Quite Great Best Music Marketing works with musicians of all types contact us now. Here is an article from our archives. As the opening stages of 2020 passed us by, Vivendi invited in a Tencent-led consortium to buy a slice of Universal Music Group. As Warner Music Group readied a now-nailed IPO on the NASDAQ.Quite Great Best Music Marketing Agency Thinking
In the background, licensing deals with the likes of Snapchat, TikTok, Facebook, Peloton and others were being pieced together. Promising to bring an entirely new wave of income into the record and music publishing industries.
Yet by April, when the incipient damage wreaked by COVID-19 and related global lockdowns on the worldwide economy was becoming clearer. It was obvious this wasn’t going to be the year of prosperity the likes of Goldman Sachs had forecast.
Since then, the commercial consequences of coronavirus on music rights have become commonplace. Quite Great Best Music Marketing Agency Thinking
The cessation of live music, the closure of the high street, the end of public events.
The halting of TV and movie production, the reduced release schedules, the reduction in streaming ad revenues etc.
This series of influences have hurt each of Universal, Sony and Warner, with all three companies seeing YoY revenues fall in Q2.
Streaming, however, has remained a bright story amongst the gloom.
MBW’s latest Stat Of The Week: according to the analysis, the three major record companies saw their streaming revenues collectively hit $2.21bn in the three months to end of June.
MBW first reported in February that the major labels had surpassed the milestone of generating more than $1m per hour from streaming.
That memorable number stayed consistent in Q2 – despite the negative impact of COVID-19 (and those lighter-than-usual release schedules).
In calendar Q2 2020, according to MBW’s calculations, the majors collectively generated $24.3m per day, or – oh yes – $1.01m per hour in recorded music revenues from streaming.
This, in the midst of an unprecedented global pandemic.
The big question now is whether the major record companies can match or even better the $14.93bn,
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