Will Page returns to the show for a “state of the industry” episode. In last year’s appearance he correctly called out the slowdown in streaming subscriptions, bubbles in web3, and more.Will believes the value of copyrighted music could hit $45 billion annually when the 2022 numbers are calculated — up $5 billion from 2021, which is already an all-time high for the industry.  Another massive shift is glocalisation”: the trend of local music dominating the domestic charts, as opposed to Western artists. This phenomenon isn’t just being felt in music, but across every industry, from film to education.We covered both these trends, plus many more. Here’s all our talking points: 1:33 Why the music industry is actually worth $40+ billion annually7:03 Physical music sales on the up and up10:47 How publisher and labels split up copyright value16:59 The rise of “glocalisation” will impact every industry34:39 DSP carnivores vs. herbivores 40:23 Why video vs. music streaming isn’t a perfect comparison 46:31 Music as a premium offering in the marketplace 51:38 How to improve streaming royalties  1:06:05 AI music benefits that goes overlooked 1:10:07 Will’s latest mix pays homage to Carole KingGlocisation report: https://www.lse.ac.uk/european-institute/Assets/Documents/LEQS-Discussion-Papers/EIQPaper182.pdfListen: Apple Podcasts | Spotify | SoundCloud | Stitcher | Overcast | Amazon | Google Podcasts | Pocket Casts | RSSHost: Dan Runcie, @RuncieDan, trapital.coGuest: Will Page, @willpageauthorThis episode is sponsored by DICE. Learn more about why artists, venues, and promoters love to partner with DICE for their ticketing needs. Visit dice.fmTrapital is home for the business of hip-hop. Gain the latest insights from hip-hop’s biggest players by reading Trapital’s free weekly memo. TRANSCRIPT[00:00:00] Will Page: I put so much emotional time and effort into making these mixes happen and going out for free.They get your DJ slots, but more importantly, it goes back to what makes me wanna work in music, which was a lyric from Mike G and the Jungle Brothers from that famous album done by the forties of Nature, where he said, it's about getting the music across. It's about getting the message across. It's about getting it across without crossing over.How can I get art across an audience without delegating its integrity? And it's such an honor to have this mixed drop in this Friday I mean, that's, made my year and we're not even into June yet. [00:00:30] Dan Runcie Intro: Hey, welcome to the Trapital Podcast. I'm your host and the founder of Trapital, Dan Runcie. This podcast is your place to gain insights from executives in music, media, entertainment, and more who are taking hip hop culture to the next level.[00:00:56] Dan Runcie Guest Intro: Today's episode is all about the state of the music industry, and we're joined by the One and Only, Will Page. He is a fellow at the London School of Economics. He's an author of Tarzan Economics and Pivot, and he is the former chief economist at Spotify. Will's second time on the podcast. Now, the first time we talked all about the future of streaming and where things are going in music, and we picked that conversation, backed up.We talked about a bunch of trends including the glocalisation of music, which is from a new report that Will had recently put out. We also talked about why he values the music industry to be close to a 40 billion industry, which is much higher than a lot of the reports about recorded music itself.And we also talk about a bunch of the topics that are happening right now, whether it's ai, how streaming should be priced, the dynamic between record labels and streaming services, and a whole lot more love. This conversation will always brings it with these conversations, so I hope you enjoy it as much as I did. Here's our chat.[00:02:00] Dan Runcie: All right, today we have the one and only Will Page with us who is recording from a beautiful location. I don't know if you're listening