Facing the Music: The Current State of Streaming Services in the Music Industry
Description
As music streaming services like Spotify and Apple Music have increased in popularity among consumers, their potential revenues have become of a great concern to the music industry. Allowing users to pay for unlimited music for as low as five dollars a month, these services on the surface level do not seem to have the artist’s interests in mind. It is becoming increasingly important to a variety of people within the music industry to find the true impact of music streaming services. This study examined the data of music streaming services based on the revenue they generate for artists. It also investigated current Industry opinions of music streaming services, and Consumer awareness. Both Industry and Consumer groups reported that artist revenue rates are insufficient and recommend a higher compensation rate. Additionally, results of the Industry Survey pointed to no statistically significant factors, such as genre or age, influencing artist revenue. Variables from the Consumer Survey including age and whether or not they had a paid streaming account motivated their streaming hours and which service they use most. The Industry group recommended that streaming services offer more features to artists as well as greater transparency.