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This week, BMI announced it has distributed and administered a record $1.335 billion to its songwriters, composers and publishers - its highest distribution ever. The company saw an 8% increase over last year, according to the announcement.
Based on a US Music 360 report by MRC Data survey from July 2021, 28% of Gen Z music listeners use video games to discover new music. A large majority of those survey respondents also choose streaming, with 51% of music listeners saying that they had discovered new artists through audio and video streaming platforms.
A recent study from the National Research Group and Roku stated that 70% of survey respondents are more willing to choose ad-supported streaming if it meant monthly subscription costs would be lower. Additionally, nearly a third of respondents said that they added a new ad-supported free streaming service to their entertainment diets, according to the study.
In this newsletter:
- BMI Distributes Record $1.335 Billion in Fiscal 2021
- Video Games are an Important Music Discovery Tool for Gen Z, New Survey Finds
- Consumers Don’t Mind Ads If They Get Lower Streaming Subscription Prices, Study Says
- TikTok is the Most Downloaded, Most Watched App in the United States (Report)
- FAC and MMF Set Out Their Hopes for Streaming Reforms
Now, the details...
Compiled by Heidi Seo
Exploration Weekly - September 10, 2021
BMI Distributes Record $1.335 Billion in Fiscal 2021
BMI announced it has distributed and administered a record $1.335 billion to its songwriters, composers and publishers — its highest distribution ever, up $102 million or 8% over last year — according to the announcement. In addition, BMI’s total domestic licensing revenue exceeded $1 billion for the first time, driven by phenomenal growth in the digital sector. The company also set revenue records, bringing in $1.409 billion, a 7% increase over last year. BMI’s affiliate membership grew 11% this year to 1.2 million, with nearly 120,000 new songwriters, composers and publishers joining the organization. The record performance in total domestic revenue, comprised of the digital, media and general licensing categories, was driven by a 47% increase in digital licensing revenue, which closed the year at $448 million.
Video Games are an Important Music Discovery Tool for Gen Z, New Survey Finds
According to the U.S. Music 360 report by MRC Data survey, which was conducted July 12 to July 27, 2021, 28% of Gen Z music listeners use video games to discover new music, making it just as popular as television among that demographic in terms of music discovery. In addition, 62% of those who responded to the survey said they streamed music videos online on a monthly basis, while 61% said they used audio streaming services. Meanwhile, 51% of music listeners said they had discovered new artists through audio and video streaming platforms. Those streaming statistics coincided with a 3% drop in AM/FM radio consumption, with 59% of listeners stating they used the radio to listen to music. Social platforms, particularly TikTok, remain a powerful music discovery tool, particularly among young people. In the new survey, 49% of Gen Z music listeners said they used those platforms to discover new music and artists, while 59% of total respondents reported they stream videos on short-clip video sites.
Consumers Don’t Mind Ads If They Get Lower Streaming Subscription Prices, Study Says
Ad-supported streaming has increasingly become a popular option for consumers looking to cut down their entertainment costs, according to a Thursday study from the National Research Group and Roku. Of the nearly 3,000 respondents surveyed between the ages of 18 and 70 who watch at least five hours of TV per week, 70% said they were willing to pay for an AVOD service if it meant monthly subscription costs would be lower, the study found. 25% of respondents also said they added an ad-supported paid subscription in the past year, while nearly a third of respondents said they added a new ad-supported free streaming service to their entertainment diets. The study also found that sports streaming still lags behind traditional pay TV, with 42% of respondents saying they watch sports via streaming compared to 62% who watch on pay TV, according to the survey.
TikTok is the Most Downloaded, Most Watched App in the United States (Report)
According to a new report from App Annie, US mobile phone users watch an average of 24 hours of TikTok content per month, and an average of 22 hours and 40 minutes of YouTube content per month. In the UK, users watch 26 hours of content per month on TikTok, and 16 hours of content on YouTube. The report also showed that TikTok remains the most downloaded app globally. “YouTube remains the leader in the streaming, social and photo and video space due to both depth and breadth of engagement,” App Annie added, “but the average time spent per user in TikTok has surpassed YouTube in key markets like the US and UK and could shake up rankings in years to come.”
FAC and MMF Set Out Their Hopes for Streaming Reforms
Based on the UK’s recent music streaming economics inquiry report, the Featured Artists Coalition (FAC) and Music Managers Forum (MMF) brought forth several comments on issues affecting the music industry. Within the artist community, “a featured artist locked into an unrecouped life-of-copyright deal from the analogue era will undoubtedly hold strong viewpoints as to how streaming should be ‘fixed’; whereas one who owns their own copyrights or releases via a label services-type deal might feel there is much about streaming that should be left well alone,” suggested FAC boss David Martin. The FAC and MMF are also backing the inquiry’s recommendation that the government “refer a case to the Competition & Markets Authority to undertake a full market study into the economic impact of the major record companies’ dominance in the music rights market”.
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