The biggest record labels are raking in $1 million every hour

The biggest record labels are raking in $1 million every hour

by: Rugby Scruggs Feb 27, 2020 pinterest According to a recent report from Music Business Worldwide, in 2019 top record …

According to a recent report from Music Business Worldwide, in 2019 top record labels were earning roughly $1 million an hour from music streaming alone. The report found that giants Universal Music Group, Sony Music Group, and Warner Music Group were earning $22.9 million a day, translating to a little under $1 million per hour.

While music streaming is responsible for more than 80 percent of total music industry profits, generating $8.8 billion last year alone, these profits seem to have a difficult time finding their way to artists’ bank accounts. Currently, artists earn $0.003 per stream on Spotify. Apple Music—slightly more generous—pays artists roughly $0.012 per stream.

RIAA chairman and CEO Mitch Glazier offered a bit of optimism, stating:

“Today’s report reflects the prospect of a future in which creators have a path forward,” Glazier wrote. “But it also reveals how much farther we must go to assure a healthy music community in which all music is valued and creators are fairly compensated. We still have not realized the full value of music on all digital services.”

H/T: Music Business Worldwide