Guy Moot, Co-Chair and Chief Executive Officer of Warner Chappell Music, delivered a keynote speech at this week’s All About Music conference in India.
During the keynote, Moot said that it’s “never been a more exciting time to be 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 opportunity”.
Citing Goldman Sachs, Moot noted that by 2030, global music publishing revenue is expected to hit $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 with local repertoire from both newly created songs and catalog gems from past times becoming hits that can also translate across borders”.
Elsewhere in the keynote, Moot discussed the mechanical streaming royalty rate rise for songwriters in the US, the explosion of Latin Music and more.
Here are four things that stood out…
“emerging and Regional specific markets are coming of age”…
Commenting on the globalization of music, Moot argued in his speech that “emerging and Regional specific markets are coming of age and others will soon follow”.
He added: “Just look at what’s happening with the explosion in Latin music over these past few years, which shows no sign of slowing down.”
Moot referenced stars like Bad Bunny and Quevedo to illustrate how artists from non-English speaking markets are “drawing from their own influences to create music that’s appealing to a global audience”.
“Just look at what’s happening with the explosion in Latin music over these past few years, which shows no sign of slowing down.”
“They’re not just transcending language barriers and breaking records,” added Moot, “but also paving the way for the next generation of non-English speaking songwriters and artists.”
He added: “It’s amazing to see the creators that this intersection of these cultural moments lighting up the global charts and reaching the top 10 alongside other International acts like blackpink or bizarre app Rosalia and also us Mega stars like Harry Styles and Nicki Minaj.”
the Phono IV settlement deal 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” and argued that publishers can do this by advocating “for stronger IP legislation and better digital rates in markets all around the globe.
Moot pointed to events in the US around the Copyright Royalty Board’s upcoming proceedings to set mechanical streaming royalty rates for songwriters for the years 2023-2027.
At the end of last month, The National Music Publishers’ Association (NMPA), the Nashville Songwriters Association International (NSAI), and the trade org for digital music services in the US (DiMA), agreed to a settlement for higher mechanical streaming royalty rates in the U.S. ahead of those CRB proceedings known as ‘Phonorecords IV’.
“Phonorecords IV, or all the Phono IV settlement deal to raise us digital streaming rates is such an important milestone in the broader fight.”
Moot said that “while these outcomes directly impact our writers in the States, there’s a ripple effect that influences negotiations with streaming services around the world”.
He added: “The Phono IV settlement deal to raise Us digital streaming rates is such an important milestone in the broader fight.
“It’s also an example of what happens when various bodies come together in this case publishers, songwriters and especially the NMPA to work towards the solution.
“This historic win wouldn’t have been possible without everybody’s collective support. And of course, there’s much more work to be done to ensure music creators everywhere are paid what they deserve.”
Moot says the “Catalog buzz” is “great”, but “there’s a huge difference between somebody with deep pockets putting up the money to buy a catalog and music Publishers”…
Looking ahead, Moot said that Warner Chappell is “optimistic about the future” of the publishing business.
He added that “the entire industry is evolving and at an unprecedented pace, accelerated by an increasingly fractured media landscape, with more usages of music than ever before and an abundance of new digital platforms.”
Moot also argued that songwriters are now “demanding more and rightfully so” and that they’re looking to branch out “into writing for film, documentaries, TV and gaming as well as experimenting with the new opportunities and Web3 and of course with NFTs”.
Using the success of Kate Bush’s hit Running Up That Hill in Stranger Things as an example, Moot told the audience that “new music is not only competing with hits from all around the world, but also decades old catalog songs that have been discovered by a new generation of music lovers”.
Commenting further on the topic of “catalog buzz”, Moot told the audience that, “I’m sure you’ve all seen new investors and funds coming into the market and buying up catalogs of iconic writers for millions and millions of dollars these days”.
He said that the catalog market is a “great” development and that “more people are finally recognizing the true value of a song”.
He added however, that “there’s a huge difference between somebody with deep pockets putting up the money to buy a catalog and music Publishers, like ourselves, that have a responsibility to a writers to look after and revitalize their songs, not just now but for decades to come”.
“That’s why I believe the future music publishing will hinge on our ability to find new ways to connect fans to music.”
The ‘new songwriter economy’ is going to be “less about just having hits”
Later in his speech, Moot suggested that, “in the new songwriter economy, it’s going to be less about just having hits, winning awards, and dominating market share”.
Instead, he says it will be “more about creating a multitude of new global opportunities that put money back into the pockets of creators and bring more awareness to songs and songwriters”.
“In the new songwriter economy, it’s going to be less about just having hits, winning awards, and dominating market share.”
Added Moot: “The old school image of the music industry will soon be a thing of the past and those who fail to adapt and check their egos at the door, will be well left behind.
“If I leave you with anything, it’s my hope that we take it upon ourselves as industry leaders key stakeholders and music enthusiasts to cultivate more job opportunities.
“Including those in emerging markets and really prioritize developing local songwriters producers and artists.”Music Business Worldwide