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View all search resultsIn the latest third quarter, the company swung to a profit aided by price hikes in its streaming services and growth in subscribers in all regions, and forecast that its number of monthly listeners would reach 601 million in the holiday quarter.
Digital royalty collections surged nearly 34% to 4.2 billion euros in 2022 as more consumers turned to music and video subscription services, the International Confederation of Societies of Authors and Composers (CISAC) said in the report.
As the value of streaming companies skyrockets, most artists, especially those in sidestream, are still making very little money, causing them to turn their heads to a healthier platform to sell their music.
Streaming companies such as Spotify and Deezer are credited with rescuing the music industry from piracy, but while label executives rejoice in billion-dollar revenues, even top-level artists are struggling to survive.
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