State Champ Radio music industry
03/13/2024
Billboard pays tribute to the executives, songwriters, managers, producers, promoters, radio hosts and more who passed on this year.
03/13/2024
12/21/2023
The year saw both record revenues and widespread upheaval amid the rise of new technologies and existential questions about the future of the industry.
12/21/2023
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Idris Elba and his wife Sabrina Elba have been tapped by the BBC and CBC networks to produce a new documentary. Paid In Full: The Battle For Payback will examine racism within the music industry and how Black artists have suffered under the weight of that oppression.
Variety shared details of the impending documentary from Idris Elba and his Green Door Pictures outfit, partnering with Sabrina Elba’s Pink Towel company with Zinc Media’s Supercollider also named as a partner. Paid In Full: The Battle For Payback, which is said to be a working title, will take a deeper look at the music industry and the potential for financial equity for Black artists due to racism and divided opportunities.
The documentary will be a series and is funded and co-produced with Abacus Media Rights and Media Musketeers Studios. AMR will distribute the documentary around the globe.
“This is a story that touches all of us. It’s about the people who created the soundtracks of our lives in popular music and the pain of their exploitation. It’s also about bringing the music industry to account for the injustice inflicted on generations of musical talents who have been deprived of their rightful rewards both financially and in terms of status and respect. At the heart of it is the need to make amends – granting acknowledgment and paying back what is due,” Idris Elba said in a statement.
Tanya Shaw of Zinc Television added, “Far from being a straight music documentary, this series will explore the music industry within a racial context and reflect the history of exploitation within the industry. It will also major in on conversations of structural racism and those who have worked so hard to expose them.”
A release date for the documentary series has yet to be revealed.
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Photo: Getty
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Source: Johnny Nunez / Getty
The music industry continues to thrive and prosper. Last year music revenue took in nearly $16 billion in revenue.
As per Variety the RIAA recently released 2022 Year End Report. Recorded music revenues in the U.S. in 2022 continued to grow for the seventh consecutive year. Total revenues grew 6% to a record high $15.9 billion at estimated retail value. Streaming continued to be the biggest driver of growth with record levels of engagement in paid subscriptions, continued growth in ad-supported format revenues, and growing contributions from new platforms and services. At wholesale value revenues grew 5% and exceeded $10 billion for the first time ever.
Streaming continued to account for a large majority of recorded music revenues in 2022. Paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps and others grew 7% to a record high $13.3 billion in revenue. They collectively accounted for 84% of total revenues, up slightly from 83% in 2021. Revenues from paid subscription services grew 8% to $10.2 billion in 2022, exceeding $10 billion annually for the first time. They accounted for 77% of streaming revenues, and nearly two-thirds of total revenues. Limited tier subscriptions (services limited by factors such as mobile access, catalog availability, product features, or device restrictions) grew 18% to $1.1 billion. Services like Amazon Prime, Pandora Plus, music licenses for streaming fitness services, and other subscriptions are included in this category.
Revenues from physical music formats continued to growafter their remarkable resurgence in 2021. Total physical revenues of $1.7 billion were up 4% versus the prior year. Revenues from vinyl records grew 17% to $1.2 billion – the sixteenth consecutive year of growth – and accounted for 71% of physical format revenues. For the first time since 1987, vinyl albums outsold CDs in units (41 million vs 33 million). After a 2021 rebound versus the COVID impacted 2020, revenues from CDs fell 18% to $483 million in 2022.
You read the RIAA 2022 Year End Report here.
Photo: Uforia
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