A BLOG OF SORTS FROM CHRIS COOKE
Economics Of Streaming
There has been much debate over the years about the economics of music streaming. Is the business model employed by Spotify and its competitors fit for purpose? And is it fair for all the stakeholders in digital music, including artists, musicians, songwriters, composers, labels, publishers and the platforms themselves?
I have played a role in that debate throughout, as a journalist reporting on the digital music market through CMU; as a researcher and educator helping people understand how the business model works through the CMU training and consultancy units; and as a consultant advising organisations like the Music Managers Forum and Council Of Music Makers.
DISSECTING THE DIGITAL DOLLAR
In 2015, I was engaged by the MMF to write the ‘Dissecting The Digital Dollar’ report, which set out how the music industry had structured its deals with services like Spotify, how the money flowed through to artists and songwriters, and the various issues with the business model and the way the streaming business is run.
Since the publication of the first report I have continued to work with the MMF on further research, educational programmes and campaigns seeking to address some of the issues. Through CMU I have also developed additional resources, training sessions and speed briefings, which I deliver for music companies, organisations and conferences, and at colleges and universities, across the world.
THE STREAMING INQUIRY
In 2020, after the COVID pandemic shut down the live music sector for more than a year, the economics of streaming became an even bigger talking point. In the UK, this prompted the culture select committee in the UK Parliament to undertake an extensive inquiry into streaming, again identifying the issues and making recommendations for how to solve them, including possible copyright law reform.
In response, the UK government – through the Intellectual Property Office and Department For Culture, Media & Sport – instigating three strands of work, seeking to address respectively transparency issues, metadata issues and remuneration issues.
I have been very involved in that work, sometimes in my own capacity as an expert, sometimes as a consultant working for the MMF, and in recent years as an advisor to the Council Of Music Makers, which brings together the MMF with the Musicians’ Union, Ivors Academy, Featured Artists Coalition and Music Producers Guild.
I also made my own submission to the culture select committee, took part in one of the committee’s oral hearings, and have sat on various government convened committees, including the ‘industry contact group’ and ‘transparency working group’.
THE WORK CONTINUES
All that work continues as we seek further industry and copyright reforms to address the ongoing issues around transparency, metadata and remuneration.
We’re also navigating changes that have been made to the streaming business model in more recent years; the new licensing models employed with platforms like Instagram and TikTok; and the challenges and opportunities posed by music AI.
Meanwhile, throughout everything, I have been reporting on the developments and explaining the debates – in the UK, US and around the world – through CMU.
Here on this webpage I have gathered together links to resources and reports I have been involved in producing; the official documents and updates published by Parliament’s culture select committee and the UK government; plus our coverage of key developments through CMU and Setlist.
DIGITAL DOLLAR RESOURCES
I have been working with the UK’s Music Managers Forum on the Dissecting The Digital Dollar project since 2015, resulting in a number of reports, guides and resources. All the work is brought together in the ‘Digital Dollar’ book.
The Executive Summary of the ‘Digital Dollar’ book provides a summary of the key facts you need to know to understand how streaming services are licensed and also runs through some of the key issues – you can download a copy here…
In May 2019 we published a Song Royalties Guide looking at the extra complexities in getting songwriters paid when their songs are streamed and the problems those complexities cause. You can download that guide here…
In May 2022 we published a Song Royalties Manifesto setting out an alternative approach for processing songwriter royalties in streaming that would overcome the issues. You can download that manifesto here…
OTHER CMU RESOURCES
The CMU Music Streaming Explainer explains the deals streaming services do with the music industry and how streaming royalties are calculated each month.
In September 2021, CMU produced Performer Payments From Streams for the PayPerformers campaign, a guide that explains how performers are paid when their work is streamed and how those payments are calculated. Download a copy here…
In September 2021, CMU produced a report called Understanding The Digital Music Debates as part of IMPALA One Step Ahead, investigating the key digital music debates in 2021. Download a copy here…
In September 2023, CMU produced a report called Rights + Consumption as part of IMPALA One Step Ahead, reviewing the big developments and innovations in music streaming in the previous year. Download a copy here…
In December 2024, CMU produced a Consumption Trends Report as part of IMPALA One Step Ahead, looking at key trends in music rights and music consumption over the previous year. Download a copy here…
ECONOMICS OF STREAMING INQUIRY + WORKING GROUPS
Here are various publications and statements issued by the DCMS Select Committee, relevant departments of government and the Competition & Markets Authority in relation to the Economics Of Music Streaming inquiry.
Economics Of Music Streaming page on the DCMS committee website
Economics Of Music Streaming page on the UK government website
The DCMS committee’s main report (Jul 2021)
The government’s response to the DCMS committee’s report (Sep 2021)
The IPO’s report on music creator earnings (Sep 2021)
Kevin Brennan’s private members bill (Nov 2021)
A letter about the government’s economics of streaming work (May 2022)
The CMA’s market study report (Nov 2022)
A letter about the IPO convened working groups (Nov 2022)
The DCMS committee’s follow up report (Jan 2023)
The IPO’s report on rights reversion and contract adjustment (Feb 2023)
The DMCS report on the impact of streaming algorithms (Feb 2023)
A letter about the convening of a remuneration working group (May 2023)
UK industry agreement on music streaming metadata (May 2023)
UK voluntary code of good practice on transparency (Jan 2024)
The IPO’s report on equitable remuneration (Feb 2024)
The CMS committee’s report on creator remuneration (Apr 2024)
Label-led principles on creator remuneration (Jul 2025)
DISSECTING THE STREAMING INQUIRY
We reviewed and dissected the written submissions made to the DCMS committee’s 2020/2021 streaming inquiry, breaking everything down into the ten key topics and issues. Below we review what key submissions said about each of those issues.
#03: The recording / song split
#05: User-centric royalty distribution
SETLIST SPECIALS
These special editions of Setlist provide a big picture overview of the economics of streaming campaigns and inquiry…
CMU COVERAGE
Here are articles from CMU and editions of Setlist where we reported on key developments in the campaigns, debates and government-led work focused on the economics of streaming.
Lead up to the Economics Of Streaming Inquiry
Economics Of Streaming Inquiry announced
| 16 Oct 2020: Parliament’s culture select committee to investigate the economics of music streaming 19 Oct 2020: Setlist – Parliament probes the economics of streaming |
Parliament’s Economics Of Streaming Inquiry
Fix Streaming letter to Boris Johnson
Majors commit to pay royalties to unrecouped artists
The Brennan Bill
User-centric experiments
Proposed streaming reforms from the indie sector
Parliament’s Economics Of Streaming Report
Four Tet v Domino
Streaming debates in Continental Europe
Streaming debates in the USA
The songwriter perspective
CMA’s market study
Culture select committee revisits music streaming
UK government work on Economics Of Streaming
June 2023 perspectives on Economics Of Streaming work
UK government’s Creator Remuneration Working Group
Majors force revamp of track allocation model
Apple’s alternative model favouring spatial audio
| 5 Feb 2024: Indie labels say Apple’s new payment model will take money from their artists to benefit the majors 27 Feb 2024: IMPALA urges Apple Music to rethink its spatial audio bonus |
Streaming ER in Uruguay
Streaming levies
Spotify’s perspective
Last updated: July 2026