Get the latest gossip
Global Music Revenue Grew 10.2% in 2023 — but Executives Warn of a ‘Transformational Moment’ Ahead
Global music and streaming revenues grew 10% in 2023, but amid mass layoffs and restructuring, executives warn of a 'transformational moment' ahead.
Add in Universal Music Group’s on-going dispute with TikTok – not to mention the possibility that the app will be banned in the U.S. – and the vague yet potentially existential threat of artificial intelligence, and it’s no wonder the executives were serving a side order of caution with their upbeat main course. When the panel was asked by Variety about what the industry layoffs and calls for a new record-company model will mean, somewhat ironically it was Kooker – representing the one major which hasn’t cut staff significantly in recent months – who stepped up to answer. And Von Löhneysen and Vanessa Bosåen, president of Virgin Music Group UK, stressed that record companies remain essential to artists looking to navigate the rapidly changing industry landscape.
Or read this on Variety