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Music industry makes $26 Billion but wants streaming prices to rise

Last year major artists like Taylor Swift helped global music revenues rise to $26.6 Billion which was mostly driven by streaming.

Despite this massive amount of revenue, record labels and other industry professionals still think there’s justification for income to be higher and are pushing for subscription prices to increase.

Simon Robson, president of international markets for Warner Music says "It would help if music subscription pricing could reflect the realities of inflation".

We believe that more revenue to rights holders and artists is a move in the right direction, so a price increase to some of these services makes sense, but at the same time it’s just part of the battle. Conversations around revamping the royalty payout structure as a whole need to continue and we support the work of organizations like The MLC trying to eliminate the amount of black box royalties.

Check out the full article from BBC to read more.

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