The streaming industry is growing at an unprecedented rate: but even with a massive 11.5 billion individual streams recorded in the UK in the last 6 months, people are still asking the question: are the artists receiving the payments they deserve?
While any increase in music consumption is great news (on the surface), the British Phonographic Industry (who released the figures) declined to mention whether paid or unpaid subscriptions accounted for the dramatic increase in streams. Of course we want to see artists get paid, but surely we can’t rely on the considerable might of all-American hero Taylor Swift to bat for artist’s .006 cents per stream?
The report did offer some good news: for one thing, music consumption as a whole is up by 4%, a trend which will surely increase with the arrival of both Apple music and the Jay-Z helmed Tidal music. Of course it’s anyone’s guess as to how much of the increase in music spending was due to Adele’s record-breaking release Hello, which in only six weeks, sold over 2.5 million copies in the UK alone- the first any album has sold this much since the last time Adele released an album.
Geoff Taylor, CEO of the BPI, also notes that “millions of households are experiencing the joy of instantly playing any song they want, all around their house and on any device, and exploring a universe of new music and classic albums” due to streaming technologies.
And interestingly, as production and sales of CDs continues to decline, sales of vinyl were at their highest in over 20 years! Good news for those like us that still hold our vinyl dear to our hearts…
You can peruse the full report here