May 29, 2025
Episode

America Streams American. The World Follows.

America Streams American. The World Follows.
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Will Page

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Today’s episode is about America, the strongest market for recorded music revenue that continues to get stronger. Despite the rise of global music that is no longer reliant on Western gatekeepers, U.S. artists drive a higher share of revenues than ever. How does this make sense? We break it all down with our friend of the pod, Will Page.

You can listen to the full episode here, or read below for a highlight on globalization. Let’s dive in.

“You want it one way… but it’s the other way.” Marlo Stanfield from The Wire.

I think about this quote whenever there’s a trend I expected to go one way, but it didn’t pan out.

I thought the creator economy was going to shift power away from institutions in favor of individuals. Many talented individuals did gain power, but institutions gained power in new ways.

I also expected that streaming's global impact would lead to the rise of global music at the expense of the U.S. and Western World. Don't get me wrong, Latin hip-hop, Afrobeats, and K-pop have reached new heights thanks to streaming. But success in streaming is not zero-sum. Other regions grew, but no nation has gained more collectively in the streaming era than the U.S.

Here’s a chart from our guest, Will Page, that illustrates the point:

In the world of fragmentation, the U.S. global revenue has increased more than ever. American artists are responsible for 38% of a pie that has grown 80% since 2011. Even in developed countries like Canada, their artists generate more revenue from streams in the U.S. than from streams in Canada.

Plus, a lot of those non-U.S. artists, like Drake, The Weeknd, and Rihanna, still share a large portion of their revenue with U.S.-based companies. The amount of their money that flows back to their countries of origin may be even smaller.

It’s a timely topic to dig into given the looming trade wars in our global economy. President Trump floated the idea of a reciprocal movie tariff, which immediately sent my mind to music. There are plenty of similarities across both industries, but music is unique in a number of ways.

You should listen to our full episode. We discussed at length:

- Reasons why the U.S. share of global recorded music revenue continues to grow
- How does this trend line up with glocalization across music and media
- Which genres of U.S. music are the biggest “exports”
- What we predict for 2030

Listen here:​​ Spotify​​ | ​​Apple Podcasts​​ | Overcast

Chartmetric Stat of the Week - Janet Jackson and TikTok

Janet Jackson just received the Icon Award at the 2025 American Music Awards. She performed her 2001 hit *Someone to Call My Lover, which* saw a 606% surge in on-demand streams in March 2025. It was sparked by a TikTok revival, rooted in a 2021 SoundCloud edit. The track's revival is another example of how classic songs can find new life with a new generation.

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Dan Runcie
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I am a real estate investor and came across this podcast after a recommendation from a friend who shares my loves for both hip hop and business. Often, those two interests have such polar opposite “voices” - but Dan’s podcast brings those two together for me. The result is magical. Great guests, too!
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I stumbled upon this podcast by learning about Dan / Trapital via LinkedIn. I listen to A LOT of podcasts and I decided to give it a listen. First, Dan has a calm and authentic demeanor, which are great qualities. When he’s talking to his guests it’s very conversational and easy flowing. I’m a former music industry vet so the topics are right up my alley.
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Read what the industry leaders read

Hip-hop mirrors the business world in a lot of ways. While I’ve always thought and known that, it’s great to see those ideas brought to life by someone so knowledgeable about both of those things. Huge fan of Trapital.
PPLS CHAMP
Looking forward to future episodes of Trapital. I’ve been following the newsletters for awhile and always learn something new that’s relevant to hip hop and business. Great job getting the nuggets of info from Matthew Knowles on the 1st episode, can’t wait until the next one!
Cburns08
If you’re looking for a podcast with a wealth of info on the business of hip hop, then Trapital is your new home. Dan is an excellent host who has a myriad of of experienced guests to talk their role in the business of hip hop. Check it out!
RoyalSkegee
If you work in — or have an interest in — the music business, Trapital is a must.
Samu Rast
A good friend of mine put me on this podcast and it took me some time to tap in, but once I did, I couldn’t stop listening! Dan has a talent for pulling out the narratives between lines, connecting it to the culture and then making it make sense. I’m a loyal subscriber and am thankful for the podcast!
Zealous Advocate
I am a real estate investor and came across this podcast after a recommendation from a friend who shares my loves for both hip hop and business. Often, those two interests have such polar opposite “voices” - but Dan’s podcast brings those two together for me. The result is magical. Great guests, too!
Gabriel Blue
As a guy who came up in NYC during the late 90s / early 2000s rap scene, I appreciate the history revisited by Dan, who obviously has an authentic and unique perspective on the culture. But he’s not only a hip hop historian; he’s also a visionary of art, technology and culture who curates other trend setters from across the globe. Salute!
Mrkamal
I love Dan’s ability to bring diverse and timely perspectives to the show while asking deeply insightful questions that engage the audience on so many interesting levels. I’ve learned so much in just a short period of listening. Excited for what Dan has in store for the show in the future!
Greg0188
I stumbled upon this podcast by learning about Dan / Trapital via LinkedIn. I listen to A LOT of podcasts and I decided to give it a listen. First, Dan has a calm and authentic demeanor, which are great qualities. When he’s talking to his guests it’s very conversational and easy flowing. I’m a former music industry vet so the topics are right up my alley.
Phil Stolaronek
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