Five Major Music Business Questions After the Grammy's
Feb 5, 2024
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Discussions include Taylor Swift's Grammy win and album announcement, the impact of TikTok on music consumption and the decline of hip hop in the Grammy's, diversity in the Grammy's and The Sphere's commercial success, exploring large venues and performance locations, and debating headliners for a music venue and discussing the Grammy's.
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Quick takeaways
Legacy artists showcased their power and relevance in the streaming era during the Grammy Awards, driving consumption on streaming platforms.
The ongoing battle between Universal Music Group (UMG) and TikTok over licensing and revenue sharing highlights the impact of this dispute on the music industry and the relationships between artists, record labels, and streaming platforms.
Deep dives
Legacy artists and shifting demographics of music consumption
The Grammys showcased the power and influence of legacy artists in the streaming era. Performances by Tracy Chapman, Joni Mitchell, Annie Lennox, and Billy Joel highlighted their continued relevance and their ability to drive consumption on streaming platforms. Legacy artists, whose music makes up a significant portion of music consumption, have gained power and recognition in the industry.
UMG-TikTok battle
The ongoing battle between Universal Music Group (UMG) and TikTok was a prominent issue at the Grammys. Trevor Noah's joke about TikTok ripping off artists and Drake's criticism of the platform highlight the tensions between UMG and the popular social media app. The dispute centers around licensing and revenue sharing, with UMG pushing for better compensation for artists. The outcome of this battle will greatly impact the music industry and the relationship between artists, record labels, and streaming platforms.
Decline of hip hop representation
The Grammys raised questions about the declining presence of hip hop in the show and its overall impact on the music industry. Jay-Z's comments, calling out the Grammys for not recognizing Beyoncé's achievements, and Drake's dismissal of the show's influence reflect dissatisfaction within the hip hop community. The declining representation of hip hop on the Grammy stage may be indicative of the challenges faced by the genre in launching new stars and gaining recognition.
The sphere's presence at the show
The Sphere, a groundbreaking music venue in Las Vegas, received attention during the Grammys. With its unique design and potential for immersive visual experiences, the Sphere has attracted interest in the live entertainment industry. Despite some controversy over its appearance, the earnings report from its parent company, Madison Square Garden Entertainment, shows promising revenue and prospects for future expansion. The Sphere's success could shape the future of live music experiences and establish a new model for music venues.
Matt is joined by Bloomberg’s Lucas Shaw to discuss the highlights, lowlights, and most pressing music industry questions after the 2024 Grammy Awards. Matt and Lucas check in on the music business, including the ongoing feud between Universal Music Group and TikTok, Taylor Swift's new album announcement, the Grammy's problem with hip-hop, the future of the Las Vegas Sphere, and more.
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