Entertainment Retailers Association Find Streaming Boost
How the technology is actually helping the music industry.
19:53 16 March 2018
The detrimental impact of technology on the music industry is well documented. Global recorded music sales have been going down since file sharing was introduced 20 years ago by Napster.
However, the Entertainment Retailers Association found that streaming services, such as Deezer, Apple Music, Pandora and of course, Spotify, have actually helped the UK music industry to boost its revenue. Last year, the numbers were up by 9.6per cent. Based on their reports, Brits spent £577million on streaming subscriptions in 2017, a number that represents a 41.9per cent increase from 2016.
The news is specifically encouraging for small and medium-sized enterprises that are creatively using new tech to benefit musicians and listeners.
Isaac Mao, the owner of the company that designed a global currency called $MUSIC, is one of the people that believes that technology actually helps the music industry.
He explained: “Currently, musicians only derive a paltry portion of the total revenue generated from their work. The global music industry is dominated by companies that dictate market rules that are favourable to them.”
Through his free-streaming platform, Musicoin, content creators are compensated in propotion to their activity on a platform.