Music Industry Recovery Stimulated by Streaming
The record industry has started to climb out of the valley it fell into during the initial rise of digital music and file sharing but has further to go, said panelists Thursday at an event held by George Mason University’s…
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Center for the Protection of Intellectual Property. Industry revenue declined 50% after 1999 and has started to climb back up, said RIAA CEO Mitch Glazier. Music streaming jump-started that growth, said Garrett Levin, CEO of the Digital Media Association, which represents Pandora, Amazon and other streamers. Streaming led to increased music consumption, said Larry Miller, director of New York University's music business program. Levin said over a third of internet users pay for a premium streaming service. That changed the way the sector works, said Miller: “Music has become a consumption business, with no peak, only a hill surrounded by plateaus.” Emerging players such as TikTok should pursue partnerships and licensing agreements with the music industry instead of shifting liability to users, Glazier said.