TIME.CO, Jakarta – Streaming became the largest source of income for composers and songwriters in 2022 and helped increase their collections by more than a quarter to €10.83 billion ($11.44 billion) or around IDR 182.1 trillion , according to a report shown Thursday, October 26, 2023.
Citing Reuters, digital royalty collections rose nearly 34% to 4.2 billion euros in 2022 as more consumers turned to music and video subscription services, the International Confederation of Music Societies said in its report. authors and composers (CISAC).
After booming during the pandemic, streaming collections have doubled compared to pre-COVID and represent 35% of music creators’ total collections, surpassing TV and radio.
Royalties from the live performance and audience sector – including concerts, exhibitions and theater – increased by 69.9% to €2.68 billion in 2022, but remained below 2019 levels by around 7%. .9% after plummeting during the pandemic.
The report states that live entertainment continues to increase in 2023 due to pent-up demand and could grow beyond pre-pandemic levels.
However, they warned that the outlook beyond 2023 is uncertain due to concerns about consumer spending and shrinking artists’ touring budgets.
Earlier this week, music streaming giant Spotify (SPOT.N) reported a 26% increase in the number of monthly active users to 574 million in the third quarter, beating its own guidance and analyst estimates of 565, 7 million.
Announcement
CISAC president Bjorn Ulvaeus, co-founder of Swedish music group ABBA, said artificial intelligence could impact industry revenues in the future.
“This may not have any impact on creator collection rankings in 2023, but it will for years to come. “Now, creators need to meet with tech companies and politicians at the highest levels,” Ulvaeus said.
CISAC is a network of writers’ societies that protects the rights and represents the interests of more than four million creators musicaudiovisual, theatre, literature and visual arts.
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