Exploration Audio Newsletter - March 5, 2021

SoundCloud announced a new “fan-powered” model of distributing royalties this week. Each listener’s subscription or advertising revenue would be distributed among the artists that they listen to, rather than their plays being piled into a collective pool. The service is expected to benefit its artists based on this new model beginning on April 1 2021.

Jack Dorsey’s mobile payments firm Square has recently acquired a majority stake in Jay-Z’s music streaming service Tidal for $297 million, according to an announcement made on March 4. Tidal currently holds approximately 70 million songs and 25,000 videos to listeners in 56 countries. The acquisition is expected to close in the second quarter of 2021.

US music industry revenue increased 9.2% to $12.15 billion in 2020 from the prior year’s $11.13 billion total, based on figures released in the RIAA’s year-end revenue report on February 26. Streaming particularly increased by 13.4% from 2019, accounting for 82.9% of total US revenue. This marks the fifth consecutive year of growth for the music industry.

Exploration: exploration.io/exploration-weekl…-hit-12b-in-2020/

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