UK competition watchdog launches music streaming study with submissions invited by the 17th February 2022. The Competition and Markets Authority (CMA) will ask whether the music streaming market is working well for music lovers. While focussing on potential harm to consumers, the CMA will also assess whether any lack of competition between music companies could affect the musicians, singers and songwriters whose interests are intertwined with those of music lovers. If the CMA finds problems, it will consider what action may be necessary.
The CMA goes on to say in its announcement, “Streaming has changed the way we listen to music. In the UK, more than 80% of recorded music is now listened to via a streaming service rather than using traditional physical media like CDs and vinyl. Linking the creators making the music and the fans listening to it through a streaming service is a complex network of companies that help make, promote and distribute recorded music.”
It continues, “The study will examine the music streaming market, from creator to consumer, paying particular attention to the roles played by record labels and music streaming services. As part of its assessment of how well the market is working for audiences, the CMA will consider whether innovation is being stifled and if any firms hold excessive power. The CMA’s study will help build a deeper understanding of how firms in the market influence listeners’ choices and experiences.”
Currently, according to the BPI, streaming now accounts for 83% of UK music consumption.
