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We Are What We REPEATEDLY Do
Mauricio Ruiz
May 14, 2024
Welcome to The Manager’s Playbook, my personal newsletter where I share weekly insights for aspiring artists, emerging music managers and executives on how to navigate the music industry, by Ruiz.
Note: For any links that are behind a paywall, copy the URL and paste it into this paywall ladder to read the article without any issues.
Ruiz Note:
“We are what we repeatedly do…”- Aristotle
Office of Gary “Vee” Vaynerchuck @ VaynerMedia
In this edition, I’m taking a short break from our regular ‘Strategy’ Section. However, we've packed our "Pay Attention" segment with essential tactics. A lot of these I think are important for your journey to refine strategy. Take your time with this section this week. There’s a lot to flesh out.
Also, mark your calendars for this Thursday! Got a Special edition of ‘Key Plays', with an exclusive piece of content just for you, our TMP Newsletter reader. Been working on this exclusive for a GOOD minute. I hope it brings you value. Always.
And no, it does not have anything to do with Gary Vee. I will say though, he’s definitely had a major influence on the way I think about content. He’s reframed my approach to the canvas that is video production. Looking forward to sharing more on Thursday.
-Ruiz
CONTENTS
Pay Attention:
• MBW interview with music manager Michele Harrison
• Shaboozey Leveraged a Beyoncé Collab Into a Solo Chart Smash
• $116.5 Billion Global Music Industry by 2030
• What’s your Music Tech Stack look like?
Industry News:
• By The Numbers — Kendrick Lamar & Drake
• Introducing the Apple Music Partner Program.
• Sphere Posts $170M Revenue. Second Market coming ‘Soon’
What We’re Watching:
• Gary Vee on Creating Content That Works
Check This Out:
• Music Business Association
• Music Industry Job Openings
PAY ATTENTION
‘The TikTok era is over. Artists aren’t being signed based on one thing going viral anymore.’
It can be challenging to go viral, and even more challenging to sustain the momentum. Michele Harrison, a 20-year music manager (R&B star UMI, alt-pop duo Beau, R&B singer Healy) and industry vet points out that the buy in to get signed nowadays looks like artists having an established community, loyalty, and undeniable support from their audience.
When a vet like Michele speaks, we listen.
How Shaboozey Leveraged a Beyoncé Collaboration Into a Solo Chart Smash
Pay close attention to the movers and shakers in Country music. It’s an enormous genre that is expanding rapidly and there will likely continue to be a lot of opportunity for collaboration between Country and non-Country artists.
$116.5 Billion Global Music Industry by 2030
The Goldman Sachs HIGHLY INFLUENTIAL "Music in the Air 2024" report highlights key trends in monetization, emerging markets, Superfans and the impact of AI in the music industry.
Here are 5 things to note:
Monetization Strategies: The report discusses ongoing efforts to increase revenue through price adjustments in streaming services, enhanced super premium plans for superfans (more below), and novel artist-centric payment models. It anticipates further enhancement of monetization, especially through paid subscriptions.
Emerging Markets Growth: The growth in emerging markets is seen as a significant driver for the global music industry's expansion, with these markets contributing majorly to subscriber additions. This shift is expected to impact royalty distribution and overall industry dynamics.
Impact of AI: There's a focus on the evolving role of Generative AI in content creation and its regulatory and intellectual property implications. While AI poses challenges, it also offers new avenues for creativity and efficiency in music production.
Market Forecasts: The report raises the 2024-2030 compound annual growth rate (CAGR) slightly to 7.6% due to stronger prospects in live music (51.7B 2030) and publishing (15.3B 2030), despite a modest downtrend in recorded music forecasts (49.5B 2030).
Superfan Segment: Two interesting notes:
a) $4.5 billion (up from 4.2b in 2023): This represents the maximum potential revenue (TAM) from superfans, assuming all are fully monetized to spend twice as much as average subscribers.
b) $3.3 billion: This is a more realistic projection, accounting for a gradual increase in monetizing superfans from 10% in 2025 to 60% by 2030.
These points reflect Goldman Sachs' outlook on key changes and developments expected to influence the industry's growth trajectory and operational strategies.
MusicWeek breaks it down further.
For the full 48 page report check out below:
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What’s your Music Tech Stack look like?
“In technology, a stack is a metaphor: a way of visualizing a collection of software systems used together to get work done.”
Those who can gather the most (of the right) data, and leverage it the best, wins. This is for all of the artist + managers out there.
Thank you to Marco Esposito for sharing this image Water & Music. Data, on everything, should always be acquired, tracked and analyzed from multiple perspectives. No excuses to grow any of your verticles with the wide range of tech on the market.
INDUSTRY NEWS
By The Numbers
Kendrick Lamar & Drake
"Not Like Us" by Kendrick Lamar debuts at No. 1 (His 1st Solo Debut) with:
70.9 million official streams
5 million radio airplay audience impressions
15,000 copies sold in the U.S.
“Euphoria" by Kendrick Lamar moves from 11th to 3rd place in its second week on the chart.
“Family Matters" by Drake starts at No. 7, marking Drake's record-extending 78th top 10 entry on the Hot 100.
Drake has tallied a record 327 Hot 100-charting songs in his career, the most of all time.
Kendrick Lamar's 'Not Like Us' breaks the record for biggest streaming day ever for a rap song in Spotify history (12.8m) a record previously held by Drake's 'Girls Want Girls' ft Lil Baby + fastest rap record to reach 100m streams on the aforementioned DSP.
From May 3-6, Lamar’s overall catalogue earned 50.62 million streams — up 49% from the previous Friday-to-Monday tracking period (33.98 million from Apr. 26-29).
Drake’s overall catalog is slightly down (105.9 million from Apr. 26-29) to last weekend (100.7 million from May 3-6).
With a 4.9% dip, Drake’s streaming numbers remain roughly 2x as many as Lamar’s.
Introducing the Apple Music Partner Program
Apple Music just launched their new Partner Program allowing you to “access more tools to break the next talent, spot emerging trends, and uncover new insights about your content.”
It’s worth exploring. Some key points:
Uncover a deeper look at the global music landscape to help you break new acts at home and abroad.
Access a premium suite of innovative tools and exclusive events to navigate today’s music industry.
Leverage tools to maximize new release exposure, promote new releases, and optimize your next marketing campaign.
Find support and priority responses from a dedicated Apple Music team.
Sphere Posts $170M Revenue as CEO James Dolan Eyes Second Market ‘Soon’
Sphere Entertainment Co. reported $170.4 million in revenue for its Las Vegas Sphere venue, which has hosted nearly one million guests for events like U2 and Phish residencies.
CEO James Dolan announced plans for a second Sphere venue, with discussions ongoing in several markets. Exciting upcoming events include a residency by Dead & Co., the NHL draft, and possibly The Eagles.
WHAT WE’RE WATCHING
“If Your Content’s Not Working, it Means That You’re Not Interesting.. Yet.”
I told you off the top Gary has had a profound impact on the way I think about content. See the video and caption below:
“The #1 mistake a lot of creators, entrepreneurs, influencers, business people are making right now … it’s also the #1 opportunity… leave a comment with what you think you should start making content around ?”
CHECK THIS OUT..
Music Business Association
Came across this yesterday. Surprised it wasn’t on my radar. The conference is currently underway May 13-16 in Nashville. Next year the conference goes to Atlanta. Worth looking into.
Interesting Note* 27% of C-Suite Music Executives Attend the conference every year.
Music Industry Job Openings
Have a look at ROSTR’s job board for paid work in the industry.
Stay hungry. Stay open.
WRAPPING UP..
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Bio
I’m Mauricio Ruiz, the Founder/CEO of 8 Til Faint, an Artist Management company with over 5 billion audio streams worldwide. Our past and current clients include Grammy nominated, Juno Award winning multi-instrumentalist and singer/songwriter Jessie Reyez, Marley Bleu, Skratch Bastid and more. I am also the Co-Founder of Mad Ruk Entertainment, a content agency with over 3 billion long form video streams worldwide. Our client list includes The Weeknd, Eminem, and Celine Dion, along with renowned brands like Nike, Pernod Ricard, Canon, and the NBA.
Follow me on IG @mauroisruiz
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