Universal: Fist of the Digital Dollar
Following Warner Music Group’s and Sony’s decision to share revenues from any cash proceeds generated by sales of its equity stakes in streaming services, Music Managers Forum (MMF) CEO Annabella Coldrick has called upon Universal to follow suit.
Annabella said: “Record companies taking an equity stake in streaming services has become increasingly prevalent and it is essential artists see the value as well. Warner and Sony are demonstrating industry leadership and aligning their interests with artists by committing to share proceeds from the sale of Spotify shares. This is a positive development for the long term health of the industry. We call upon Universal to follow suit”.
She also pointed towards the new report commissioned by the MMF, Dissecting The Digital Dollar which sets out to explain how streaming services are licensed and how digital income is shared between each stakeholder in the wider music community.
Generator North East, The Manse, Kingsland Church Studios, Priory Green, Byker, Newcastle Upon Tyne, NE6 2DW
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