There has been a boom in the music industry and the credit goes to the various streaming services. But there are cracks through which the royalties slip through.
Many streaming services all across the globe have a major role to play in the boom of the music industry. Every day, a huge number of new songs are added to almost all music platforms. But in some cases, there are chances that the royalties slip in between the fissures and cracks that are often created. The royalties worth millions get unpaid and these are ominous signs for the music industry.
There is a great chance that if someone is listening to their favorite songs, they generally use one of the best streaming services that are available. They generally listen to the tracks on Apple Music, Spotify, and Pandora. In most cases, a monthly subscription fee is paid to stream all the tracks that one needs to hear. But there are still some cases, where one will just pay for listening to the advertisements that come in between the tracks.
In both cases, the companies will put to practice certain norms. In theory, they are going to use the advertisement money as well as the subscription to cover the entire cost. After taking care of this, they are going to pay those people who are responsible for creating and making these songs. These are the songs that are streamed by all like the performers. This is done not only for the performers but is more importantly intended with the purpose of the exact story and also the people who are responsible for creating the copyrightable intellectual property. They are in the middle of every song as they are the songwriters.
But unfortunately, a sort of anti-climax has happened. It has turned out to be such that many songwriters have been deprived of their legitimate remunerations or for that matter royalty. They are still not paid for etching out such sweet tunes that are streamed non-stop and are thoroughly enjoyed by listeners all across the globe. It has been a sad state of affairs and something needs to make way so that these talented people get their due. In a piece of breaking news that came out last month, it has been reported that 20 of the biggest music streaming platforms are happily sitting on top of a staggering $ 424 million. These huge amounts of money are so-called and supposed ‘unmatched royalties’ that have been the talk of the town at this moment. The biggest music streaming platforms have collected this huge amount of money. But to everybody’s surprise, they are unaware of whom to pay the money to.
This has indicated several questions that must be asked and have raised numerous eyebrows. It is a major cause of concern that the biggest of all music streaming platforms have ended up owing a whopping $ 424 million to all the music publishers and the top songwriters on which they depend too much. These are ominous signs for the music business and it is in a sad state of affair. Hopefully, the rocky times in the music business will pass away soon. Some quick and stern actions are needed to be taken at the earliest.