How to grow your YouTube channel with YouTube Shorts and ClipsShort-form video content is the key to social media success these days. So here’s how to use Youtube’s features to grow your music career. by Randi Zimmerman of Symphonic Blog. Continue reading
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Making sense of global music forecastsMIDiA has been building global music forecasts for nearly a decade now, and I personally have been building them for nearly two decades. Throughout those years there have been many calls for the numbers to be bigger and bolder. Experience, though, has shown that realism most often trumps optimism. 

The simple truth is that there are no facts about the future. Instead, forecasts are, at least in MIDiA’s worldview, a structured, numerical representation of analyst thinking. We do not aspire to be cheerleaders for any market, however much we may believe in it. Instead, we strive to be trusted partners, aspiring to provide a view of where things are most likely heading. 

With those health warnings out of the way, I am proud to announce the ninth edition of MIDiA’s global recorded music forecasts (If you are a MIDiA client, you can find the report and the 38 sheet Excel data set here).

How we did

To start, I think it is worth a quick look back at how we have done over the years. In our first edition (2015), we forecasted global music revenues (in label trade terms) to reach $20.1 billion by 2020. The actual figure proved to $22.5 billion. So that translates into a 10% variance for a five-year forecast, which isn’t too shabby. Over the course of the previous five years, our forecasts for 2022 had an average variance of -2.5%. Again, a decent track record. 

That’s the good news. 2022, though, was an anomalous year, and 2023 is shaping up to be similarly volatile. Shaped as it is, by a cost-of-living crisis, soaring interest rates, economic slowdown, a softening ad market, global food and energy shortages, and a war in Europe. When we built the 2022 edition, we knew these factors might disrupt the music industry’s trajectory, so we built both a base case and bear case forecast. Our base case proved to be too optimistic ($30.7 billion) while our bear case ($28.3 billion) proved to be depressingly precise (just 0.8% above the actual figure of $28.1 billion).

Why currency matters

That $28.1 billion represented just 3.2% growth on 2021 – the slowest growth since the global market return to growth in 2015. On the surface, this might look like serious cause for concern, evidence of the long anticipated streaming slowdown. But, while a streaming slowdown is indeed happening, it is only a minor contributor to the bigger picture. Not only is 3.2% respectable growth in the midst of economic and geo-political chaos, currency volatility has, to put it bluntly, played havoc with the global picture.

MIDiA always builds its market models with US dollar values and, crucially, in current currency terms. Simply put, that means the values we present for any historical year represent what the market was actually worth in that year. In a year of global currency volatility, this means that some markets that reported strong growth in local currency terms saw much weaker, sometimes even negative, growth in US dollar terms. It is an analytical inconvenience but, in our view, a necessary one to present a meaningful and accurate view of global value.

Other entities try to mask the inconvenience by restating their entire historical dataset based on the currency conversion rates for the most recent year, i.e., constant currency conversion. Hence, the IFPI reported 9.0% growth in 2022, yet if you compare their 2022 figure to their previously reported 2021 figure, you end up with just 0.9% growth (i.e., a growth rate that is ten times slower). MIDiA’s base case forecast would have looked a lot more optimistic if we had used constant currency conversion rates!

All of these complexities make the job of forecasting particularly challenging. Which is why we focused on more stable metrics, such as local currency values and subscribers, to help us estimate future growth. Subscription revenue grew by just 4% in 2022, but subscribers grew by 16%, illustrating strong, underlying market demand and momentum. However, as is so often the case with market sizing, the picture is more nuanced and complex. Emerging markets grew subscribers far faster in 2022 than North American and European markets, but because they have lower ARPU, the contribution to revenue growth was far smaller. 

A decoupling of global growth

What we are seeing is a regional decoupling of global growth, to the extent that the global picture can be misleading. For example, by 2030, there will be 1.1 billion subscribers, up from 663 million in 2022, but Asia Pacific, Latin America and Rest of World will account for four fifths of that growth. Crucially, most Western rightsholders have relatively low repertoire share in much of these regions, so they will not benefit from this next wave of subscriber growth in the same way they did in the first, largely Western, wave. 

Yet Europe and North America will account for more than half of the global subscriptions revenue growth, due to higher ARPU and average subscriber months (a result of slower growth). Which means that Western rightsholders will accrue most revenue upside, despite losing out on audience growth.

Growth that is both impressive and eminently achievable 

Despite all of today’s market headwinds, MIDiA’s underlying assumptions about long-term growth remain largely unchanged. While we are forecasting slower growth over the next two years, we expect the global market to return to full momentum between mid-2024 and early 2025. This will result in global revenues growing by 51.0% to reach $32.4 billion in trade terms by 2030, and a slightly faster growth in retail terms (due to growing DSP share) to reach $87.1 billion.

As much as we would have liked to report that the market will double in value by 2030, we consider 51.0% growth to be both an impressive performance and eminently achievable. We would have liked to have forecasted a doubling of growth back in 2015 as well, but if we had, we would not have ended up being within 10% of the actual market, half a decade down the line. 

The thing about forecasts is they are always updated, so it can be easy to forget anything other than how the latest edition racks up compared to the previous one. Which makes it depressingly easy to build overly-bullish forecasts that have the benefit of aiding ulterior business objectives. MIDiA, of course, has many of the exact same companies as paying clients as the other entities do, but our clients pay to subscribe because they rely on us to provide an objective and useful view of the market. To tell them what they need to hear, even if that is not always what they want to hear.

Rhodes Announces Limited Edition Electric PianoIconic musical instrument manufacturer Rhodes announced that it has completed manufacturing of its first strictly limited edition MK8/75AE electric piano. The MK8/7AE — anchored on the design of the classic Rhodes MK8 — has been painstakingly created from the ground up and is a stunning accomplishment of technical craftsmanship and aesthetic design. Each of the 75 new instruments, which have been assembled by hand at the Rhodes factory in Leeds, England, are now shipping to customers around the world and represent an important milestone in musical instrument design and the very fabric of broader musical culture.

"Each of these instruments contain the very essence of Rhodes — the legacy of our 75-year history as a brand, and the inspiring craftsmanship of our modern engineers and product designers," commented Matt Pelling, CEO of Rhodes Music. "The MK8/75AE comprises exacting attention to detail and componentry, superior mechanical engineering and an exquisite aesthetic design. We hope these unique instruments inspire many years of music making among our customers."​

​A classic instrument for the ages​The MK8/75AE is the result of a collaboration between Rhodes Chief Product Officer Dan Goldman and famed industrial designer Axel Hartmann, whose work has touched some of the greatest instruments of our time. The MK8/75AE is based on the foundation of the critically acclaimed Rhodes MK8, but reaches even greater heights with its painstaking aesthetic and performance details, such as analogue effects, a special dark matte finish, and gold accented controls and encasement flourishes.

Following its unveiling at Superbooth and The NAMM Show, the MK8/75AE was met with immediate adulation in the musical instrument community with all 75 instruments selling out within 30 minutes. The company has started shipping these instruments to those who managed to secure one. ​

Rhodes is grateful to its community of loyal customers around the world. For more information on the MK8 or the MK8/75AE, or to learn about our new Rhodes V8 plug-in — the only official Rhodes electric piano software — please visit www.rhodesmusic.com. ​

​About Rhodes​For Rhodes loyalists around the world, this is a new chapter in Rhodes history; not a new book. ​ With the Rhodes MK8, we’re returning to the principles, aesthetic, craftsmanship and pride of Harold Rhodes’ originals. We’re paying homage to the past with our gaze fixed firmly on what lies ahead. 

 Jeff TouzeauHummingbird Media, Inc.Email: jeff@hummingbirdmedia.comWebsite: hummingbirdmedia.com

 Hunter WilliamsPublic Relations, Hummingbird Media, Inc.Email: hunter@hummingbirdmedia.comWebsite: hummingbirdmedia.com

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I Love Grunge: Book ExcerptAuthor Greg Prato offers an excerpt of his upcoming book I ♡ GRUNGE: 'GRUNGE IS DEAD' OUTTAKES, offering never-before-published interviews with Kathleen Hanna, Eddie Vedder, Jonathan Poneman, Chad Channing and more discussing the rise of Nirvana.

Jermaine Dupri to be honored by Redding FoundationThe Otis Redding Foundation is proud to announce that songwriter, award-winning producer, DJ, CEO of So So Def, and entrepreneur Jermaine Dupri will be honored with the Otis & Zelma Redding Award of Respect at the highly anticipated 2nd Annual King of Soul Music Festival. Taking place in Macon, GA on September 8-9, the festival serves as a vibrant celebration of the incomparable legacy of Otis Redding, coinciding with what would have been his 82ND birthday on September 9. The event is a fundraiser for the new Otis Redding Center for The Arts. https://otisreddingfoundation.org/center-for-the-arts/the-new-center/ "We are thrilled to honor Jermaine Dupri at this year's King of Soul Music Festival," said Karla Redding-Andrews, Vice President and Executive Director of the Otis Redding Foundation. “We have known JD since he was a young man visiting the Big ‘O’ Ranch with his Dad and are so proud of his remarkable contributions to the music industry as a songwriter, award-winning producer, DJ, CEO of So So Def and entrepreneur. He was very close to my brother, Otis III, who passed away in April, and credits him with teaching him to make beats. JD aligns with Otis Redding’s spirit and the Foundation’s mission to inspire and empower young artists.”“The Reddings and Otis III became my musical family before the world knew of Jermaine Dupri,” stated Jermaine. “While I understand the family is honoring me, in my mind, I am also honoring them for all they have allowed me to do, see and be a part of at a time when they didn't have to."The festivities will kick off on Friday, September 8, with "An Evening of Respect" concert featuring the renowned Orchestra Noir at the historic Macon City Auditorium. Founded in 2016, Orchestra Noir has captivated audiences nationwide with its spectacular performances that pay homage to the cultural achievements of African American music pioneers across various genres, including classical, jazz, blues, hip-hop, and R&B.The festivities will continue Saturday, September 9th with The Big "O" Homecoming Show & Dance at the magnificent Capitol Theatre. A star-studded lineup of renowned artists and musicians will perform on both nights to honor Otis Redding’s enduring musical legacy. For inquiries regarding sponsorships, please contact https://otisreddingfoundation.org. In addition to being a joyous occasion for music enthusiasts, the 2nd Annual King of Soul Music Festival is also a vital fundraiser for the Otis Redding Foundation and the Otis Redding Center for the Arts, which broke ground during the inaugural King of Soul Music Festival last year. The foundation, established in 2007, remains dedicated to empowering, enriching, and motivating youth through education programs that focus on music, writing, and instrumentation.Over the years, the Otis Redding Foundation has positively impacted the lives of thousands of students, supporting them in their pursuit of music and arts education. Notable programs include the annual Otis Music Camp for ages 12-18, Camp DREAM for ages 5-11, music education workshops, private and group lessons, and opportunities to perform on iconic stages such as the Ryman Theater in Nashville.Join us in paying homage to the timeless legacy of Otis Redding while supporting a worthy cause at the 2nd Annual King of Soul Music Festival. For more information about the festival, ticket sales, and the Otis Redding Foundation, please visit www.otisreddingfoundation.org. 

ABOUT JERMAINE DUPRI:

Jermaine Dupri, a member of the Songwriters Hall of Fame, is one of the most successful producers in the music industry. He has established a prolific career as a hip-hop artist, award-winning producer, songwriter, author, DJ, and CEO of So So Def, which he founded in 1993.Rather than impacting only one lane, he has changed the course of R&B, hip-hop, and pop throughout an illustrious career earmarked by some of the most recognizable hits of all time. The GRAMMY® Award-winning iconic songwriter, producer, rapper, artist, entrepreneur, and philanthropist has powered game-changing and chart-breaking smashes such as Mariah Carey’s 6x-platinum “We Belong Together,” Usher’s 3x-platinum “Nice & Slow,” Xscape’s platinum “Just Kickin’ It,” his own “Money Ain’t A Thang” [feat. JAY-Z], and countless others. “We Belong Together” not only toppled the Billboard Hot 100 for the year, but it also emerged as “the song of the decade” and “fifteenth most popular song of all-time,” according to Billboard. It took home “Best R&B Song” and “Best Female R&B Vocal Performance” at the 2006 GRAMMY® Awards. At the helm of So So Def Recordings as Founder, he has built a catalog of classic albums, including those of Da Brat, the first solo female rapper to go platinum, debut and historic Funkdafied; Bow Wow’s double-platinum Beware of Dog; Jagged Edge’s double-platinum J.E. Heartbreak; Anthony Hamilton’s platinum Comin’ From Where I’m From; and more. Simultaneously, he has launched JD’s Vegan as a mega-popular plant-based ice cream alternative available in major retailers such as Walmart. Plus, he notably stands out as the second rapper inducted into the Songwriters Hall of Fame® following JAY-Z. Meanwhile, the GRAMMY® Museum paid homage to JD and So So Def with a dedicated exhibit entitled Jermaine Dupri & So So Def, 25 Years Of Elevating Culture. He has also appeared on-screen in the Aretha Franklin movie Respect, Hip-Hop Family Christmas, and Step Up. Speaking to his presence, Variety attested, “What isn’t recognized enough is his undeniable influence on the current cultural climate.” However, he never stops setting the pace for the entire game to follow.

About the Otis Redding Foundation:The Otis Redding Foundation’s mission is to empower, enrich, and motivate all young people through programs involving music, writing and instrumentation. Each partnership and program sponsored since its inception in 2007 supports the philanthropic commitment of Otis Redding to empower and enlighten all young people to fulfill their dreams.  The Otis Redding Center for the Arts:The Otis Redding Center for the Arts is a multipurpose space open to students ages 3-18 who have a desire to explore their interest in all elements of music and the arts. Planning is well underway with a proposed opening in 2024. The Center will be staffed with Macon’s finest musicians offering private music lessons in areas such as piano, audio engineering, strings, and more. Lessons will be complemented by the curricula of various year-round programs dedicated to musical literacy, musical instrumentation, mathematical components of music, etc. Students are encouraged to go beyond and tap into their best effort. The Center believes in the vitality of music and the arts and continues to develop those avenues for youth. Planning for the Otis Redding Center for the Arts has been made possible through the guidance and investments of organizations such as the Knight Foundation, United Way, Peyton Anderson Foundation, Community Foundation of Central Ga., Cox Communications, Mercer University School of Music Central Ga. Technical College, Middle Ga. State University Music School, Bibb County School District, and others who support the music and arts initiatives. The Otis Redding Foundation also has a number of regional and national partners such as GA Council for the Arts, Gretsch, Concord Music Group, Warner Music Group, South Arts and Broadcast Music Inc. (BMI). All of these partnerships align with the mission and goals of the Foundation.

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Draconian US visa price increases delayedProposed increases of 250% and more for artist visas have been delayed. The United States Citizenship and Immigration Services (USCIS) bowed to pressure from the touring industry and Congress. They. Continue reading
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