This London-The listed song investment fund has the right to endorse the song catalog star Including Michael Bublé and Shakira, and charging royalties artist Will be received from the streaming service.
The former manager and founder of Beyoncé, Mercuriadis, called the report on the streaming economy released by the Digital, Cultural, Media and Sports Commission on Thursday “impressive.”
The report warns that “poor returns” are affecting “the entire creative ecosystem”-and said that every time a song is played on platforms such as Spotify and Amazon, even top artists will see “mean” royalties.
Members of Congress called on the government to introduce a system that gives performers the right to get shares without referring to their label contracts.
The investigation also raised “deep concern” about the position of major music companies in the market and called on the government to submit the case to the Competition and Markets Administration (CMA) to conduct a market study to understand “the impact of the epidemic on the economy” “. Professional rule”.
Mercuriadis supports the call to submit the issue to the CMA, stating: “This is essential to ensure that the unhealthy controls on streaming negotiations by major record companies are resolved and to expose fundamental flaws in the music industry.”
A government spokesperson welcomed the report and stated that ministers will respond “in due course.”
Since listing in 2018, Hipgnosis has raised more than £1 billion and has been buying spree recently. Last week it was revealed that it had raised another £156 million to buy more catalogs.
