Music streaming has been the driving force behind the recorded music industry’s return to growth after roughly 15 years of declines. According to IFPI, the global recorded music streaming revenue has increased from ~$0 in 2004 to ~$17 billion in 2021, which is equivalent to the size of the entire global recorded music market in 2008. Universal's CEO Sir Lucian Grainge sent a New Year memo saying the economic model needs to evolve. Jimmy Stone explains why Grainge believes it's time for a change.

“With your help, our artists and songwriters not only raised the spirits of millions everywhere, but also brought awareness to worthwhile causes that will help to repair a world so badly in need of repair" - UMG's Lucian Grainge said in his year-end letter to staff, Variety reports. He added - "more often than not, that awareness will trigger action, funding, and, ultimately, results… When the harsh realities of inequality and racism exploded across the globe, our artists were galvanized and, together with them, we responded quickly”.

Billboard revealed their annual Power List for the year 2020 with the top label executives, biggest managers concert promoters listed alphabetically, by sector. There are dozens of people there, a big majority of them most of the people haven't even heard of (a few exceptions like Jay-Z and Beyonce), but they make decisions about popular music. The top two, by Billboard's standards, are Universal Music Publishing Group chairman/CEO Jody Gerson, named Executive of the Year; Universal Music Group chairman/CEO Sir Lucian Grainge, named Executive of the Decade.