Guy Moot on the globalization of music and the “New Songwriter Economy”
Guy Moot, Co-Chairman and Chief Executive Officer of Warner Chappell Music, delivered a keynote address at the All About Music conference in India this week.
During the keynote Moot said it “has never been a more exciting time in the music industry, especially for publishers and songwriters.”
He added that “there’s a newfound appreciation for the value of a song and with it a whole new world of possibilities.”
Citing Goldman Sachs, Moot noted that by 2030, global music publishing revenues are expected to reach $12.5 billion.
He argued that “this growth is being driven in large part by the globalization of music”.
Moot also suggested that “culture is now an asset as local repertoire, from both newly created songs and catalog gems from a bygone era, becomes hits that can also be translated across borders”.
Elsewhere in the keynote, Moot discussed the rise in streaming royalties for songwriters and artists in the US, the explosion of Latin music, and more.
Here are three things that stood out…
“Emerging and region-specific markets are coming of age”…
Regarding the globalization of music, Moot argued in his speech that “emerging and region-specific markets will emerge and others will soon follow”.
He added, “Just look at what has happened to the explosion in Latin music over the last few years, which shows no signs of slowing down.”
Moot pointed to stars like Bad Bunny and Quavido to illustrate how artists from non-English speaking markets “draw from their own influences to create music that appeals to global audiences”.
“Just look at what has happened to the explosion in Latin music over the last few years, which shows no signs of slowing down.”
“They not only break down language barriers and break records,” added Moot, “but also pave the way for the next generation of non-English speaking songwriters and artists.”
He added: “It’s amazing to see the creators of this intersection of these cultural moments light up the global charts and top 10 alongside other international acts like Blackpink or the bizarre app Rosalia and also us megastars like Harry Styles and Nicki Minaj reach.”
Phono IV comparison is “an important milestone”…
Moot told the audience that music publishers have “an obligation and responsibility” to their writers to protect what he says is the “new global songwriter economy,” arguing that publishers could do so by championing “stronger IP Legislation and better digital tariffs” took hold in markets around the world.
Moot pointed to events in the US surrounding the Copyright Royalty Board’s upcoming proceedings to set mechanical streaming royalties for songwriters for years to come 2023-2027.
Late last month, the National Music Publishers’ Association (NMPA), the Nashville Songwriters Association International (NSAI) and the US Digital Music Services Trade Organization (DiMA) reached an agreement on higher mechanical streaming license fees in the US ahead of the CRB litigation known as Phonorecords IV. .
“Phonorecords IV or the whole Phono IV comparison to increase digital streaming rates is such an important milestone in the broader fight,” he added.
Moot said that “although these findings directly impact our writers in the States, there is a ripple effect affecting negotiations with streaming services around the world.”
He added: “The settlement deal with Phono IV to increase digital streaming rates in the US is such an important milestone in the broader fight.
“It is also an example of what happens when different bodies in this case publishers, songwriters and especially the NMPA come together to work on a solution.
“This historic victory would not have been possible without the collective support of everyone. And of course there is still work to be done to ensure that music creators everywhere are paid what they deserve.”
Moot says the “catalog buzz” is “great” but “there’s a big difference between someone with deep pockets who can put up the money to buy a catalog and music publishers”…
Looking ahead, Moot said Warner Chappell is “optimistic about the future” of the publishing business.
He added that “the entire industry is evolving at an unprecedented pace, accelerated by an increasingly fragmented media landscape, with more music uses than ever before and a plethora of new digital platforms.”
Moot also argued that songwriters are now “demanding more, and rightly so” and that they are trying to “expand into writing for films, documentaries, television and games and experimenting with the new possibilities and Web3 and of course NFTs”. .
Capitalizing on the success of Kate Bush’s hit running up That Hill In Stranger Things, for example, Moot told the audience that “new music competes not only with hits from around the world, but also with decades-old catalog songs discovered by a new generation of music lovers.”
Moot further commented on the “catalogue buzz” issue, telling the audience, “I’m sure you’ve all seen new investors and funds coming into the market and buying up catalogs of famous writers for millions and millions of dollars these days”.
He said that the catalog market is a “great” development and that “finally more people are seeing the true value of a song.”
However, he added that “there’s a big difference between someone with deep pockets who can put up the money to buy a catalog and music publishers like us who have a responsibility to the writers to care for and revitalize their songs , not just now, but for decades to come”.
“As such, I believe that future music release will depend on our ability to find new ways to connect fans with music.”
The ‘new songwriter economy’ will be ‘less about just having hits’
Later in his speech, Moot suggested that “the new songwriting economy will be less about just having hits, winning awards and dominating market share”.
Instead, he says it will be “more about creating a variety of new global opportunities that put money back in creators’ pockets and create more awareness for songs and songwriters.”
“The new songwriting economy will be less about having hits, winning awards and dominating market share.”
Moot added: “The music industry’s old-school image will soon be a thing of the past and those who don’t conform and check their egos at the door will be left far behind.
“If I leave you with something, I hope that as industry leaders, key stakeholders and music enthusiasts, we make it our mission to create more employment opportunities.
“Including those in emerging markets, and really prioritize the development of local songwriters, producers and artists.”music business worldwide
https://www.musicbusinessworldwide.com/guy-moot-on-the-the-globalization-of-music-and-the-new-songwriter-economy/ Guy Moot on the globalization of music and the “New Songwriter Economy”