Latest news with #VictoriaOakley
Reuters
19-03-2025
- Business
- Reuters
Music revenues rise again in 2024, boosted by streaming subscriptions, report shows
LONDON, March 19 (Reuters) - Subscription streaming boosted global recorded music revenues for a tenth straight year in 2024, by 4.8% to $29.6 billion, an industry group said on Wednesday, while urging policymakers to protect artists from copyright threats by artificial intelligence developers. Subscriber numbers rose 10.6% to 752 million worldwide, the International Federation of the Phonographic Industry said in its annual Global Music Report. Revenues topped $20 billion for the first time, with paid subscriptions posting 9.5% growth, while advertising-supported formats were up by 1.2%. Performance rights revenues grew 5.9% to $2.9 billion. Revenues for physical formats fell 3.1% to $4.8 billion after a strong 2023. While CD and music video revenues fell, vinyl marked its 18th consecutive year of growth, up 4.6%. "The essential role music plays in so many parts of our lives is evidenced in the continued growth of the global industry," IFPI Chief Executive Victoria Oakley said in a statement. "There is still great potential for further development, through innovation, emerging technologies, and investment in both artists and the evolving parts of the growing global music ecosystem." Revenues rose in all regions, the fastest in the Middle East and North Africa at 22.8%, followed by Sub-Saharan Africa at 22.6% and Latin America at 22.5%. Europe, which accounts for more than a quarter of global recorded music revenues, scored 8.3% growth. Australasia revenues increased by 6.4%. The U.S. and Canada, representing around 40% of global revenues, posted 2.1% growth, while Asia, the third-largest region, chalked up a 1.3% gain. Oakley noted AI's potential to enhance artist creativity and develop new fan experiences, but warned of the dangers of generative AI system developers using copyright-protected music to train their systems without authorisations from rights holders. "We are asking policymakers to protect music and artistry," she said. "We must harness the potential of AI to support and amplify human creativity, not to replace it."
Yahoo
19-03-2025
- Entertainment
- Yahoo
AI Can Be a 'Very Real and Present Threat to Human Artistry,' Music Industry Lobbying Group Warns
Global recorded music industry organization IFPI on Wednesday called on policymakers 'to protect music and artistry,' with CEO Victoria Oakley saying: 'We must harness the potential of AI to support and amplify human creativity, not to replace it.' She also said this about AI in connection with the Global Music Report launch: 'Record companies have embraced its potential to enhance artist creativity and develop new and exciting fan experiences. However, it is very clear that the developers of generative AI systems 'ingesting' copyright-protected music to train their models without authorization from the rightsholders poses a very real and present threat to human artistry.' More from The Hollywood Reporter Tom Burke, Steve Coogan, Hayley Squires, Charlotte Ritchie Board Netflix Drug Gang Drama 'Legends' Studio Films Offer Best Bang for the Buck for Netflix UTA Signs Jack Edwards, Lewis Goodall, Madame Joyce to Growing Creator Division (Exclusive) She made the comments during a launch event in London on Wednesday for IFPI's annual Global Music Report that showed total trade revenue grow 4.8 percent to $29.6 billion in 2024, marking the 10th consecutive year of gains. The increased we driven by a 9.5 percent jump in subscription streaming revenue, despite a 'highly competitive market,' according to the worldwide recording industry organization IFPI. Oakley told the London event: 'At its best, generative AI can be a really powerful tool for artists and consumers alike.' She pointed to generative AI with permission having led to key industry deals already, while on the negative side, AI can contribute to more music piracy. 'But we continue to engage with policymakers around the world to set out clearly that copyright rules, which have served everyone well for years and years and given us innovative new services, including streaming, need to be applied equally in a generative AI world and in a way which is transparent and practical for all involved.' Oakley concluded that 'there is a huge challenge ahead' for the industry and policymakers to create an AI framework that works for both creative and technology companies. Industry executives also addressed the opportunities and threats of AI during a panel discussion that was part of the IFPI report launch event. Cassandra Strauss, senior director, strategic technology and global digital technology at Universal Music Group, led by CEO Lucian Grainge, noted the company's use of AI for marketing and other purposes and its launch of its Responsible AI Initiative this year. 'We are finding ground-breaking partnerships with the private sector in the AI space,' including with YouTube and SoundLabs. 'We're constantly on the lookout for how AI can help and enhance the artist proposition.' UMG though will not be engaging with generative AI companies 'ingesting huge amounts of copyrighted material without a license,' noting that 'a lot of these companies are building fortunes off the back of artists.' Instead, the firm is looking to develop business models that are a win-win proposition. Dennis Kooker, president, global digital business at Sony Music Entertainment, similarly said that he was 'optimistic about the opportunity' tied to AI, highlighting that music as an 'emotional, passionate product that nearly every human on the planet enjoys' always tends to be affected early by technology and other forms of disruption. 'It's why so many entrepreneurs want to work with music, and it's why large platforms need music, a music strategy, because it attracts, acquires and retains customers,' he continued. 'So if done right, we should create a whole new way of listening and engaging with music in this next chapter' with AI. But Kooker also cautioned that 'it is going to take a lot of time, effort and years to build this vision' and 'a lot of heavy lifting, a lot of testing, a lot of trial and error,' concluding: 'History says we will find the next great format. And with that, I think, there will be a very exciting future.' Best of The Hollywood Reporter Most Anticipated Concert Tours of 2025: Beyoncé, Billie Eilish, Kendrick Lamar & SZA, Sabrina Carpenter and More Hollywood's Highest-Profile Harris Endorsements: Taylor Swift, George Clooney, Bruce Springsteen and More Most Anticipated Concert Tours of 2024: Taylor Swift, Bad Bunny, Olivia Rodrigo and More
