Hari Sreenivasan takes a look at the emerging business model of streaming music as a part of a new series, “Music on Demand.Late on Monday night, Apple flipped the switch on two new features for its Apple Music subscription service: immersive Dolby Atmos spatial audio and lossless-quality streaming. Currently, individual tracks from a global hit album released in 2013 have more than 100 million streams, so Spotify has presumably paid out millions for that album. Streaming will go on and if your music remains popular, it will continue to make money. So it hasn’t been a hard sell to convince millions of people in this market either that they should start paying for music and that Spotify is a really cool experience.”Īlso, selling an album is a finite sale - that’s $8 to $12 and that’s all that consumer will spend on the album. “What also hasn’t changed is that people love music, it’s something that’s fundamental to our species.
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“You ask any 15-year-old just about on the globe, and they’ll tell you that they know how to get music for free.
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Wouldn’t the fans who streamed a global hit album have bought a copy instead if streaming had not been an option? The alternative to streaming isn’t necessarily purchasing, it could be piracy. It’s easy to look at those numbers and think streaming holds very little benefit for artists. In that same month it probably sold hundreds of thousands of digital and physical copies which would have made millions of dollars. They didn’t name the albums, but instead titled the albums by genre and size.Ī “global hit album” made $425,000 from Spotify in the first month it was released. In responding to criticism that streaming services have not been transparent about how or how much artists and songwriters are being paid, Spotify released their royalty payouts for July 2013 as well as a breakdown of how they calculate payouts. From 2013 to 2014 streaming services have grown by 54 percent. This is far less than artists used to make from an album, but with the sale of physical CDs and even permanent digital downloads plummeting, streaming services are actually the only part of the music industry seeing revenue growth. In 2013 it took 2,000 streams to equal an album sale. But how does $120 a year from a subscriber who is streaming music compare to album sales for an artist? What we do know is historically people did not buy much music and if we can get millions of them to start spending $120 a year then this music business can be bigger than it ever was.”Ībout 25 percent of all Spotify users currently pay for the subscription. Nobody really knows how much a listen is worth. “So it’s not so much a question of how much are you making per listen.
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How much is a listen worth in the world? Well it’s worth a lot if you can get someone to start spending a hundred dollars a year on music when they weren’t spending anything before,” Parks told the NewsHour. “So we are compensating artists every single time a song gets played. It’s about what exposing a consumer to the music is worth and the value of getting them to pay for music again. Paying for a single listen of a song that the consumer does not own is a new business model, so how do you quantify that? Ken Parks, Chief Content Officer at Spotify, says it’s not just about paying per listen of a song. With the introduction of Napster fifteen years ago, consumers began to share music mp3s with one another and before long you could find almost any song you wanted in a free, digital form. So while the amount artists are making from streaming is less than a traditional amount, streaming services will argue it’s a solution to not being paid at all.
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The fallout over how much artists and songwriters are being paid by streaming services comes while physical album sales and permanent digital sales are falling at rapid rates. A few other artists have pulled their music and some have never allowed their music on streaming services. The issue came to the forefront in November when Taylor Swift, one the music industry’s largest stars, pulled her entire catalog from Spotify. In the past few months, questions have been raised about how much artists are being paid from these services and whether it’s a fair amount for their music. In 2014 alone, Americans streamed 164 million songs through a variety of streaming services including Spotify, Pandora and Google Play Music.