Jem Aswad Senior Music EditorHundreds of members of the international music industry have signed an open letter to record labels titled “Pay Songwriters,” calling for better financial treatment from the record labels that are riding a tide of streaming-powered success.
That success is evidenced by the strong numbers in the IFPI annual global report on recorded music released today, which showed that despite the pandemic, which has deeply impacted physical music sales, global recorded music revenues rose 7.4% in 2020 to $21.6 billion, only slightly below 2019’s 8.2% — with streaming revenue up nearly 20% year-on-year to $13.4 billion..It has been signed by dozens of songwriters, producers and executives, including Andrew Lloyd Webber,.
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