Streaming services are now paying out big money to the music industry’s gatekeepers.
According to a new report by industry news outlet Music Business Worldwide, the three major music labels made $6.93 billion combined from streaming in 2018. The publication poured through recent investor filings from Universal Music Group’s parent company Vivendi, Sony, and Warner and found that the companies are totaling $19 million in daily streaming revenue.
Broken down even further, the trio of labels generate nearly $800,000 per hour just from music streaming services.
As Rolling Stone points out, when looking at the combined revenue for the three labels across all formats and commercial endeavors — $13.14 billion — streaming revenue accounts for more than half of that. That’s more than a 10 percent jump when compared to how much streaming revenue accounted for in 2017. Read more…
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