Sony Music CFO publicly questions the value of free streaming services
Sony Music Entertainment, which currently has Calvin Harris, Kygo, Madeon, and Daft Punk on its roster of electronic music talent, has reevaluated its stance of free streaming services. In light of Taylor Swift pulling her music from Spotify, the company’s Chief Financial Officer had a lot to say about the industry powerhouse’s stance.
“What it all really comes down to is how much value are the music company and the artist getting from the different consumption methods. The key question is, are the free, ad-supported services taking away from how quickly and to what extent we can grow those paid services? That’s something we’re paying attention to as content owners who license our content to the different platforms,” Sony Music’s CFO Kevin Kelleher commented at an investor briefing. With Youtube gearing up for a full frontal assault on Spotify’s streaming dominance with its impending service, Sony Music Entertainment has already reached a deal with the video streaming titan to have content on its new Music Key.
Via: Wall Street Journal