Live Nation sells 100 million tickets in half a year, Spotify gives up on-board hardware, SoundCloud lays off 20% of staff
Organizer | Li Ying Editor | Fan Zhihui
>> Spotify stops selling car hardware Car Thing
Spotify has quietly stopped production of its in-car hardware device called “Car Thing,” citing inflation, supply chain disruptions and the product’s financial viability.
The decision came shortly after the company made the product widely available in the U.S. market in February, priced at $89.99. Recently, the price of the product was reduced by 44% to $49.99, which also means that sales were less than expected. Launched by Spotify in April 2021, Car Thing is designed to give users access to their Spotify account to stream music and podcasts through a dedicated screen.
The company disclosed its decision to discontinue Car Thing in its July 27 earnings report for the second quarter of 2022. Spotify said Car Thing dragged down the group’s reported second-quarter gross margin after a one-time $31 million fee.
>> SoundCloud lays off about 20% of staff
On August 3, SoundCloud confirmed that its global workforce will be cut by about 20%.
SoundCloud CEO Michael Weissman quoted the news on LinkedIn, adding: “Making changes that affect people is very difficult. But given the challenging economic environment and financial market headwinds, this is necessary to ensure SoundCloud’s long-term success. of.”
At the end of 2020, the music streaming company reported 392 employees worldwide (359 of whom were full-time employees).
According to Crunchbase estimates, 32,000 workers in the U.S. tech industry alone will be laid off by 2022.
>> ONErpm launched ONE PUBLISHING, a song and song copyright management service
· On August 3, music distribution company ONErpm launched ONE PUBLISHING, a copyright management service for lyrics and songs.
ONErpm says the service will “allow songwriters and songwriters (copyright owners) to manage their music library in a simple and transparent way and collect royalties from anywhere in the world”. ONErpm musicians and labels, as well as DIY publishing accounts that meet certain criteria, can use ONE Publishing.
To launch ONE Publishing, ONErpm has partnered with Performing Rights Organizations (PROs), Collective Management Organizations (CMOs), including BMI, ASCAP, SESAC, HFA, MLC and MusicReports (all in the US), as well as regional partners such as UBC Brazil, Mexico SACM in Colombia, SAYCO in Colombia, LatinAutor in Latin America and Unison in Europe.
ONErpm also said that its songwriting rights business has signed direct agreements with DSPs such as YouTube, Spotify, Apple, Deezer, Lyricfind and MusixMatch.
>> Spotify will roll out separate ‘shuffle’ and ‘play’ buttons for paying subscribers
On August 4, Spotify added dedicated Play and Shuffle buttons on the playlist and album pages to its iOS and Android apps, allowing users to choose whether to listen to albums in order, Playlist or artist.
However, Spotify will only offer this new feature to paid subscribers, meaning users must subscribe to the platform’s paid service before they can enjoy the new button.
Before that, Spotify would set the play button to random play by default in the playlist. If users want to play in the order of the list, they need to click the tracks in the list separately; in albums, this button is played in sequence by default. To shuffle, you need to select in the menu under the specific track.
However, such a design may be traced back to last year when British singer Adele expressed dissatisfaction with Spotify’s album play button defaulting to shuffle, because it broke the artist’s carefully designed playback sequence and made the album lose its storytelling. As a result, Spotify decided to change the play buttons in the album to the default order of playback. But this has also sparked criticism from the outside world, with some saying the move deprives users of their choice.
In the new mobile version of the app, Spotify has split the shuffle button into a separate button next to the green play button. This new feature design is expected to be rolled out gradually over the next few weeks.
>> TikTok announces ticket business partnership with Ticketmaster
· On August 4th, TikTok is launching an integration with Ticketmaster.
Currently, Ticketmaster sells tickets in the TikTok app, where performers can reach some fans more directly. The partnership means Ticketmaster can leverage TikTok’s referral feed to help musicians recommend their event tickets to fans.
Only “select” creators will have access to the feature at launch, but it will expand to more users over time. Some of the musicians and entertainment companies that have started using the feature include Demi Lovato, OneRepublic, Usher, the Backstreet Boys and WWE.
>> “Beyond AI” created by Kugou Music released the world’s first original single by a star AI singer
On August 7th, the AI singer created by Kugou Apollo Sound Lab combined with the voice of “Yang Chaoyue” – “Beyond AI”‘s first original single “Tang Chao” was the first to be launched on Kugou Music Super Subscription, super subscription members You can listen to it online 3 days in advance.
On August 10th, “Tang Chao” will be released on Kugou Music. Open Kugou and search for “Tang Chao” to listen to the single. The first MV that surpasses AI will also be released on the 13th.
(Screenshot of “Tang Chao” MV trailer)
It is understood that beyond AI’s new song this time, Fang Wenshan, the “representative lyricist of Chinese style”, was invited to write lyrics, showing the surprising encounter between ultra-avant-garde technology and traditional national style. And beyond AI also showed a realistic and expressive singing voice, which was commented by fans as “good”, “not enough to hear”, “creative full score” and “full of expectations”.
>> HYBE’s revenue in the second quarter of 2022 increased by 83.8% year-on-year to $391 million
· On August 3, HYBE announced its financial results for the three months ended June 30 (Q2 2022).
According to the financial report, revenue in the second quarter soared to 512,218 billion won, or about 391 million US dollars at current exchange rates, an increase of 83.8% year-on-year and a month-on-month increase of 79.7%.
The company’s operating expenses rose to 423,907 billion won (about $323.6 million) in the second quarter, an increase of 69.2% year-on-year from 250,599 billion won (about $191.3 million) in the second quarter of 2021, investor filings show.
However, the company’s operating profit rose a whopping 215.3% year-on-year, from 28.01 trillion won ($21.3 million) in the second quarter of 2021 to 88.31 trillion won ($67.4 million) in the second quarter of 2022.
HYBE’s biggest revenue driver in the second quarter was its “artist direct participation” business line, which generated revenue of KRW 325.883 billion, a year-on-year increase of 153.4%, or approximately $248.7 million, its second consecutive quarter in the second quarter. largest source of income for the second quarter.
HYBE’s second-largest source of revenue in the second quarter was album sales, driven by the release of new songs by groups such as BTS and Seventeen during the quarter.
The company’s album sales increased by 97.1% year-on-year, from 107,012 billion won ($81.7 million) in the second quarter of 2021 to 210,890 billion won ($161 million) in the second quarter of 2022.
HYBE’s sales and licensing revenue also surged 97.2% in the second quarter, from 50,099 billion won ($38.2 million) in the second quarter of 2021 to 98,783 billion won ($75.4 million) in the second quarter of 2022.
Meanwhile, HYBE’s “content” business revenue fell 22.6% year-on-year to 70,693 billion won ($53.9 million).
HYBE also revealed in its investor filing that the number of monthly active users of its fan community app WeVerse fell by 6% compared to the first quarter of 2022. The WeVerse app, which brings together content produced by Big Hit artists, including music videos, trailers, movies, merchandising and even live broadcasts, has been cited by HYBE as one of the key drivers of its success during the pandemic.
Despite seeing a decline in WeVerse MAU, HYBE’s revenue from its “fan club and more” business line rose 96% year over year to 16,858 billion won ($12.8 million).
>> Believe’s revenue in the first half of 2022 increased by 35.4% year-on-year to 352.2 million euros
· On August 4, the French independent music distribution company Believe released its financial report for the first half of 2022.
The report shows that in the first half of 2022, the company’s revenue increased by 35.4% year-on-year to 352.2 million euros (about 360.9 million US dollars), an increase of 35.6%. Believe said the company achieved solid market share gains during the half-month period, with digital revenue up 37.8% year over year.
Believe’s revenue in Asia Pacific and Africa grew 61% year over year and accounted for more than 25% of the company’s total revenue. The company’s adjusted EBITDA rose 60.5 percent year-on-year to 11.7 million euros ($11.9 million) for the six-month period that includes the first half of 2022.
Do-it-yourself publisher TuneCore’s net revenue in the first half of 2022 increased by 34.9% year-on-year to 23 million euros (about 23.5 million U.S. dollars). In June 2022, TuneCore changed its pricing model to a single annual subscription for music released by musicians. In the first half of 2022, most of the company’s net income came from its “Premium Solutions” business, which increased 35.4% year-on-year to 329.2 million euros (about 337.3 million US dollars).
>> Live Nation sold 100 million tickets in half a year
Live Nation has sold 100 million concert tickets in 2022 — more than it sold in all of 2019, according to the company’s quarterly investor filings for the quarter ended June 30, 2022.
On the financial front, Live Nation reported that it generated $4.4 billion in revenue across all segments in the second quarter, including concerts, ticketing, and advertising and sponsorships. This revenue figure was up 40% compared to the same period in 2019, the year before the outbreak.
The concert segment was its biggest revenue driver in the second quarter of 2022, generating $3.6 billion in the quarter; the ticketing business generated $575.3 million in the second quarter. Data shows that more than 12,500 concerts have been promoted, with 33.5 million fans participating, each an increase of more than 20% over the same period in 2019.
>> Reservoir Media achieves 14% YoY growth in Q2 2022
On August 5, according to the latest financial report released, New York independent music company Reservoir Media achieved 14% year-on-year revenue growth in the second quarter of 2022, generating a total of $24.3 million in revenue.
According to the breakdown, the total revenue of $24.3 million, if you take into account the mid-term acquisition of Reservoir, is an increase of 46% year-on-year; it is said that the company currently has about 140,000 copyrights and 36,000 master recordings.
Revenue from song and song rights in the second quarter of 2022 was $16.4 million, an increase of 35% over the second quarter of 2021, and accounted for the largest share of revenue. Of this, digital revenue was $8.5 million (up 28% year-over-year), sync rights licensing revenue was $3.3 million, up 70% year-over-year, and mechanical rights and “other” revenue accounted for around $1.1 million.
Recorded music revenue of $7.6 million included digital music revenue of $4.6 million, up 62% year-over-year; physical revenue of $1.3 million, up 34% year-over-year; and neighboring and synchronization rights revenue of $1.7 million. The company’s operating income was $1.6 million, while the song and song rights business lost $300,000.
For all operating income in the second quarter of 2022, adjusted EBITDA reached $7.4 million, up 73% year-over-year, while net income rose from a loss of $1.51 million in the second quarter of 2021, the filing shows. USD grew to a profit of $16,821.
>> OneOf Announces Completion of Over $8 Million Strategic Financing
On August 1, the music NFT trading platform OneOf announced the completion of a strategic financing of over $8 million to accelerate the development of its sustainable NFT market.
Investors in the new round include Amex Ventures, the venture capital arm of American Express, Mirabaud Lifestyle Impact and Innovation Fund, Snow Hill Ventures, Sangha Capital, Chain Link Crypto Fund, etc. The new capital infusion brings OneOf’s total raised to more than $72 million.
As part of an event hosted by American Express, OneOf is launching a set of NFTs that can be used by American Express card members.
>> Symphonic Distribution acquires marketing agency Streaming Promotions
· On August 1, Florida-based music distributor Symphonic Distribution acquired Nashville-based marketing agency Streaming Promotions.
Streaming Promotions was established in 2015, and its main business is to increase the exposure of artists on streaming services.
The company claims to have partnered with more than 1,500 playlist artists, with past clients including Baha Men, Enrique Iglesias, For King & Country, Drew Holcomb & The Neighbors, Judah & the Lion, Daughtry, Tim McGraw, and more.
Founded in 2006 by former music producer Jorge Brea, Symphonic Distribution announced in January that it had raised $37 million in a Series B funding round. In addition to its Florida headquarters, Symphonic has international operations in Africa, Brazil, Colombia, Dominican Republic, Mexico, Spain and more.
>> BMG to acquire Germany’s largest independent record label Telamo
· On August 3, BMG has agreed to acquire Telamo, Germany’s largest independent record label, in a deal that will double its annual recorded music revenue in Germany, the world’s fourth-largest music market.
According to the annual report data released by BMG parent company Bertelsmann earlier this year, in 2021, BMG’s recorded music and music lyrics copyright business revenue in Germany will reach 40 million euros, and recorded music revenue will account for about half of BMG’s revenue in Germany.
BMG said that with the acquisition of Telamo, BMG’s total recorded music market share in Germany will reach 8.5%.
BMG didn’t disclose the fees for the Telamo deal, but it confirmed in a press release that the deal is “BMG’s largest recorded music investment since the acquisition of independent country music giant BBR Music Group.”
The deal is still subject to approval by the Austrian Federal Competition Authority, after which the acquisition is expected to close by the end of August.
>> Piracy tracking company MUSO gets £3.2m investment
On August 3, MUSO, a London-based data firm that tracks global piracy and unauthorized media consumption, has secured a £3.2 million ($3.9 million) investment from Puma Private Equity in the UK.
Currently, MUSO’s services are used by Amazon Studios, the National Association of Theater Owners (NATO), NOS, Lionsgate, MNRK (formerly eOne Music), Sony Interactive Entertainment Europe, and others.
MUSO claims its technology is capable of measuring hundreds of billions of visits to pirated websites each year and provides consumption and audience data, enabling rights holders to “protect their content from piracy while increasing their revenue”.
>> GoDigital Partners with MEP Capital to Acquire NGL Collective
On August 3rd, GoDigital, the parent company of Cinq Music Group, has partnered with MEP Capital to acquire NGL Collective, the “next-generation Latino digital-first media and entertainment company” in the United States.
As part of the acquisition, NGL Collective is merging with mitú, a company owned by GoDigital. In a press statement announcing the merger, GoDigital said NGL’s “premium Latino video offerings on web, mobile, social and connected TV, combined with mitú’s community of over 13 million social users and web visitors, will provide consumers and advertisers to deliver an unparalleled video-driven experience.”
GoDigital said the combined company, which will retain the NGL Collective name, will be the “largest 100% Latino-focused digital-first Latino media giant” in the United States.
>> Indian telecommunications company Airtel intends to acquire local streaming company Gaana
· On August 3, Indian telecommunications services company Bharti Airtel intends to acquire Indian streaming company Gaana.
According to Billboard, The Economic Times, an Indian daily news outlet owned by Gaana’s parent company Times Group, reported that the deal was complete, but then pulled the report. Negotiations between Airtel and Gaana have been going on for several months, according to a report published last month.
The reported talks have sparked speculation that Airtel could merge Gaana with its existing music platform, Wynk music.
Wynk Music, which costs 49 rupees (~$0.62) a month for a monthly subscription, recently ranked first in India’s Google Play Store’s “Music & Audio” category, beating global giant Spotify, according to Indian telecom news portal TelecomTalk. , TikTok subsidiary Resso Music and Airtel rival Reliance Jio’s JioSaavn.
Gaana, on the other hand, has a monthly subscription fee of 99 rupees (~$1.25). Although Wynk Music was created more than four years after Gaana, it surpassed Gaana in downloads in 2021. According to an analysis by Indian media platform Inc42, Wynk Music had 39.4 million downloads last year, while Gaana had 26.4 million downloads.
If confirmed, the merger of the two platforms would give Airtel a larger share of India’s audio streaming market, which is expected to reach $870 million by 2025, Inc42 said.
According to music industry portal MusicPlus, Indian users play music for 19.1 hours per week, higher than the global average of 17.8 hours per week.
>> Concord to acquire song and song copyright company Native Tongue
· On August 4, independent music company Concord will acquire song-writing rights company Native Tongue, expanding its operations in Australia and New Zealand. Concord allegedly spent an eight-figure sum on the acquisition, though they added that the final transaction price was well below the $50 million mark.
Concord is officially back in business as an acquired music company, expanding globally. Following the acquisition of Native Tongue, Concord will establish Concord Music Publishing ANZ in Melbourne, with offices in Sydney and Auckland.
Native Tongue was founded in 2003 by Chris Gough. The company has been led by siblings Jaime and Chelsea Gough since semi-retirement in 2014.
>> Douyin Summer Song Club officially opened its first online live broadcast on August 6
It was reported on August 6 that the Douyin Summer Song Club officially launched its first online live broadcast, and the pre-order live broadcast channel has now been opened.
The star lineup has been unlocked and released, including Zhou Shen, Wang Sulong, Liang Jingru, etc. It is understood that this year, Douyin continued to explore a new model of online live concerts, combining the immersion and presence of offline performances with the fun and participation of online live broadcasts.
Before the live broadcast, users can receive exclusive commemorative “limited tickets” for each performance, participate in the wish list, unlock song party props and encore songs, and participate in singer challenges. In the live broadcast, use the support props unlocked in the early stage, listen to the song that made a wish in person, and watch such a performance co-created and completed by yourself.
>> BTS will hold a concert in Busan
· On August 7th, it was reported that BTS will hold a concert in Busan in October.
HYBE has confirmed that BTS’s concert is free, and the agency is currently discussing the location of the venue. It is expected that the audience of this concert will exceed 100,000 people. This is the largest event hosted by Busan in history.
music variety show
· On August 5, the finals of Mango TV’s “Riding the Wind and Waves” ended. Wang Xinling won the annual championship and Tan Weiwei won the annual captain. Zheng Xiuyan, Yu Wenwen, Tan Weiwei, Zhong Xintong, Xue Kaiqi, Cai Zhuoyan, Tang Shiyi, Guo Caijie, Zhang Tianai formed a group.
· On August 5th, Zhejiang Satellite TV’s “The Voice of China” started broadcasting, and Li Keqin, Liao Changyong, Liang Jingru, and Li Ronghao successively gained generals.
· On August 6th, iQIYI’s “China Rap Showdown” kicked off. Good Morning, Kung Fu Fat KUNGFU-PEN, KEY.L Liu Cong, Tizzy T, GALI, Liu Xuanting won and Huang Xu was eliminated.
Recommended this week
· On August 2, the Times Youth League released a new single “The Crying Game”. The single was written by Tang Tian, composed by Urban Cla6ix and released by Beijing Times Fengjun.
· On August 2, VaVa Mao Yanqi released a new single “Mulan”. The single was written by Jiang Fan and Xu Hao, and composed by Jiang Fan and released by Warner Records.
· On August 2, Zhao Rang released a new single “DWMU”, which was written and composed by Zhao Rang and released by SDT.
· On August 4th, Zhang Jie released a new single “Xinghan You”. The single was composed by Liangpeng and Lindu, composed by Dang Tianyou and Wang Tianfang, and released by Zhenzuo Culture.
· On August 4th, Hu Xia released a new single “Good Day Tonight”. The single was composed by Zhao Jingyi and Guo Lei, composed by Zhao Jialin and released by Zhenzuo Culture.
· On August 5th, Lauv released a new album “All 4 Nothing” with a total of 13 songs, released by Lauv.
· On August 5th, Eminem released the best album “Curtain Call 2” with a total of 35 songs, released by Aftermath.
· On August 5th, Packett released a new album “WOTWT MixTape Vol.2”, which consists of 12 songs and was released by Fourth Music.
· On August 5th, Girls’ Generation released a new album “Forever 1” with a total of 10 songs, released by SM.
· On August 5th, Yu Wenwen released a new single “Hedgehog”. The single was written by Ye Qingsailan and composed by Yu Wenwen and released in Wenwen Studio.
· On August 5th, Benny Blance, BTS, Snoop Dogg released a new single “Bad Decisions”, the single was written and composed by Blake Slatkin, Mike Posner, Benjamin Levin, Magnus August Høiberg, Calvin Broadus, Friends Keep Released by Secrets, Interscope Records.
· On August 5th, Chen Shanni released a new single “Should 2022”. The single was written and composed by Chen Shanni and released by Ronghe Music Entertainment.
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