Finance

The interview kicked off with CEO Geoff Taylor expressing broad support for the parliamentary inquiry into streaming economics’ impact – “a positive opportunity for some of these much-debated issues to get aired, and to hear viewpoints from right across the industry” – but also expressing his fear that the recommendations of the Digital, Culture, Media and Sport (DCMS) committee which is holding it may include “policy interventions that won’t work, or could be counterintuitive or do more harm than good”..

Source: BPI boss talks artists, labels, streaming and equitable remuneration

Livestreaming went from niche to mainstream in 2020, bringing in $610 Million from over 115 million fans, according to new research from MusicWatch. An estimated 115 million people watched a livestream in the fourth quarter 2020 on platforms ranging from the popular site Twitch to Mandolin, one of the new music-focused streamers to have sprouted during the pandemic.

Source: US Livestreams Earned $610M in 2020: Study

Google revealed its plans to withhold U.S. taxes on YouTube income in an aptly titled article, “U.S. tax requirements for YouTube earnings.” Creators enrolled in the YouTube Partner Program – i.e. those who monetize their videos – may see their worldwide earnings docked by a significant 24 percent if they fail to submit their tax info via AdSense prior to Monday, May 31st, 2021.

Source: YouTube Unveils Plan to Automatically Deduct U.S. Taxes From Creators

The popularity of video and other streamed content like podcasts is continuing to grow at a breakneck speed, and today a startup called Epidemic Sound, a marketplace to source the background music for that media, is announcing a huge round of funding to scale along with it.

Source: Epidemic Sound raises $450M at a $1.4B valuation to ‘soundtrack the internet’

US-based collection society ASCAP distributed more money to its publisher and songwriter members in 2020 than it did in 2019. That’s positive news for a music business that might have feared Covid’s impact on these numbers would have seen payouts go into decline.

Source: ASCAP payouts to songwriters and publishers grew in pandemic 2020 – but it was the smallest increase in 5 years

Starting April 1, revenue from fans will go directly—and exclusively—to the artists they listen to. While SoundCloud made no mention of this publicly, they’ll take 45 percent of what an artist earns from their listeners through fan-powered royalties, Michael Pelczynski, SoundCloud’s head of rights administration and strategy, told VICE.

Source: How SoundCloud’s New Royalty Payouts Actually Work

How do we as an ever-changing industry ensure that we’re continuing to grow, nurture and support the livelihoods of the creative communities that allow music streaming to exist in the first place?  Livelihood means more than exposure and celebration of the craft of songwriting, though I do think that is absolutely important as well. But exposure and visibility don’t go nearly far enough.  

Source: Why Spotify’s ex-Global Head of Music Publishing thinks streaming services should be paying songwriters more money

The company has today (March 4) confirmed that it paid out $125.4 million from digital and streaming services to artists across the course of 2020. That’s around $2.4m every week. The $125.4m annual figure was up by 13.9% on the $110.1m that CD Baby paid to indie artist clients from digital platforms in 2019.

Source: CD Baby paid out $125m from digital platforms like Spotify, Apple Music and YouTube Music in 2020

Square, the mobile payments firm run by Jack Dorsey, has agreed to acquire a majority stake in Jay-Z’s music streaming service Tidal for $297 million, the companies announced Thursday. Through the deal, Jay-Z and Tidal’s other artist shareholders — including Beyoncé, Madonna and Rihanna — will continue to own their piece of the business, which will operate as an independent division within Square.

Source: Square Acquires Majority Stake in Jay-Z’s Tidal for $297 Million

Iconic Artists has acquired Crosby’s publishing and recorded music rights, comprising his solo work, as well as his work with The Byrds; Crosby & Nash; Crosby, Stills & Nash; and Crosby, Stills, Nash & Young. Crosby’s deal with Azoff’s Iconic Artists Group coincides with the 50th anniversary of Crosby’s debut solo album, If I Could Only Remember My Name, which was released in February 1971.

Source: David Crosby sells catalog to Irving Azoff’s Iconic Artists Group, including recorded music and publishing rights