This week has been a busy one for the music business as the ramifications of Astroworld Fest is still taking shape. Twitch has started a new program for musicians that live stream and Spotify is providing more tools for artists to measure and monetize their brands. Catch up on this week’s trending news topics in the music business with our top 5 headlines of the week.
Source: Digital Music News
1. Twitch Launches Livestreaming Music Incubator Program for Artists
Twitch is launching a music incubator program called ‘The Collective.’Twitch says the program will be exclusive, with musicians receiving invites to join. The program aims to empower musicians by providing them with the knowledge and support they need to begin live-streaming their music on Twitch. Here’s how Twitch breaks down The Collective’s role as a music incubator program.
Source: Hypebot
2. Live Nation stock drops after deadly Travis Scott Astroworld Festival, “hundreds and hundreds of millions” in lawsuits expected
Live Nation stock fell Monday morning as investors reacted to news that at least 8 had died and hundreds injured during Travis Scott’s set at this weekend’s 50,000 person Astroworld Festival in Houston, Texas. As of mid-morning Monday, Live Nation [NYSE: LYV] stock was trading at $117.12, down $6.68 or 5.40%.
Source: Variety
3. Spotify Expands Charts to Include Genre and Local Categories
Spotify has launched a new Charts destination website that includes new Genre and Local charts, in addition to data and tools to give artists and listeners more information on releases. Available to all Spotify for Artists creators and Spotify listeners around the world, according to the announcement, “We created this destination for artists and fans to go deep on all the data and see what music is moving listeners around the world.”
Source: Spotify
4. Spotify Meets Shopify: Turn Your Artist Profile Into a Virtual Merch Table
Easily manage and sell your merch to fans via your artist profile. With 365 million global listeners, Spotify is the world’s most popular audio streaming subscription service — and that makes it the ultimate place for artists to build their fanbases. But fandom is about more than just listening to music; for fans, it means interacting with their favorite artists, nerding out with fellow diehards, singing along to every lyric at shows (whether IRL or virtually), and of course, showing off their dedication with merch.
Source: Music Business WorldWide
5. Spotify and Other Streaming Services Propose ‘Lowest Royalty Rates in History’ For Songwriters
Music streaming service owners including Spotify, Apple, Amazon, Pandora and Google have all filed documents with the US Copyright Royalty Board (CRB) this week to tell them what they think they should pay songwriters for the five years between 2023 and 2027.The Copyright Act requires the Copyright Royalty Judges to conduct proceedings every five years to determine the mechanical royalty rates paid by streaming services to songwriters and publishers.
Source: Julian Jewels
Honorable Mention: Julian Jewels Launches New Weekly Podcast, “The Jewel Mine.”
“The Jewel Mine” will be live-streamed on YouTube on Mondays from 6-7 PM CST. The podcast will educate viewers on important topics in the music business and welcome special guests to have creative discussions about what is trending in the music industry.
