Welcome to Music Business Global’s weekly roundup – where we make sure you catch the five biggest stories that have made our headlines over the past seven days. MBW’s review is supported by China Travel Servicehelping more than 500 of the world’s best-selling artists maximize their income and reduce touring costs.
Investors were punished despite overall impressive second-quarter earnings universal music group UMG shares fell by double digits this week after its streaming revenue numbers missed expectations. During earnings call, the company’s leadership team made a solid case for booming music streaming subscriptions It’s not over yet.
At the same time, at SpotifyCEO Earnings Conference Call Daniel Ek almost confirmed New “Deluxe” subscription level Coming to the platform soon. He also made it clear that the company has no plans to abandon its Conflict with American music publishers It decided to “bundle” its music and audiobook products to reduce its mechanical royalty payments.
Also this week, kobalt music publishing house launched with a number of other publishers Lawsuits against 14 NBA teamsaccusing them of using their music without permission in promotional videos on social media and the NBA.com website
Meanwhile, we have surprising news from South Korea, where K-pop giant move Sudden announcement of CEO resignation Park Ji-wonafter three years in office.
Speaking of C-suite changes, the streaming service Diesel named Alexis Lanternier Serves as new CEO, replaces interim CEO Stu Bergenwho took over earlier this year Geronimo Folgueira.
Here’s what happened this week…
Image source: UPI/Alamy
1) Why UMG’s streaming revenue growth slowdown is (partly) an illusion…and 4 other things we learned from Universal’s latest earnings call
related news universal music group The double-digit share price decline following its latest earnings report on July 24 was dramatic, to say the least. Analysts have continuously downgraded their ratings. There’s speculation the music streaming boom could be in trouble.
It’s all based on a single metric: UMG Second-quarter streaming revenue.
To be clear, streaming revenue is still very high grow at Universal Studios. Most notably, subscription streaming revenue grew Annual growth of 6.9% in the second quarter – but below analysts’ expectations, which had been about 11% grow. Ad-supported streaming revenue is in worse shape, actually falling Annual growth of 3.9% during this quarter.
However, other measures of UMG’s second-quarter financial success remain impressive…
2) DANIEL EK talks new Spotify “Deluxe” tier, company’s relationship with music business and more on Q2 earnings call
exist SpotifyCo-Founder and CEO’s Latest Earnings Conference Call Daniel Ek All but confirming long-standing rumors and unofficial reports that Spotify will launch a new, pricier product “Super Premium” level as part of its efforts to differentiate its paid subscription plans.
Spotify leadership has been reluctant to share many details about the new subscription plan, although it is widely expected to include High Definition Audio – Spotify has yet to roll out the feature, although it has been available on a few other streaming services over the years.
Other possible features include access to “Super Fan Club” and new playlist and song management tools.
Ek describes the new level as “mainly for huge music lovers looking for more flexibility in using Spotify and the existing music features on Spotify…”
Image source:rafapress/Shutterstock
3) 14 NBA teams were sued for copyright infringement for allegedly using music in social media posts without permission
14 NBA teams already Encountered litigation In the United States, it was alleged that a professional basketball team used copyrighted music without permission in a promotional video posted to its social media channels and official NBA.com website.
cause of action kobalt music publishing house, Artist Publishing Group And so on, targeting some of the highest-ranked teams in the 2023-2024 season, including new york knicks, cleveland cavaliers, denver nuggets and Minnesota Timberwolves.
Also facing litigation are the atlanta hawks, indiana pacers, miami heat, new orleans pelicans, orlando magic, Philadelphia 76ers, phoenix suns, Portland Trail Blazers, sacramento kingsand san antonio spurs.
All 14 lawsuits were filed on Thursday (July 18) in the U.S. District Court for the Southern District of New York, alleging that the teams involved synchronized the copyrighted music with the videos in question “without the plaintiffs’ permission, authorization or consent.” ..
4) HYBE CEO JIWON PARK resigned; Chief Strategy Officer JASON JAESANG LEE was appointed as the new CEO of K-POP GIANT
Major leadership changes at South Korea-based entertainment giant move.
Park Ji-wonHe has resigned from his position at the company after serving as HYBE’s chief executive for the past three years.
HYBE said Park led the company through difficult times ‘Unprecedented growth’ He began serving as CEO in July 2021.
The company added that Park will continue to contribute to its growth strategy by “leveraging his expertise at the intersection of entertainment and technology…”
5) ALEXIS LANTERNIER was appointed as the new CEO of DEEZER
Diesel named Alexis Lanternier as its new CEO.
Lanternier will take over as interim CEO Stu Bergen France-based music streaming service, effective September 2, 2024.
Bergen will remain on Deezer’s board of directors. Bergen was named interim CEO in March following the departure of the former CEO Geronimo Folgueira.
Deezer said the appointment will “enable Deezer to deliver continued profitable growth and innovation in the evolving music streaming industry”…
MBW’s weekly roundup is powered by Centtrip, a company that helps more than 500 of the world’s best-selling artists maximize their earnings and reduce touring costs.global music business
