If you’re a music lover, chances are you’ll have used streaming services of some kind. Music streaming accounts for more than half of the global music industry’s revenue in the UK, bringing in more than £1 billion in the last year.
But while the three major labels – Sony, Universal, and Warner – are reporting record high profits, a poll by The Ivors Academy and Musicians’ Union found that eight out of ten music creators earn less than £200 a year from streaming. According to one report, artists earn on average only £0.009 per stream.
The UK government is now carrying out an inquiry into music streaming, looking at how to make it fairer and if there are a way musicians and songwriters can get a greater cut. Artists who have given evidence include Ed O’Brien from Radiohead, Elbow’s Guy Garvey and disco legend Nile Rodgers, while Jimmy Page of Led Zeppelin also published a letter of support… More here.
Many people, like me, enjoy streaming, but there is without doubt a big downside for the people who make the music we enjoy.