The Coronavirus has been devastating for many artists around the world. Gigs and festivals have been cancelled – a primary source of income for many artists – some have even had their new releases delayed. However, for many of the huge labels behind them, it’s no sweat.
The latest figures to come out show that the major labels have seen a drop in revenues this year, in wake of the COVID-19 pandemic. The labels often take a cut of, not just the music sales but, tour revenue, uses of music in films, and more. With high-streets shut down, events cancelled, TV & film production stopped, and people have tightened their purse strings.
This has been a recipe for falling revenue streams across nearly every industry. Music Business Worldwide have reported that the major labels in Q2 of 2020 are earning over $1 million an hour from streaming services alone. That’s the most recent stat – after Coronavirus slowdown has been taken into account.
Music Business Worldwide created a simple info-graphic to see how much all 3 of the major labels: