Thursday 21 September 2017

Spotify 'saved music industry'

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Spotify founder Daniel Ek believes his firm saved the music industry from constant decline during the download era.

Mr Ek's service has been criticised for not being lucrative enough for artists even though it is now nearing 30 million paid subscribers.

The streaming giant CEO was responding to a question about artists' claims that Spotify and other similar services were harmful to the music industry. "Many people don't realise that the music industry was in decline throughout all the download years (with a one-year exception in which it was basically flat). Now, finally, after years and years of decline, music is growing again, streaming is behind the growth in music, and Spotify is behind the growth in streaming," Mr Ek said.

He said the industry is changing from an 'ownership' model to an access model. Mr Ek said that change in any industry can be "challenging" and insists that Spotify "gets it" when it comes to peoples' objection to the move to streaming services.

"Look, we pay the great majority of our revenue back to the music industry. And as we grow, that revenue is really making a difference.

"So ultimately, we think the best measure of our contribution to the industry will be results - results that will give thousands and thousands of artists, songwriters, producers and so on the chance to do what they love, and their fans love, while being paid fairly for doing so," he said.

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