| Today's report is good news for artists, songwriters, streaming services, and fans — everyone with a stake in music's future. We truly are seeing the power of recorded music's rising tide to lift all boats across the music family.Indeed, artists share of music revenues have risen faster than labels' and a recent UK study found that label investment in artists has doubled over the last five years while A&R spending on new talent has grown two and a half times faster than company revenues. Songwriters and publishers have seen tremendous growth as U.S. collectives like ASCAP and BMI reported record payments reflecting an increase in the writer/publisher share of music revenues of 50% since the CD era. Digital services also have had unprecedented success as earnings at just one major service rose 22% last year pushing it to over 400 million active listeners worldwide. And 2022 is already shaping up as one of the strongest years ever for live music — roaring back after the long struggle against the pandemic.And at the epicenter of it all, fans can connect with artists they love across music's dynamic tapestry in more ways than ever. From documentary videos to artist-hosted spin classes to virtual music festivals, fans' vast array of choices has grown almost overwhelmingly plentiful and diverse. With next generation innovations like Web3, NFTs, spatial audio and more on their way.Today's record labels understand that continued success will take sustained commitment, creativity, and collaboration across the music community.That means a ceaseless and unyielding effort to ensure artists get paid for their work everywhere and every way it is used, including global anti-piracy efforts to shut down corrosive pre-release leaks and protect artists' rights, including their personal brand and image, across all platforms. Whether its fighting longstanding threats like counterfeit CDs or emerging ones like bogus NFTs and unlicensed artificial intelligence training systems that attack the heart of an artist's creative work, record labels are committed to pushing innovation forward in ways that protect artists' rights and deliver genuine value for fans.Building an even stronger music future also means celebrating all styles and genres of music, from bold new voices that champion tomorrow's styles to established artists working to build a lifetime's body of work. The numbers we report today show the results of those efforts in many ways – including continued high growth in Latin music, reflecting years of label investment, outreach, and commitment to this dynamic segment of the market. In the coming weeks, we will document this growth more fully with a Latin-music focused report. |
