On the publishing front, Sony Music Publishing retained its No. 1 position, which its held worldwide since 2012. SMP writers averaged 33% of the weekly share of Spotify’s global top 100, up from 27% in 2020. Chief among them: Olivia Rodrigo , whose album “Sour” was an unstoppable mover in 2021 .
Using Spotify as a barometer, Sony’s weekly share of the platform’s worldwide top 100 tracks ticked up only slightly to 36.1%, but its part of Spotify’s worldwide top ten jumped nearly 10% to 48.5%, up from 39% the previous fiscal year. Recapping the company’s acquisitions and strategic investments, Stringer listed its majority stake in hip-hop label Alamo, home to Lil Durk; SMG’s purchase of dance music label Ultra “which has been very profitable for us over the years,” he noted; the recent final regulatory approval for artist services concern AWAL, which specializes in independent artists and DIY distribution; and Brazil’s top label Som Livre.
But perhaps most significant are Sony’s plans going forward in its promise to be a creator-friendly company “searching for the most principled ways” to represent talent. That includes its bold step to wipe out unrecouped balances for artists signed prior to 2000, an initiative that will expand to include qualifying artists who have been signed to the label for more than 20 years.
In its effort to do right by its artists and songwriters, Sony’s Artists and Songwriters Forward and Artist and Songwriter Assistance programs will continue to offer transparency and mental health services. “We believe in the wellbeing of our artists and songwriters,” said Stringer. “We want to lead by example.”
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Source: Forbes - 🏆 394. / 53 Read more »