Are Major Recording Companies About To Sell Out Their Artists?

“Sony, Universal and Warner — the “big three” record labels, which control 89% of global music sales — are nearing a deal with SoundCloud, the popular Berlin-based music site that since 2007 has allowed its 250 million monthly users to upload and stream music. The deal would grant SoundCloud licenses to play big three-copyrighted music (and “avoid legal trouble”) in exchange for a 3-5% stake for each company in SoundCloud’s estimated $500-600 million net worth (plus a chunk of future revenues). That’s $15-30 million per record label to not sue SoundCloud. The kicker? The musicians might not see a dime of it.”

source ArtsJournal http://ift.tt/1lS23hV

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