Composers and songwriters are looking to receive an additional $8 million (£6 million) in royalties from online services each year from PRS for Music. CEO Andrea Czapary Martin announced a 20% reduction in the administration rate from multi-territory online (MTOL) royalties’ collection — the result of the collective management organization surpassing its targets and delivering historic distributions and revenues.
Source: PRS for Music Squeezes Out Another $8 Million for Songwriters
In the publicly released elements of the Audio Publishers Association‘s proprietary annual consumer survey, the organization today (June 3) has reported that audiobook revenue in the United States grew 9 percent in 2023 to US$2 billion. While this represents a dollar valuation above the $1.8 billion figure of last year’s report issued on June 1, 2023, the growth rate appears to have slowed a bit from the previous survey’s 10 percent.
Source: Audio Publishers Association Survey: 9-Percent Growth
HSF confirmed the slightly increased bid via a formal release today, a little over two weeks after Concord officially bowed out of the acquisition battle. This high-stakes competition for the entirety of Hipgnosis Songs Fund – encompassing the rights to the work of Shakira, Barry Manilow, Timbaland, and a number of others – seemingly marks the final chapter in the entity’s turbulent story.
Source: Blackstone Ups Hipgnosis Songs Fund Offer to $1.31 Per Share
For Mestel, buying up rights wholesale is a mistake. He says Primary Wave typically buys 50% or 60% of a catalogue because they want to collaborate on their plans with the actual artist (or their estate). “We want the artists as a partner,” he says. “So it’s easier for us to buy than, let’s say, somebody like Hipgnosis or Blackstone who have to overpay because they don’t have an infrastructure.”
The Spotify Premium Individual plan is increasing by $1, from $10.99 to $11.99 per month, according to the company’s updated price listings. The Premium Family plan, which provides access for up to six members a household, is going up by $3, from $16.99 to $19.99 per month.
Source: Spotify Raises U.S. Prices of Premium Streaming Plans for Second Time in One Year
Exactly.ai says it uses generative AI to help artists retain legal ownership of their art and gives them the ability to reproduce their designs much faster and at scale. It’s now raised $4.3 million in a seed funding round led by Speedinvest, with InReach Ventures, Cornerstone VC, GuruDev Capital and a few angel investors also participating. The startup claims to have 40,000 registered users.
Source: Exactly.ai secures $4M to help artists use AI to scale up their output | TechCrunch
Pandora is the latest music-streaming service to raise the price of its monthly subscription. The company confirmed the news on its community forum in response to a post by someone on its discounted $7.99-a-month plan for people in the military services, noting that it was going up to $8.99.
Source: Pandora raises subscription prices citing ‘licensing costs’
OpenAI announced pacts with two more media companies — Vox Media and The Atlantic — to license their content for the ChatGPT artificial-intelligence chatbot. Under the deals, the companies also will work with OpenAI on a range of product-development initiatives.
Source: OpenAI Inks Licensing Deals to Bring Vox Media, The Atlantic Content to ChatGPT
Content from News Corp publications — which include the Wall Street Journal — is coming to OpenAI under a new multiyear licensing deal. Under the partnership, OpenAI has permission to display content from News Corp’s publications in response to user questions and to enhance its products, with the “ultimate objective of providing people the ability to make informed choices based on reliable information and news sources,” according to News Corp.
Source: News Corp Inks OpenAI Licensing Deal Potentially Worth More Than $250 Million
Company reports to have distributed more than €1bn to rightsholders in a consecutive 12-month period for the first time. With this distribution milestone passed, ICE says that it has now delivered a total of€4.5 billion (approx $4.88bn at current exchange rates) since its first royalty distributions in 2016. ICE was formed by three collection societies — PRS for Music (UK), STIM (Sweden) and GEMA (Germany).
Source: Pan-European licensing hub ICE Services has paid out $4.88bn to rightsholders to date