Happy Monday everyone! When was the last time you actually purchased a song or album? With the vast amount of music uploaded daily on services such as YouTube, Spotify, and Apple Music, it is not a surprise that the music industry is having a tough time with sales.
Services like YouTube have licensing agreements with major record labels. YouTube alone has provided the music industry with over $3billion dollars and has allowed labels to block or mute their music through a “Content ID” system. Though the amount YouTube has been paying labels has increased over the years, the amount artists and labels receive per each user-uploaded video has declined.
The European Union is hoping to help musicians and record companies earn more by proposing a copyright reform package that will require free music services to increase their efforts at fighting piracy. Though this proposal could take years to ratify, it is heavily supported by record labels, newspaper publishers, and technology firms.
With this reform, Europe could be looking forward to a potential narrowing of the value gap between the use of music and the amount of revenue it produces. Hopefully, this move by the European Union will spur the United States to propose a similar idea to help our artists and labels!
Credit: Cristina Gabrielyan
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