Paris-headquartered music company Believe generated annual revenues of €760.8 million in 2022.That annual revenue figure converts to USD $800 million (at average annual exchange rates as per the IRS).The company's full-year financial results (its second set of full-year results since floating on the Paris Euronext in 2021) were published on Wednesday (March 15).According to Believe, its annual revenues grew €183.6 million, from €577.2 million in 2021, reflecting an increase of 31.8% YoY.Believe's performance in 2022 marked an acceleration in growth versus the prior year, when the company grew its revenues by €135.8 million (30.7%) YoY, from €441.4 million in 2020.... (MBW)
Why is Spotify copying TikTok? To cling on to power.
Why is Spotify pursuing a new design that borrows heavily from time-sucking short-form video services like TikTok?That’s the question on the mind of Music Business Worldwide founder, Tim Ingham, on MBW’s latest Talking Trends podcast.As Ingham explains, Spotify’s motivations for its much-debated new home feed (as well as its new AI-powered DJ) aren’t likely to lie solely in its aid of artists.Instead, he suggests, Spotify has made the move because it knows the power of its key USP in the view of investors – algorithmic recommendation – has been deteriorating in recent years... (Talking Trends supported by Voly Music)
Eric Levin, long-time Warner Music Group CFO, to retire later this year
Eric Levin, EVP and Chief Financial Officer, Warner Music Group, has confirmed he will retire from the company by the end of 2023.Levin joined WMG in 2014, having held a number of senior executive posts in the US and Greater China.Levin was hired at Warner by former WMG CEO, Steve Cooper, three years after Access Industries acquired the major music company for $3.3 billion... (MBW)
SESAC Music Group acquires distribution and content delivery platform AudioSalad
SESAC, the Nashville-headquartered music licensing/collection society, has acquired New York-based content management, analytics, delivery and distribution tech provider AudioSalad.AudioSalad will remain headquartered in New York under the leadership of CEO Iain Catling and CTO Deane Thomas and will continue to function as a standalone business within the SESAC Music Group... (MBW)
“Deezer has long advocated for a re-evaluation of subscription’s economic model. We’re thrilled Jeronimo and his team are partnering with us to explore how we can evolve streaming for the benefit of the entire ecosystem of artists, labels, platforms and fans. Such collaboration is critical to the success of the Artist-Centric initiative. While there won’t be one uniform quick fix — subscriber acquisition and retention dynamics and metrics vary by platform — our partnership with Deezer will help accelerate this entire enterprise."
Don't miss: HYBE's not the only K-pop giant eyeing the US: SM Entertainment plans $150m Stateside acquisition to speed up global expansion
Don't miss: Spotify's mission statement is preposterous. Its latest announcements prove it.
“Our mission is to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by it.”It’s been Spotify‘s mission statement, published in its annual financials, for the past five years.I’ve pointed out previously that it amounts to nothing more than a daft fantasy. But Spotify’s latest proclamations really hammer the point home... (MBW Reacts)
No comments:
Post a Comment