The following opininon piece appeared in Fortune online yesterday, written by Cary Sherman, Chair and CEO of the American Recording Industry Association. In the op-ed feature she staunchly supports the notion of a strong financial future drawn from streaming services, and she wags a finger at satellite and terrestrial services that currently aren't paying artists or labels for songs played in the US.
In Matt Ingram’s Fortune article earlier this month, he seems to be under the impression that the music industry is “at war” with free streaming or “any alternative music-distribution method.” That’s simply not true, and it only takes one look at the Recording Industry Association of America’s 2015 data to realize that.
At 34% of total music revenues, streaming is now the largest revenue-generating format for the music industry. That’s a big change from just several years ago, when streaming revenues were in the single digits. As I noted in my commentary accompanying the RIAA data, the music industry has successfully adapted to the constantly changing music marketplace, up almost 1% at retail and wholesale, and I am more optimistic than ever about the future of the music industry. But when you take a look under the hood, it’s clear that there are some head-scratching inequities in the streaming marketplace.
-- Continue reading RIAA CEO Cary Sherman's opinions HERE