Lucian Grainge also praised similar price hikes by YouTube, Amazon and Apple Music to increase monetization of streaming audio for his artist rosters: 'We must ensure that real artists with real fan bases are fairly compensated.'
“We see more alignment between the labels and the music platforms that we’ve ever seen before. That allows us to make sure the artists are better compensated and everyone is rewarded for the engagement that those artists drive,” he told analysts.
Spotify’s major label partners like UMG will gain from expanding streaming audio revenues as the audio subscription giant pays 70 percent of subscription and advertising fees to rights holders. But Grainge in his comments to analysts reiterated that the current streaming model had to go further to better compensate music artists, who remain “undervalued,” and increase engagement with their fan bases.
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