They are calling for a “complete reset” of the market, with musicians given a “fair share” of the £736.5 million that UK record labels earn from streaming. In a report, they said royalties should be split 50/50, instead of the current rate, where artists receive about 16%.
The findings came after a six-month inquiry into music streaming. “While streaming has brought significant profits to the recorded music industry, the talent behind it — performers, songwriters and composers — are losing out,” said Julian Knight, MP, who chairs parliament’s Digital, Culture, Media and Sport committee. “Only a complete reset of streaming that enshrines in law their rights to a fair share of the earnings will do….”
A survey by the Ivors Academy and Musicians’ Union found that in 2019, 82% of professional musicians made less than £200 from streaming, whilst only 7% made more than £1,000…
The committee’s report said streaming had “undoubtedly helped save the music industry” after decades of piracy, “but it is clear that what has been saved does not work for everyone”.
A chart accompanying the article shows that meanwhile streaming services keep 30% of the revenue, while labels end up with 55%.
“Artists who release their own music, or who work with independent labels and distribution companies, tend to get a higher share.”
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