Kobalt has a number of big artists in its stable, including Maroon 5, Lenny Kravit, Dave Grohl, Max Martin, Bob Dylan and many more. The company reports that revenue from Spotify streams were 13% higher than from iTunes last quarter, but it only collects for its artist in Europe.
What's interesting is how fast this has flipped. It was only a year ago that Kobalt found iTunes earnings were 32% higher than Spotify.
People can deny that streaming isn't gaining traction or isn't paying, but the facts say that's definitely not true.
The problem is that many artists aren't seeing these new revenues mostly because of the deals they've struck with their record labels. Labels have always been good at siphoning off money from artist royalties, and even though we're now in the digital age, it seems just as difficult as ever to track.
That said, streaming is coming on strong, and soon it will mean more money for all involved. How much more remains to be seen.
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