How does iHeartRadio make money
More than Spotify: Apple Music will pay artists one cent per stream in the future
Apple Music has announced that it will pay artists one US cent per song streamed in the future. The group from Cupertino apparently wants to decide the competition for music streaming in its favor, reports the "Wall Street Journal" ("WSJ").
More money for artists
The disclosure in a letter to artists sent to labels and publishers via the service's internal artist dashboard on Friday reflects the music streaming services' increasing efforts to show that they are artist-friendly. Also, Apple's move can be seen as a blow to Spotify, which last month revealed some details about how it is paying the music industry to stream on its platform. According to this, around half of the subscription sales go to the music labels, who pay the artists in the further course.
The Union of Musicians and Allied Workers is also pleased with Apple's move. The amount shows that "it is feasible for streaming providers to pay a cent per stream". According to the union, Spotify pays less than half, namely 0.38 cents per song, to the musicians.
However, Spotify is still clearly in the lead in terms of subscribers. Apple last reported more than 60 million subscriptions in June 2019. Spotify leads the industry with 155 million, with a total of 345 million active users. While Spotify offers the option to stream music without a subscription, Apple must do one. Amazon also has its own streaming service with 55 million paying customers. (Red, April 19, 2021)
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