this post was submitted on 17 Dec 2023
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Spotify doesn't make profit from music streaming, despite having over 400M monthly active users, because it pays two-thirds of all its revenue to the rights holders. (open.substack.com)
submitted 11 months ago by 4realz@lemmy.world to c/technology@lemmy.world
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[–] lemann@lemmy.one 5 points 11 months ago* (last edited 11 months ago)

In the day and age of streaming sercices like Spotify, record labels/companies like Sony Music etc should not exist IMO.

Back when people purchased their music from brick and mortar stores on vinyls, cassettes, and CDs, they had a place to facilitate a relationship with distributors etc to get your music on the shelves, handle marketing and a bunch of other stuff. Nowadays, this all can be done digitally, independently.

Edit: clarify record label