Major music labels earning over $12.5 million from streaming everyday
While artists may not be cashing in a substantial amount of the revenue made from streaming, a study done by Music Business Worldwide found that music labels like Universal Music Group, Sony Music and Warner Music Group are taking an astronomically large portion, cashing in at $9,000 for every minute of streaming.
Digging deeper into the numbers, this revenue works out to $540,000 per hour, and $12.5 million a day. With the booming growth of services like Spotify and Apple Music attaining a combined rate of over 100 million paid subscribers, and projecting to hit $5 billion of streaming sales in 2017.
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