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In its response to the CMA’s questions posed to Google around the economics of streaming, the tech giant, and owner of YouTube Music, offers the following summary:
“Streaming generates substantial consumer benefits, including a greater choice of music – and opportunities to discover new music – at a lower cost than ever before.
“Streaming also generates significant revenue for record labels and publishers, addressing piracy and contributing to record labels’ and publishers’ high profit margins, which they can share with artists and songwriters/composers.
“Dedicated music streaming services face intense competition: users can choose from multiple rival platorms, barriers to entry are low, and the majors have substantial negotiating power.”
Google also argues that the major labels have “the upper-hand in negotiations’, because, “having a full set of licenses from the major record labels is non-negotiable for streaming services”.
Adds Google: “Losing a license for, say, Universal’s music catalog would be fatal. Major labels, therefore, have substantial negotiating power. While it is important for record labels to distribute their music on streaming services, bargaining power lies in the major labels’ favour.
“First, whereas all three majors hold essential rights to ‘must have’ music catalogs, streaming services vary significantly in their size and importance.
“Second, as outlined above, users could quickly and easily switch to alternative streaming services if their current service lost access to one or more of the major labels’ catalogs. Third, the fact that record labels – rather than streaming services – are making signicant profits is consistent with their having the upper-hand in negotiations”
https://www.musicbusinessworldwide.com/what-do-the-worlds-biggest-music-companies-really-think-about-the-economics-of-streaming1/
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