Journalists devoted themselves to just one pop star. Strange innovation of the US media

“Music is art, and art is important and rare. Important and rare things have value and need to be paid for. My hope for the future, not just of the music industry, but of every young girl I meet, is that they realize their worth and demand compensation for it.” Following this seemingly simple formula, country singer Taylor Swift, 33, a very accomplished entrepreneur in her own right, has become, along with her colleague Beyoncé, the queen of the music industry Show Business world trying to give value to art that platforms risk erasing by making music a mere service, background music for jogging, a ringtone for advertising, or a “ringtone” for a cell phone. The effect can be seen: Taylor Swift’s estimated net worth is $740 million, with several properties scattered across the United States, and Beyoncé’s net worth is $500 million, making the singer and her husband Jay-Z the richest couple in music with a combined net worth of Celebrity estimates Net Worth, $1.8 billion.

The economic and cultural power of these two true “influencers” of the music world.therefore led to the creation of a new figure, that is a journalist dedicated exclusively to them, who will follow them 24 hours a day, as if they were two candidates in next year’s US presidential election.. Gannett, the largest newspaper chain in the United States, has announced the selection of two journalists, each dedicated to one of two pop stars, who will then write articles for Use today and for Tennessee: Reward an “embedded” journalist up to $100,000 a year to profile the cultural and economic impact of two artists. This may surprise you, but here we are talking about feminine power finance with millions of streams and views, and the public is hungry for news about the two stars. Naturally, both newspapers must ride the wave, hopefully without sacrificing critical freedom.

Just to give you some numbers: Taylor Swift immediately after releasing her third re-recorded album last July: Speak Now (Taylor’s Version), which topped the US and UK charts, became the first most streamed female artist on Spotify with over 100 million monthly streams. Swift’s numbers, meanwhile, have caught the Fed’s attention: In their findings, economists have shown in black and white how each leg of a tour has a driving effect on the economy, between concert ticket sales, hotel fan bookings and other cascading effects, from restaurants to aircraft, with a total increase in GDP of $5 billion.

While Beyoncé, who with her recent 32nd Grammy Award became the most awarded artist in Grammy history, is one of the most successful musical artists in the history of modern pop music, having sold approximately 200 million copies worldwide . Not to mention commercial deals: In 2012, Beyoncé signed a $50 million endorsement deal with PepsiCo (PEP).

These two artists are leaders in the entertainment industry. (excluding cinema halls empty after Covid) is becoming increasingly important economically on a global level, from television platforms to video games, from music streaming to live concerts.. Total global entertainment and media revenues grew 5.4% in 2022, exceeding $2.3 trillion.

Although this actually represents a sharp slowdown in growth of 10.6% in 2021, as economies and industries around the world began to recover from the disruption caused by the Covid-19 pandemic. And in each of the next five years, the growth rate will decline sequentially, so that by 2027, revenue will grow only 2.8% compared to 2026. The slowdown in growth, largely caused by stagnant consumer spending, is pushing companies to reconsider expectations and look for ways to resume growth. They are also doing this by leveraging new technologies, particularly by exploring the power of generative artificial intelligence to improve productivity in the creative process. As entertainment and media products become more digital and less analog, production and distribution costs are falling. Meanwhile, in a world where content is already plentiful, competition among digital content and service providers is increasing. The fact remains that the entertainment business is huge, even as the risk of it becoming less and less “human” and more and more artificial has sparked protests from artists, starting with the Hollywood actors’ strike against the fear of being replaced by artificial intelligence. .

But let’s get back to the music industry. Regarding the recording industry, Since the collapse of physical media, the sector has found new business models: its revenues depend on the aggregation of catalogs capable of generating royalties across multiple platforms and user experience.. This is the combined effect of digitalization and streaming. Indeed, in the second quarter, major record label earnings saw year-over-year growth of 12.5% ​​for Sony Music on $2.284 billion in total revenue and 9.9% year-over-year growth for Warner Music with $1.564 billion in revenue.

While he was there a real boom in live performances, as evidenced by an exceptional summer of sold-out stadiums for both Italians such as Penguini Tattichi Nucleari, Marco Mengoni and the impeccable Vasco Rossi, as well as international stars from Coldplay to Bruce Springsteen. Despite disagreements over prices, we are the sixth largest country in the world in live ticket sales, with a turnover of around one billion euros. The post-pandemic period has shown that there is a need for entertainment. And therefore information about this sector is also becoming increasingly important, for example it can give a new impetus to the publishing industry, which is in crisis, by focusing on content that, even on a social level, is of increasing interest to the public.

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