Value for music

Value for music

Music industry.png

The UK music business was worth £4.4 billion in 2016, up a healthy 6% on the previous year, but UK Music has slammed tech firms for keeping cash meant for copyright owners and artists. “We have a fight on our hands when it comes to closing the value gap between what some organisations currently pay for music and what represents a fair deal for our work and creativity,” says industry body chairman Andy Heath.

“There is still too often a culture of denial from the big tech firms,” he adds. “The way people listen to music may be changing, but certain fundamental responsibilities must continue. It’s time for the free ride to come to an end.”

Global industry body IFPI is also chipping on the topic, highlighting the mismatch between the value that the likes of YouTube extract from music and the revenue returned to those who invest in/create it.

“User upload video services, such as YouTube, account for the majority of on-demand streaming time yet do not return fair value to the music community,” the IFPI says in its Connecting with Music report. It adds that 85% of YouTube visitors use the site for music each month.

Image: IFPI

 

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