In timely fashion, following on from my last Blog post "Spotify - Marmite of the Music Industry", Armen Chakmakian a Grammy nominated artist has made public his royalty statement highlighting the abysmal remuneration musicians are currently getting from digital streaming sources.
14,227 performances of music (almost every track 100% owned by the artist) generated $4.20 !!!!
Read the full article HERE.
Surely this has to change. Yes music should be made first and foremost for fun and for a release of inner creativity, but once that has happened and once the music in question is bringing in monetary rewards, there should be a fair share for the talent that made it happen.
Is anyone really making money out of Music streaming?
In a recent article published by www.bloomberg.com (see full article HERE) it reported that Spotify has lost a total of $200 million since it was founded! (These figures are according to a report last year based on its financial disclosures written by PrivCo, a firm that studies private company performance. Spotify declined to discuss its balance sheet)
Is anyone really making any money? Is it just diluting the brand of music for no gain?