UK government finds major labels "are not making significant excess profits" to be shared with creators

It all started promising. In July last year, a UK cross-Parliamentary committee called for a “complete reset” of music streaming following an inquiry into the economics of streaming. Some lobbyists in the UK music business suggested that artists and songwriters weren’t pocketing enough money from streaming services, and accused certain music companies of holding on to outsized profits from royalties. The final 165-page report came as a cold shower, saying that it has not “found evidence of substantial and sustained excess profits by the majors that could be competed away to benefit consumers, for example through more investment in music”. MBW reports on the outcomes.