Cash-poor with music
Music revenues ran to $43bn in the US last year, but artists got just a fraction of that cash pile. The total included sales of the likes of recorded music, CD sales, streaming from providers such as Spotify, YouTube advertising payments radio royalties and live performance tickets.
And musicians snagged a mere 12% of what their output earned, according to a report from Citigroup.
“Because the music industry has so many intermediaries – and because the consumption of music is so fragmented across various platforms – the artist captures very little of the aggregate revenues,’’ industry consultant Vickie Nauman told Bloomberg.