Metallica guitarist Kirk Hammett says he believes the band warned people that streaming services “wouldn’t work” as a new form of business.
“We warned everyone that this was gonna happen,” Hammett told Classic Rock in a new interview. “We warned everyone that the music industry was gonna lose 80 percent of its net worth, power and influence. When these monumental shifts come you just either fucking rattle the cage and get nothing done or you move forward.
“There’s definitely a new way to get music out there, but it’s not as effective as the music industry pre-Napster,” Hammett added. “But we’re stuck with it. There needs to be some sort of midway point where the two come together, or another completely new model comes in. ”
Earlier this year, the UK governt’s Competition and Markets Authority (CMA) formally launched a new study to examine the music streaming market.
The announcement followed on from the Digital, Culture, Media and Sport Select Committee’s ‘Economics Of Music Streaming’ reportwhich was published last summer and led to the governt calling on the CMA to start an investigation into the matter.
Visconti described the streaming service as “disgusting” over its low payments to artists. “Spotify is disgusting, the money they make out of [artists], ”He said. “If you had 12 million streams, you could barely afford lunch for two people. It’s ridiculous, I don’t know why it’s allowed. Spotify does nothing to support the culture of music. ”
In 2013 Byrne criticized the “pittance” artists are paid while David Crosby said recently: “I don’t like any of the streamers, because they don’t pay us properly. Their proportion is wrong. They’re making billions with a ‘b’ and they’re paying out pennies with a ‘p.’ ”