Given the great power of streaming services such as Spotify in the music industry, the European Parliament has called for fairer pay for artists.
The European Commission must regulate major streaming platforms more strictlyasked parliamentarians in Strasbourg in a resolution on Wednesday. Many musicians rely on the platforms, often with little to no income from streaming.
“The distribution of music on digital platforms does not sufficiently benefit artists, authors and performers,” said Social Democrat Ibán García del Blanco, one of the authors of the resolution. In exchange for greater visibility, many are also forced to accept even lower wages.
The text states that this threatens the survival of small artists in particular. The European Commission should now draw up a lawto ensure a fairer distribution of music streaming revenues.
Less power for streaming services
MPs also called for the Digital Services Act (DSA) and Digital Markets Act (DMA) to be applied to the music industry. Brussels could do this limit the market power of major services such as Spotify. The platforms may also be required to disclose the algorithms behind their music recommendations.
Major internet companies such as Google, Amazon and Facebook parent company Meta are already subject to the laws for digital services and markets. The European Commission reserves the right to add additional online services to the list. If violations occur, companies risk fines that could run into billions.
Streaming platforms account for approximately two-thirds of global music industry revenue. Despite high user numbers, market leader Spotify has never been able to report a positive annual profit. Last October, the Swedish company reported a rare quarterly profit, but still plans to cut jobs. (rbu/sda/afp)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
