5 Things You Missed in Music Business News
Things are constantly changing in the landscape of the music industry and it’s important to stay on top of trends and news updates, especially as an independent artist. We’ve got you covered with a weekly recap of the top stories you need to know.
Rihanna Dubbed Richest Female Artist in the World
According to Forbes, Rihanna has surpassed Madonna, Celine Dion, and Beyonce as the wealthiest female artist with her fortune totaling up to $600 million. The success of her brand Fenty Beauty, which brought in $100 million in sales the first week, and her partnership with LVMH, a French luxury goods company, has her dominating the game!
Streaming Expected to Bring in $80 Billion Revenue in 2030
Research predicts that music revenue will generate about $131 billion by the year 2030. Stats show people in the 18-34 age demographic are spending more on music than past generations, with Millenials averaging about $163 a year on music streaming. Streaming is coming to the forefront as music downloads are rapidly declining.
Apple is Tossin’ Out iTunes!
Apple is making the decision to discontinue the iTunes app. They plan to replace it with a pack of three apps: Apple Music, Apple Podcasts, and Apple TV. Don’t weenie out, Apple clarified that music previously purchased through iTunes will still be available to users.
Billboard Dropping ‘Top Producer’ & ‘Top Songwriter’ Weekly Chart
Billboard is introducing two new weekly charts ‘Top Songwriter’ & ‘Top Producer’ that will be based on radio airplay, unit sales, and streaming. The charts will debut on June 15th acknowledging top creatives behind the music.
Kanye Launching Program to Support Designers on the Come Up
Kanye West is launching an “incubator” program to provide mentorship and financial assistance to promising talent in the area of fashion and design.