Apple Music increased its subscription prices globally on Friday (July 17). In the US, the cost of an individual subscription has risen from $10.99 to $11.99. The company told MBW in a statement that, “as a result of rising licensing costs, Apple Music is increasing its subscription price beginning today”.
Elsewhere this week, AI music company Suno moved to hire a Director of Accounting to help it “build toward IPO readiness”.
Also this week, 404 Media reported that hacked source code revealed that Suno scraped YouTube Music, Deezer, and Genius to train its models.
Meanwhile, Sony Music Publishing completed its acquisition of the entire music rights portfolio of Recognition Music Group, in a deal reported to be worth between $3.5 billion and $4 billion.
Plus, Pophouse Entertainment acquired a stake in Iron Maiden’s catalog, plus the band’s name, image, and likeness rights.
Here are some of the biggest headlines from the past few days…
1. APPLE MUSIC HIKES SUBSCRIPTION PRICES
Apple Music has raised its subscription prices worldwide, in its first increase to the service since 2022.
The new pricing is already live on Apple‘s pricing pages in the US, the UK and Europe, and MBW understands it is rolling out across other markets.
In the US, the Individual plan rose to $11.99 per month from $10.99, the Family plan to $19.99 from $16.99 and the Student plan to $6.99 from $5.99.
The new pricing took effect today (July 17), and marks the first increase to Apple Music‘s prices since October 2022.
Apple confirmed the price increase and the reason behind the change in a statement provided to MBW:
“As a result of rising licensing costs, Apple Music is increasing its subscription price beginning today,” the company said. (MBW)
2. SUNO IS BUILDING TOWARD ‘IPO READINESS’
Suno wants its next senior finance hire to help the AI music company “build toward IPO readiness.” That’s according to a job listing for a Director of Accounting at the firm, spotted by MBW. Suno describes the position as “the Controller’s right hand and one of the first hires” on an accounting team it is building “from the ground up.”… (MBW)
3. DONE DEAL! SONY MUSIC PUBLISHING COMPLETES ACQUISITION OF RECOGNITION MUSIC GROUP’S CATALOG
Sony Music Publishing (SMP) has completed its acquisition of the entire music rights portfolio of Recognition Music Group. The deal, first announced in May, has closed following regulatory approvals in multiple territories, MBW can reveal.
“We can confirm that the acquisition of the entire music rights portfolio of Recognition Music Group by Sony Music Publishing has completed following regulatory approvals,” said a statement jointly issued to MBW by SMP and Recognition…. (MBW)
4. SUNO SCRAPED YOUTUBE, DEEZER AND GENIUS TO TRAIN ITS AI, HACKED CODE REVEALS
Hacked source code from AI music company Suno lists YouTube Music, Deezer, and Genius among the platforms it scraped to build its AI models, according to a report from 404 Media on Wednesday (July 15). The code was obtained by a hacker who breached Suno and shared it with the publication. The same hacker also accessed information on hundreds of thousands of Suno customers, including emails and/or phone numbers, and Stripe payment details, according to the report…. (MBW)
5. IRON MAIDEN SELL STAKE IN CATALOG, PLUS NAME, IMAGE, LIKENESS RIGHTS, TO POPHOUSE
Pophouse Entertainment has entered into a partnership with influential British heavy metal band Iron Maiden. The company has acquired a stake in their publishing and master music rights, as well as the name, image, and likeness (NIL) rights. The Sweden-based music investment firm confirmed the partnership in a statement on Tuesday (July 14), following Iron Maiden’s EddFest concert weekend at Knebworth in the UK on July 10-11…. (MBW)
Partner message: MBW’s Weekly Round-up is supported by BMI, the global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music. Find out more about BMI here. Music Business Worldwide
Music Business Worldwide Weekly Round-up Summary
In the latest Weekly Round-up from Music Business Worldwide (MBW), we focus on the five major stories that have emerged over the past week, highlighting significant developments in the music business landscape. This round-up is supported by BMI, a key player in performing rights management that advocates for songwriters, composers, and publishers.
-
Apple Music Increases Subscription Prices
On July 17, Apple Music announced a global increase in subscription prices, marking the first such adjustment since 2022. The price for individual subscriptions in the U.S. has risen from $10.99 to $11.99, while family plans increased from $16.99 to $19.99 and student plans went from $5.99 to $6.99. Apple attributed the price hike to rising licensing costs, indicating a need to adjust prices to keep up with the financial demands of music rights management. This change is part of a broader rollout across various international markets and reflects the industry’s ongoing challenges with licensing fees. -
Suno Aims for IPO Readiness
AI music company Suno is actively preparing for a potential initial public offering (IPO) by seeking a Director of Accounting. This position is seen as crucial for establishing a solid financial foundation as Suno builds its accounting team from scratch. The recruitment reflects Suno’s ambition to solidify its market position and suggests confidence in its business model and growth trajectory. The company is positioning itself strategically to attract investors and expand its operations in the competitive AI music space. -
Sony Music Publishing Completes Acquisition of Recognition Music Group
Sony Music Publishing has finalized its acquisition of the complete music rights portfolio from Recognition Music Group, a deal that was initially announced in May. This acquisition has successfully navigated the necessary regulatory approvals across multiple jurisdictions, signifying a notable expansion in Sony’s catalog. The acquisition enhances Sony’s offerings and strengthens its market presence, allowing for greater leverage in the music publishing sector. -
Suno’s Controversial Data Practices Revealed
In a troubling revelation, hacked source code from Suno has surfaced, indicating that the company employed data scraping techniques from platforms like YouTube Music, Deezer, and Genius to develop its AI models. This information was disclosed by a hacker who breached Suno’s systems, raising ethical concerns about data usage and copyright infringement. The breach also exposed sensitive customer information, including emails and payment details, highlighting vulnerabilities in Suno’s cybersecurity measures. This incident may have significant repercussions for the company’s reputation and operational practices moving forward. -
Pophouse Entertainment Partners with Iron Maiden
Pophouse Entertainment has formed a partnership with the legendary heavy metal band Iron Maiden, acquiring a stake in their music catalog as well as rights to the band’s name, image, and likeness. This strategic investment aligns with Pophouse’s aim to manage and promote iconic music properties, further diversifying its portfolio. The announcement followed Iron Maiden’s successful concert at EddFest, showcasing the band’s continued relevance and popularity in the music industry. This collaboration opens new avenues for merchandising and promotional opportunities for both Pophouse and Iron Maiden.Publicités
PublicitésPublicitésPublicités
In summary, this week’s round-up highlights significant moves in the music industry, from pricing strategies by major streaming services to acquisitions and ethical concerns over AI music development. As companies navigate financial pressures and technological advancements, the landscape continues to evolve, presenting both challenges and opportunities for stakeholders in the music business. The support from BMI underscores the ongoing importance of protecting and promoting the value of music in this dynamic environment.
