Music producers and streaming sites are constantly seeking ways to attract listeners.
CNet recently rated the largest music streaming sites: Amazon Music, Apple Music, Google Play, Spotify and Tidal. The conclusion? Each site has pros and cons, and each site is adapting to a changing music industry.
Let’s look at the most recent changes by the numbers:
350 million: The number of Instagram members who follow 10 or more verified musicians. In addition, Instagram users are more likely to pay for streaming services than the rest of the population, according to Nielson, and spend 30% more time listening to music on a weekly basis. For this reason, musicians of all sorts are using the service to promote their work. “For artists, this is a real creative space where they can reach a community super effectively by expressing their visual voice in the most raw possible way,” Lauren Wirtzer-Seawood, Instagram’s head of music partnerships, said. Instagram also recently partnered with music festivals to display attendees’ photos. Source: Fast Company
4 billion: The number of views music video Despacito has on YouTube. When the video debuted earlier this year, it took only 97 days to reach 1 billion views. This is astonishing considering YouTube only has 1.5 billion active users. The monthly average revenue per user on YouTube is $0.07. This is less than streaming sites like Spotify. However, YouTube’s business model means revenue is paid to rights holders according to the amount of revenue. If revenue declines, so do ad shares. Source: Music Industry Blog
$399: The cost of Google’s new Home Max speakers. Google has said in the past that it only manufactures technology when it feels it can be innovative. In this case, Google is promising a better-sounding speaker than those made by competitors. The device uses six microphones to pick up music in a room. It then adjusts the acoustics to compensate for changes in the environment. Google also wants the speakers to adjust volume based on the type of content being played and ambient noise. Party music, for example, would play at a higher volume than the news. Other companies have invented smart speakers, but Google’s are the only ones thus far that are user friendly. Source: Variety
$146,000: How much a Justin Bieber song made through BMI. Rodney Jerkins, who wrote the song “As Long As You Love Me,” says he has only earned a fourth of what the song has earned since debuting in 2014. The majority of royalties were earned from radio play followed by Sirius XM. From the streaming sites, the song only earned $278 from Pandora and $218 from YouTube. “Those numbers are criminal,” Jerkins said, because the figures are so low. Source: BET
$197 billion: The worth of Singapore investment firm Temasek’s US portfolio. The company recently invested in Creative Artists Agency for an undisclosed amount. This isn’t the first foreign investment for the agency. It has accepted multiple funding offerings, including one from Chinese media and entertainment fund CMC. Earlier this year, Temasek invested $169.5 million in SoundCloud. Sources: Music Business Worldwide 1 and 2
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