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Streaming revenues have reached an all-time high as more people pay for services like Spotify and Apple Music. Those types of services made up roughly 75% of all U.S. streaming revenue in the first half of this year, according to the latest estimates from the Recording Industry Association of America.
Why it matters: While the streaming economy has been a steal for consumers who can get access to millions of songs on-demand for less money per month than the cost of a CD-ROM, it's been difficult for rights holders and musicians, which is why so many of them lobbied for MMA.
"Having one place where everybody gets paid and listed is huge step forward for the industry, but it's also a huge step backward for people who’ve been exploiting musicians for years, like streaming services."— Ross Gerber, co-founder, president and CEO of Gerber Kawasaki Wealth and Investment Management and a musician