It’s already the middle of Autumn. As the weather turns colder and the days grow darker, happenings in the music industry remain white-hot. Let’s run down the season’s key stats!
5% is what the esports sector is worth compared with the music business. $17.3 billion is how much money music recordings generated globally in 2017, whereas esports revenues are projected to top out at approximately $906 million by the end of 2018… but are growing much faster. What’s the significance of comparing and contrasting those numbers? It’s that esports business owners want more music, according to this Forbes article, which explains “Why the Intersection of Music and Esports is Bigger Business than Ever”. Why? Because the in-game experience yields merely one of several ways in which esports companies can invest meaningfully in music and vice versa. Which explains why music stars like Drake, Steve Aoki, Jennifer Lopez and Imagine Dragons already own stakes in esports leagues, and Universal Music Group currently has two active esports ventures. Watch this space…
$243 million is how much streamed Latin music brought in from the US market alone in 2017, an increase of 37% over 2016, according to the Recording Industry Association of America’s 2017 year-end report on Latin music. Streaming services bring in an astounding 84 percent of Latin music generated revenues. Alex Rodriguez, who runs Pro Talent Agency, explains Latin music’s new-found commercial dominance: “I think the fusion between reggaetón and Latin pop made a connection with the general public.” And Vanessa Jester, senior vice president of finance at Warner Music Latin America, remarks, “Latin music now travels all over the globe, thanks to new technology.”
Over $2.87 billion is how much total revenue was brought in by Sony Music in the first nine months of 2018, thanks to artists like Travis Scott, according to Music Business Worldwide. That’s $158 million (5.8%) more over the same period one year earlier. In particular, music streaming service revenues were up $300.1 million (26%) year-on-year to $1.46 billion during the January-to-September 2018 period. In contrast, during that period revenues from physical recordings dropped $114.4m (14.6%) to $669 million and download sales dropped $58.8m (16.6%) to $295 million from one year earlier. Sony has told its shareholders that total sales revenues are now expected to beat the previous forecast because of “the expected impact from the consolidation of EMI and the strong performance of the mobile gaming application Fate/Grand Order.”
$31 billion is how much the live music industry is projected to be worth by 2022, representing a compound annual growth rate (CAGR) of 3.3%, according to a newly published research paper from Pricewaterhouse Coopers (PwC). Only a couple of decades ago, from a business perspective most recording artists toured because it was the most effective way to advertise their recordings, from which they made themselves and their labels money. Today, in the age of streaming, live performances are the way that most music artists generate any significant income, giving incentive to music labels to rethink every aspect of their business.
7 million is the number of streams the song “Laughing on the outside” racked up after being featured in hit Netflix series The End of the F***ing World. Artist Bernadette Carroll is more used to 23,000 streams per song, points out music supervisor Matt Biffa in this excellent Guardian article on the ever-increasing importance of original music in TV shows such as Killing Eve, Skins, Sharp Objects and more.