Hey all! I hope July went well for all of you (going on vacations or not) and that everyone is still staying safe. This week, we are going to make a light focus on the impact of lockdown on several sectors of the music industry: streaming, live, and discoverability (a topic we will cover soon enough, considering its importance for record companies and publishers).
Of course TikTok is still on everyone’s mind and we’re not questioning its importance to music industry here. As you might have realized, as a tech solution dedicated to music professionals, we always have our eye on the Tech sector. And this week was the Big Tech hearing at US Congress. I can only advise you to see what was said at that hearing to keep up to date with your watch on these necessary platforms for our business, but also for yourself. It is always important to keep up with these big actors, you can find an analysis of major points to listen to right here.
#1. Buying users in and out TikTok
I’ve talked a lot about TikTok last week, and I think a follow up might be necessary. Facing a new ban in the US TikTok started to take action, starting with a $200 million creator fund. Promising additional earning to regular users posting initial content is going to be opening for the US.
At the same time, competitors are taking action too. On one hand, Facebook is offering financial compensation to attract TikTok users to Reels, the new Instagram service based on TikTok. On another hand, for those more concerned about privacy, several TikTok stars are switching over to Triller, a US-based alternative emerging trying to replace TikTok. Even though discussions are still happening within TikTok to decide which strategy to follow, trend seems to be leaning towards taking TikTok off ByteDance’s hands.
#2. TikTok discoverability qualities
One of the reasons why all these news are important is the fact that artists are being discovered on the app, reaching an audience difficult to tackle (being a young one). For example, this week we got the news that Josh Richards, an important figure on the platform, has been signed by Warner Music. More than signing an artist, it is also launching a new joint venture with the company Josh Richards created: TalentX Entertainment.
Understanding the mechanics and knowing how to effectively target audiences on TikTok has a lot of value today. Though unsurprisingly, Josh Richards announced his switch to Triller. This is not the only TikTok professional structure we’ve seen emerge: Jacob Pace has been proving his worth with a marketing agency. Keep an eye on these young structures and professionals; the new strategies set up today should inspire labels and publishers to define the right ones for their own artists!
#3. Decoding Spotify
We’ve been talking a bit about Spotify here and there for our last Weekly Roundups. Between the podcast moves, lockdown’s impact on streaming services or even new launches in different countries this very last month, a lot is happening for the biggest streaming service.
Music Week took the time to decode Daniel Ek’s speech to highlight why some decisions were made and in which direction the service is headed. This is a good way to get some perspective on how podcasts are taking up more and more space compared to music or the launch in Russia after the Indian launch and the mixed-feelings attached to this one.
#4. Royalties scam on Spotify
Speaking of Spotify, as record companies and publishers, I’m sure you’ve heard about fake streams on Spotify by now. A few cases were looked upon in this article, highlighting the practices. The main problem seems to reside in the fact that the streaming platform isn’t actually equipped to deal with these problems. We’ll let you take a look yourself.
#5. Coachella going livestream
Remember before the full lockdown we have been through Coachella announcing they will be pushing the festival in October? Well it’s obviously not going to happen now, and the team decided to fall back on a livestream option.
The online Coachella event will be happening on the original dates, so this weekend you’ll be able to tune in on YouTube and find videos of old and new performances online. You’ll find the whole lineup, unveiled on Wednesday, on their website. A nice way to spend a weekend at home.