TuneCore Q2 Financial Results: Artists Earn $44 Million, Up 24%
August 17, 2016 at 11:30 AM (PT)
TUNECORE has announced its revenue results from Q2 this year, with members of the service earning $44 million – a 24% increase from the same period in 2015. This increase can be attributed to several factors, including an 82% increase in streaming growth with top DSP contributors such as TIDAL (+157%), AMAZON MUSIC (+112%) and SPOTIFY (+89%), as well as a rapid streaming growth internationally – especially in AUSTRALIA (+124%), U.K. (+97%), GERMANY (+108%) and INDIA (+112%).
YOUTUBE continues to be a lucrative platform for independent artists with gross revenue experiencing a 110% increase and YOUTUBE ART TRACKS seeing a 384% increase in gross revenue growth.
Additional highlights include:
• International Growth: TUNECORE’s local offerings in international markets are experiencing steady increases in customer growth: GERMANY (+221%), U.K. (72%) and AUSTRALIA (+13%). The top emerging market is INDIA with a 195% increase in customer growth. The fastest growing territories include: SOUTH AMERICA (+37%), AFRICA (+55%) and ASIA (+38%)
• Genre Growth Worldwide: TUNECORE’s fastest-growing genre amongst its members is K-POP, which has increased by 147% since Q2 2015 and is popular in markets including: U.S., CANADA and AUSTRALIA. Other fast-growing genres and their respective popular markets include:
-- R&B/SOUL (+85%) in GERMANY, NEW ZEALAND, DENMARK, NETHERLANDS and SWEDEN
-- J-POP (+81%) in JAPAN, U.K. and FRANCE
-- HIP-HOP/RAP (49%) in NETHERLANDS, MEXICO and CHILE
-- CHILDREN’S MUSIC (+42%) in NORWAY and CANADA
See the full report here.