This is something that artists have been crying out loud for years. Finally, they’ve got some influential support from the man behind Tesla, Space X & Neuralink, Elon Musk.
Elon has blasted Spotify for their “crazy low payments” to artists and labels, specially his girlfriend, Grimes. During a Twitter exchange, Elon was asked whether it was better to purchase or stream music from artists. And, after going through Grimes’ royalty statements, he expressed his concern as to how shocked he was after looking at the ‘crazy low payout.’ The numbers shown below are just gross payout to labels and artists just receive a fraction of it!
This chart shows how crazy low payout is to labels & the artists only a small fraction of these numbers pic.twitter.com/2us0rzTMqk
— Elon Musk (@elonmusk) May 9, 2018
Looking at the above data, Spotify is the third lowest paying service just behind YouTube & Pandora. Going by these numbers, the artist needs to have massive streaming volumes to earn a considerable amount of money. According to rumours, about just 15% of the artists account for 85% of the royalties distributed. Most of you might be in disbelief. But, this is the ugly truth about the industry.
Most of you may be aware that there have been rumours about Elon Must working on his own music streaming service. Could Tesla use this problem in the world of music streaming to come out with a game-changing solution? Only time will tell.
Let us know your thoughts below.
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Ranjiv enjoys a wide range of music ranging from electronic music to hard rock and all the way back to the retro classics. His interest in EDM was triggered about 8 years back by the likes of artists like Avicii and David Guetta. The broad spectrum of sub-genres that EDM offers is what excites him.
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Let’s see what revolution Elon Musk bring to the Music Industry.