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Last Friday (March 3, 2017), Spotify reached the milestone of having 50 million paid subscribers. The service-which launched in 2008-has become one of the streaming giants in the industry.
The growth in popularity of streaming is undeniable. For Spotify alone, the number of paid subscribers has grown by 20 million since last June. As displayed in my post about Universal Music Group’s latest numbers (read here), streaming is easily becoming one of the most important areas of the music business.
The revenue from streaming, however, still remains unclear. In many cases, artists are not receiving proper compensation, leaving us to wonder: what does the future hold in regards to streaming?
It feels as though I am beating a dead horse by saying this once again (as I state it nearly every week), but ultimately there needs to be an update in the Copyright Law in order to ensure that all of the proper individuals are being compensated for their music being streamed. Until such a change happens, there will be a lot of revenue left on the table, and a lot of unhappy musicians.