The music business conversation about royalties now involves fewer big-picture debates and more analytical discussions about metadata.
, the British government hasn’t ruled out legislative change if the industry can’t arrive at solutions.
Fairness is harder to achieve than accuracy, however. A standard Spotify subscription priced at $9.99 in 2011 when it launched in the U.S. is worth $12.78 in April 2022 dollars. Creators have long complained they are subsidizing the growth of subscription services yet only recently have companies started to pass along small price increases on select products in some countries.
Improvements in accuracy seem more attainable because they are technical feats, not matters of corporate negotiation or government intervention . That means fairness is about embracing opportunities, not fixing financial inequities. This year’s Music Biz sponsors reflect the current obsession over accuracy: royalty accounting , rights management , payment solutions , royalty collection and metadata . It’s not just in the U.S.: on Thursday at The Great Escape conference in the U.K.
To see where the notion of fairness exists is headed, look to two of the year’s hot topics. Web3 and NFTs are seen by many people as a way to right the wrong of streaming royalty payments. NFTs allow artists to set their own prices and raise money directly from fans without being subject to royalty rates determined by licensing agreements they did not take part in.
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