Bono has recognized streaming music services as an attractive method for the artists to get their creations heard. He also defended Spotify from criticism of the amount of royalties it pays out to musicians and songwriters.
Bono pointed out that the real problem is about opacity and transparency, saying that the music business has historically involved itself in a considerable deceit. He also addressed the artists’ criticism of Spotify, pointing out that the streaming service is giving up 70% of all revenues to copyright holders. Perhaps, the creators don’t know where that money is because the record labels hide it.
As you know, the U2’s recent album was given away via Apple’s iTunes store for free. This, however, also caused controversy when owners of Apple devices found it automatically downloaded to their devices. This is quite a strange thing to do when finding free staff – to complain. Bono points out that they were paid in result. About 100 million people checked the album out, a few tracks, and about 30 million people liked the whole album. U2 recognized this as a win. They also claimed that while digital music disruption is worrying many musicians, it will certainly be great for young bands starting out.
Despite the fact that U2 may have signed an exclusive deal with iTunes to distribute their latest album as a download, they still recognize streaming services as another positive step forward for content creators. Bono went on to say that musicians are losing that firepower that they had, believing that they underestimate their value. Finally, Bono revealed that the band is working with Apple on “new formats for music”, adding animation and interactivity to album artwork.
Sources: The Guardian, The Hollywood Reporter & The Rolling Stone
