The biggest record labels are raking in $1 million every hour

music news 28/02/2020

A recent report from Music Business Worldwide has revealed that in 2019 top record labels were raking in the big bucks, earning roughly $1 million an hour from music streaming alone. Universal Music Group, Sony Music Group, and Warner Music Group were the top earners in the report, each earning approx. $22.9 million a day, translating to a little under $1 million per hour.

Music streaming is responsible for over 80% of total music industry profits these days, generating $8.8 billion in 2019 alone. But it seems like artists aren’t getting much of the cut at all. Currently, artists are earning about $0.003 USD per stream on Spotify, whereas Apple Music is slightlyyyy more generous, paying artists roughly $0.012 per stream.

The Recording Industry Association of America chairman and CEO Mitch Glazier offered a bit of optimism on the topic, stating:

“Today’s report reflects the prospect of a future in which creators have a path forward. But it also reveals how much farther we must go to assure a healthy music community in which all music is valued and creators are fairly compensated. We still have not realized the full value of music on all digital services.”