“At Spotify, we routinely conduct a number of tests, some of those tests end up paving the way for our broader user experience and others serve only as an important learning. Blud now they even added lyrics to premium?ĬJ Stanley, Spotify’s co-head of global communications, confirmed in a statement to the outlet that the company is testing putting lyrics behind a paywall with Spotify Premium. Now dig into the data-fueled VIP+ subscriber report.
With TikTok Music slowly infiltrating the category, all the major platforms need to be armed and ready to take on the new competitive threat or risk losing market share. The economics of the business are more important than ever, and the competition has been growing fierce over the past several years. The music streaming business is in the midst of an industrywide shift.
Much of what will play out with TikTok in the music streaming space still remains to be seen, but the pressure can already be felt. Analysts estimated 60% of emerging platform revenue in 2022 came from shortform video and/or social media, including TikTok, YouTube Shorts, Instagram Reels and Snapchat Spotlight. Music revenue from social media platforms grew 30.9% in 2022, according to IFPI. Growth in those platforms is a major revenue opportunity for the music industry. It’s just hard to deny the influence of emerging platforms such as shortform video, connected fitness, gaming and podcasts, even within music. The emergence of TikTok Music is a bit of a wildcard when it comes to relationships with record labels and artists, and it will be critical that the two sides engage in proper dealmaking if TikTok Music continues to expand globally. In the past, music streaming platforms and record labels have been engaged in very public disputes regarding streaming royalties and the uneven distribution of revenues from streamed music.
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It’s already common knowledge that TikTok is a critical music discovery tool it makes sense to expand on that by creating a place to actual listen to full tracks without ever having to leave the app.Įven as TikTok Music poses a serious threat to the major streaming services - Spotify, Apple Music, Amazon Music and others - it could potentially present a better opportunity for record labels like Warner Music Group, Universal Music Group and Sony, as additional licensing partnerships would help create new revenue opportunities for artists under the labels. adults, TikTok surpassed Instagram in 2022 and is set to top Facebook by 2025.įor younger generations who’ve grown up with TikTok and seek a more social experience from music streaming, TikTok could capture younger consumers’ loyalty by creating a truly all-inclusive entertainment ecosystem. In terms of total daily minutes consumed across all devices among U.S. TikTok has seen exponential growth over the past several years, and its reach has begun to outpace even the biggest social media apps in the U.S.
From what we know so far about TikTok Music, it is subscription only and users must have a TikTok account to access it.
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