Streaming Services Have Saved The Music Biz, Claims Industry Boss
Streaming services such as Spotify and Apple Music have saved the global music industry, the former manager of Elton John and Beyonce has claimed.
The sector suffered huge losses as free downloads decimated album sales during the last decade, however the saving grace has been monthly subscription services which have helped the record industry rake in more than $US20 billion ($A26bn) for the first time since 2004.
According to a report in The Australian, music streaming apps accounted for 56% of the total industry revenue.
“The streaming services have saved the music business,” Merck Mercuriadis, former manager of megastars Beyonce and Elton John, told the publication.
Many new recording artists are now bypassing signing up with labels altogether and instead upload music to streaming sites without forgoing rights to their songs.
However, some labels are attempting to invest in streaming services in order to combat this threat.
In similar news, Fleetwood Mac frontwoman Stevie Nicks has suddenly parted ways with the majority of her music publishing rights for a cool $100m.
The sale, which was an 80% stake, was made to a private music publishing and talent management company named Primary Wave.
Included in the deal were songs such as Edge of Seventeen, Landslide, Dreams and Rihannon.
Fleetwood Mac has recently seen a surprise revival in their 1970s hits thanks to viral TikTok videos using the band’s music as backing tracks.