Universal Music
Chief Lucian Grainge Slams Streaming Economy: ‘We Need an Updated Model’
Variety have reported that In his annual letter to the company’s staff, Universal Music Group
Chairman/CEO Lucian Grainge has taken aim at the existing model for
the music-streaming economy, saying it has become outdated as the format has
grown and “needs to evolve.”
Amid many other updates in the letter, dated Jan. 11 and
obtained by Variety, he writes, “What’s become clear to us and to so many artists
and songwriters — developing and established ones alike — is that the economic
model for streaming needs to evolve. As technology advances and platforms
evolve, it’s not surprising that there’s also a need for business model
innovation to keep pace with change… Under the current model, the critical contributions
of too many artists, as well as the engagement of too many fans, are
undervalued.”
In
the letter, he also slams the algorithms that streaming platforms use to direct
users to music, sometimes with less-than-artistic motives. He also reiterated
his alarm at the vast amount of music being uploaded to platforms, which can
exceed 100,000 songs per day.
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full story here…
UniversalMusic Chief Lucian Grainge Slams Streaming Economy - Variety
