Apple’s streaming push means smaller checks for recording artists
Many recording artists are concerned over Apple Inc.'s plan to acquire Beats Electronics as the Cupertino-based tech giant's push further into streaming could decrease their earnings.
Zoe Keating last year earned $38,196 by selling downloads on Apple's iTunes service, and around $34,000 from three other download services. But, five streaming services, including Spotify and Pandora, could collectively fetched her merely $6,381.
As consumers will shift away from buying to streaming, recording artists like Keating could suffer a decrease in royalties by the newer subscription services.
Expressing her concern, Keating said, "iTunes downloads help me pay my monthly mortgage. Unless you are a mega-star, you can't count on the same for streaming services. Me and a lot of my music artist friends are worried about the switch from music buyers to music listeners."
The recording industry as a whole is also suffering from the same dilemma. The industry is complaining that streaming is while growing but it not making up for decreasing physical and online purchases.
Global recording industry will generate estimated revenue of $19.6 billion in the twelve month through December 2014. But, industry researcher Strategy Analytics has cautioned that the industry will suffer a drastic fall in revenue in the next few years.
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