Some takeaways from the music industry's very own way of dealing with things are out this week. From the main institutions’ data to (maybe) yet another catalog sale, let’s see what we have in store!
#1. France becomes one of the most expensive countries Spotify-wise
Well, they said they would, and now they did. Spotify has raised its premium subscription prices in France by 1.2% to match a new music-streaming tax introduced by the government. The tax, which started on January 1, 2024, aims to support the French music sector by directing proceeds to the Centre National de la Musique (CNM).
The price increase affects all subscription plans, including student, family, and duo plans. In response to the tax, Spotify had previously announced it would cut financial support for local French music festivals. With the new pricing, France now ranks among the most expensive Eurozone countries for Spotify subscriptions.
#2. Podcast as a discoverability tool?
Staying on streaming for a little while, interestingly, podcasts are becoming an integral tool for music discovery, providing a platform for both new and forgotten artists to reach wider audiences. Research shows that among listeners aged 15-24, 20% of their listening time is spent on podcasts, indicating a growing interest in this medium.
Top music podcasts like "Lost Notes," "Popcast," and "Song Exploder" offer deep dives into various genres, trends, and stories behind songs, fostering a rich environment for musical exploration. While podcasts aren't the primary method for discovering music, they offer some true opportunities for artists to engage with fans, promote their work, and expand their reach beyond traditional channels.
#3. Takeaways from CISAC’s yearly report
It will come as no surprise; the CISAC annual report highlights the organization's focus on AI challenges and opportunities, urging immediate action to ensure creators' rights in AI development. Björn Ulvaeus, President of the organization, also pointed out the need for creator consent, fair remuneration, and transparency from AI companies.
You might already know that CISAC's lobbying efforts have influenced the EU AI Act, setting a precedent for global standards. Additionally, CISAC now fully controls CISnet, enhancing data sharing among societies. Efforts to streamline the issuance and integration of ISWC codes with ISRC codes at the release stage aim to improve identification and rights management in the digital music supply chain.
#4. Were the $125M a good idea?
AI music generator Suno has raised $125 million in a Series B funding round, valuing the company at $500 million. Known for creating human-like music, they have gained a pretty strong popularity, with 10 million users, including Grammy-winning artists.
However, Suno's reliance on copyrighted material for training its algorithms has drawn potential legal challenges from the music industry. Investors, including Lightspeed Ventures and Matrix Partners, remain optimistic, betting that AI music's future revenue will outweigh any legal costs. Suno's advancements and investor confidence highlight the growing tension between AI innovation and copyright concerns in the music industry.
#5. Could Queen be the latest big acquisition?
To wrap up on a high, Sony Music is reportedly negotiating to acquire the iconic catalog of Queen for a potential $1 billion. The deal, which includes both publishing and recorded music rights, is currently being discussed in collaboration with another investor.
This acquisition would be one of the largest in music history, surpassing Sony's previous high-profile purchases of Bruce Springsteen's and Bob Dylan's catalogs. Queen's catalog, featuring hits like "Bohemian Rhapsody" and "Another One Bites the Dust," has seen substantial financial growth, especially following the success of the 2018 movie "Bohemian Rhapsody."
