digits and worked on high-profile campaigns for Billy Ray Cyrus, The Judds and others. The communications agency, launched in early 2021 by veteran publicists Carleen Donovan, Chloë Walsh and Jen Appel, has offices in New York, Los Angeles and Nashville. You can reach the new additions to the Oriel team at kelli@theoriel.co and chrissy@theoriel.co.
Yendi Rodriguez has been promoted to vice president, creative and songwriter services, U.S. Latin at Sony Music Publishing. In her new role, Rodriguez will lead expansion efforts for the U.S. Latin roster with emphasis on career development, talent discovery, creative collaboration and song placements. She will also continue to liaise across the company’s divisions including administration and synch to advance songwriter service efforts. The Miami-based executive will report to Jorge Mejia, president & CEO, Latin America and U.S. Latin, Sony Music Publishing. “Music has always been my passion and it is an honor to be working alongside the best songwriters in the business,” Rodriguez said. According to a press statement, Rodriguez has been key to landing top signings including Keityn, Bizarrap, Nicki Nicole, The Rude Boyz and Jay Wheeler, as well as renewals including Tainy, Camilo and Farruko, among many others. –GF
Sarah Gallagher was promoted to managing director at Modest! Management, home to Olly Murs, JLS and other artists. Gallagher is fast-approaching her 14-year anniversary at the London-based company, where she has overseen a slew of successful campaigns and tours. She reports directly to co-founders Richard Griffiths and Harry Magee. In addition to Sarah’s promotion, Natalie Vassileiou has been elevated to operations director, working alongside Gallagher to manage the day-to-day running of Modest!.
Discogs promoted Anbu Ilango to vp of engineering, Jen Agosta to brand director and Jeffrey Smith to vp of marketing.
Courtney Johanson, who was with public relations company The Greenroom PR for more than a decade, has left the company to join Red Light Management in a management capacity for artists Kip Moore, Caylee Hammack and Tucker Beathard. At The Greenroom PR, Johanson worked on campaigns for clients including Moore, Hammack and Beathard, as well as Brooks & Dunn, Rascal Flatts and Elvie Shane. –JN
Ami Gan has taken her leave as CEO of OnlyFans, the subscription platform popular among adult content creators and the occasional music artist (see: Iggy Azalea, Bhad Bhabie, Bella Thorne and Rubi Rose, among others). Gan, previously chief marketing officer, spent two and a half years in the top job and says that during her tenure the company paid out $10 billion to creators. Replacing her will be Keily Blair, who rises from chief strategy officer. “Spending nearly 3 years at OnlyFans while it echoed throughout the cultural zeitgeist, has been beyond rewarding,” said Gan, who returns to her roots as founder of a marketing firm called Hoxton Projects.
Nashville Bites: Alyssa Ramsey was promoted to manager of label services at Play It Again Entertainment, the label and management company founded by singer-songwriter Dallas Davidson. She’ll oversee label projects and artist development, including A&R and release timelines. Ramsey works with Cade Price to manage rising singer Dylan Marlowe. .. The Country Music Hall of Fame and Museum hired senior director of education and community engagement Katherine Palmer and director of facilities Ed Schulte. Palmer arrives from the Phoenix-based Musical Instrument Museum, where she was curator of education. Schulte has been the Nashville Zoo director of facilities for the last five years … Newly launched public relations firm King Publicity added Christina Bosch in a publicist role, effective immediately. She was most recently vice president at The Nash News. Bosch can be reached at christina@kingpublicity.com.
In 2022, SoundExchange reported that collections fell slightly to $1.017 billion from 2021’s $1.06 billion — a decrease of about $43 million, or 4.1%. Likewise, distributions fell 3.4% to $959 million from 2021’s $993 million.
However, those collection decreases mainly appear to be due to either revenue or content payout declines from digital services in direct licensing arrangements with labels as well as from foreign collection societies.
Of the $1.017 billion in total collections, $813 million was derived from statutory royalties, while $204 million was paid to SoundExchange via direct licensing deals between labels and services and from foreign collection societies. That’s a drop from the prior year when statutory royalty payments to SoundExchange were $824 million and direct licensing payments were $236 million. So while the statutory royalties fell slightly by $11 million — a decline of 1.3% — the bulk of the decline, or $32 million, was due to a 13.6% fall in direct licensing payments and from foreign societies.
Overall, SoundExchange president/CEO Michael Huppe declared 2022 a “tremendous year” for SoundExchange, in a note leading the organization’s annual report.
“Living up to our mission to foster an equitable music industry where all creators can thrive, the company collected $1.017 billion digital royalties from more than 3,600 digital streaming platforms and distributed them to more than 600,000 creators and rights holders,” Huppe wrote in the note. “In doing so, the company crossed the $[10] billion threshold for distributing royalty payments since its inception in 2003.”
As a percentage of revenue, SoundExchange claims a 6.6% operating administration rate or a 7.2% consolidated administration rate. Either way, the organization claims it has “maintained one of the music industry’s lowest admin rates.
However, expenses grew a whopping 17.5% to $74 million from the prior year’s total of $63 million. While SoundExchange didn’t immediately respond to a request for comment, the cost increase could have been due to costs associated with upgrades to the organization’s technological infrastructure.
According to Huppe’s note in the annual report, SoundExchange also “unveiled a suite of next-generation solutions to make the business of music easier and fairer — including a new look, a new website that serves as a resource for creators, publishers, and digital service providers, and a mobile app to give creators easy on-the-go access to their accounts.”
Its expense structure is also undoubtedly impacted by finding and paying the correct rights holders, particularly on the indie artist side of things. According to a press release, “SoundExchange collects and distributes digital performance royalties on behalf of 650,000 music creators and growing.”
Finally, SoundExchange attributed the $10 billion in distributions to date to its “proprietary music tech solutions that turn data into accurate revenue.”
Global recording industry trade body IFPI announced on Thursday that Frances Moore will step down as CEO at the end of the year, ending a consequential tenure that began in 2010. Moore has agreed to assist in the search for her successor at the organization, which represents more than 8,000 record company members worldwide, including all three major labels.
Moore joined IFPI in 1994 as regional director for Europe; her 13-year tenure as chief executive makes her its longest-serving leader ever and, according to IFPI, the longest-serving leader of a recorded music trade body.
Under Moore’s leadership, IFPI has guided the global industry through a throng of seismic changes, namely its transition to digital streaming, along with major initiatives to strengthen copyright protections and intellectual property rights and the ongoing fight against music piracy. Those initiatives helped lay the groundwork for the recorded music industry’s year-on-year recovery from the lows of just over a decade ago when piracy was rampant.
When Moore started at CEO in 2010, global music sales had fallen to $13.8 billion from a high of over $22 billion in 1999. Last year, recorded music sales had rebounded to $26.2 billion, a rise of 9% on the previous year and the eighth consecutive year of growth, according to the organization’s most recent “Global Music Report.”
Noteworthy achievements during her 13-year tenure include the hard-fought enactment of the EU Copyright Directive – a landmark piece of legislation, which made online platforms like YouTube liable for unlicensed content, effectively closing safe harbor protections in Europe, and which was passed in 2019 after extensive lobbying from IFPI.
Moore’s reign has also seen IFPI take a leading role in combating stream manipulation and copyright infringing websites around the world. Legal action taken or coordinated by IFPI in the digital era has led to around 5,200 infringing sites being blocked or shut down, says the London-based organization.
As the music industry has become more global, IFPI also created the IFPI Global Charts and in 2015, IFPI struck a blow to piracy by aligning the global release of new music to Fridays.
“After three decades with IFPI, thirteen of which as its Global CEO, it is time for me to hang up my spurs!” Moore,who trained as a barrister, said in a statement. “I have loved working for IFPI and the recording industry and feel so fortunate to have had the opportunity to serve in this role. I am very proud and appreciative of the IFPI team, both now and over the years. Every achievement has been the result of a team effort. ”
She continued, “I have had the good fortune of living through so much of the industry’s transformation from analogue to digital. On my first day at IFPI thirty years ago, I was dealing with legislation on blank tape levies and here we are today dealing with legislation on AI!”
Along with advocating and taking actions on behalf of it members, IFPI of course endures as the recorded music industry’s main resource for documenting the industry’s progress. It’s annual “Global Music Report” continues to be the standard, and under Moore IFPI launched the IFPI Global Charts, the industry’s official annual ranking for the best-selling artists.
In a written statement, the IFPI Main Board said, thanked Moore for “navigating IFPI through arguably the most demanding and complex period of modern music’s history. At once, she has led us through music’s digital transition and the industry’s expansion worldwide, enabling a return to growth that mutually benefits artists, labels and the broader music ecosystem. Not only has she herself been an excellent and effective advocate for labels and creators, but Frances has built an incredible team of professionals to assure that her legacy will carry on.”