“The inquiry has shown that there is strong support for reform to keep the dominant multinational labels in check, provide transparency where there is little and provide our musicians with sustainable incomes,” said Ivors Academy CEOafter the final hearing.
Labels trade body BPI says TV and radio broadcasting, which is licensed under equitable remuneration in the U.K., generated £85 million in 2019, compared to £628 million from streaming."Accordingly, whilst the artist may receive a bigger share under that regime," Sony Music said in a written submission,"it would be a bigger share of a much smaller pie."
Universal Music, in a written submission, said it would welcome"any proposal that maximizes fairness and transparency and supports market growth." In its submission, Sony said that changing the reporting methodology"will just shift money from some artists to other artists."
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