Music Publishing Weekly Roundup 6.6.14: DoJ BMI ASCAP Review, Music Market Report, Amazon
The US Department of Justice has began a review of the BMI and ASCAP consent decrees. The DOJ has invited interested parties including Publishers, Composers, and Licensees to provide opinions and comments on how these consent decrees may be amended in favor of songwriters. This follows recent litigation between ASCAP and the digital music streaming service Pandora as well as the introduction of the Songwriter Equity Act in congress earlier this year. Both ASCAP and BMI have been heavily bound by government regulations since their inception and representatives from both parties have stated that the method in which songwriters are compensated today is outdated and needs to be changed to catch with advancements across the digital music marketplace.
PWC has released a Music report that analyzes the future of various aspects of the music business. According to the Price Waterhouse Coopers recent report, the US Market will grow from $15.1 billion in 2013 to $16.5 billion in 2018 with live music holding the majority of revenue with an estimated 63.7% share of all music revenues. PWC also predicts music streaming having the highest growth rate over the next 5 years accounting for 11.1% of total music revenues by 2018. Most surprisingly, PWC predicts music downloads will remain plataued due to healthy live markets, niche audiences, and strong release schedules.
Amazon Prime is launching a music streaming service available between June and July 2014. Following tech giant Apple acquiring Beats Music last month, this is a predictable step for Amazon. Buzzfeed has reported the Amazon music library will include music from various indie labels as well as major labels Sony Music Entertainment and Warner Music Group. It is reported that the service will more closely resemble their existing video service more than other music streaming services such as Spotify and Rhapsody.
