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Music Streaming Market Faces Investigation by UK Competition Regulators | business news

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Competition regulators have revealed plans to investigate the music streaming market to see if it offers value to consumers.

The Competition and Markets Authority (CMA) has said it will start a market investigation, but has yet to determine the full scope of the investigation.

The move raised “deep concerns” over the position of major music companies in streaming markets like Spotify, Apple Music, and YouTube last month, and artists.

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Eddy Grant: Musicians cannot make a living.

The music industry is increasingly moving towards ad- or subscription-based streaming models as a way to achieve more sustainable revenue.

Last year, the global music market value rose 7.4% to $21.6 billion (£15.7 billion), and demand for paid streaming services soared as households stayed at home for extended periods of time due to COVID-19 restrictions.

CMA CEO Andrea Coscelli said: “The UK is in love with music and is home to many of the world’s most popular artists.

“We want to do our best to ensure that this sector is competitive, thriving and working for the benefit of music lovers.

Image: Spotify has the largest market share in the UK according to Statista.

“The music industry has developed almost imperceptibly over the past decade, and streaming now accounts for over 80% of all music heard in this country.

“Market research will help us understand these radical changes and build a perspective on whether competition in this sector is working well or whether further action needs to be taken.”

Sources

1/ https://Google.com/

2/ https://news.sky.com/story/music-streaming-market-faces-investigation-by-uk-competition-regulator-12438046

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