26th July 2022 - The Digital Entertainment and Retail Association, ERA, welcomes the update paper of the Competition and Markets Authority (CMA) on its market study into music and streaming.
The report vindicates ERA’s view that the investment and innovation of music streaming platforms has been overwhelmingly positive for consumers as well as for the music industry.
Thanks to streaming services, consumers have greater access to a greater variety of music than ever before and an array of price and service propositions.
Meanwhile for the recorded music industry, streaming services have rescued a sector that had been shrinking rapidly due to piracy and have delivered over £5 billion of new revenue in the UK alone.
Recent forecasts from Goldman Sachs and the consultancy Midia suggest that UK streaming revenues will grow by a further 70%-100% by 2030 with the vast majority of that digital dividend flowing to the music industry. ERA and its members will continue to assist the CMA in its enquiries ahead of the publication of its final report in January 2023. Meanwhile ERA welcomes the progress which has already been made in the parallel process initiated by the DCMS and the Intellectual Property Office and pledges its commitment to do what it can to improve transparency, data standards and data quality to speed the flow of money to artists and songwriters.
ERA CEO Kim Bayley said, “The transformation and return to health of the music industry through streaming is an incredible success story, driven by the innovation and investment of streaming platforms. We need to continue to build on that success and ensure that the market works for everyone involved.”