The Competitions and Markets Authority (SMA) is to launch a market study into music streaming.
The first step will be to consider and develop the final scope of the market study, before formally launching it as soon as possible.
Streaming now accounts for more than 80% of all music listened to in the UK and the CMA is keen to find out how the evolution of listening habits has affected competition among record companies (if we still call them that).
“The UK has a love affair with music and is home to many of the world's most popular artists. We want to do everything we can to ensure that this sector is competitive, thriving and works in the interests of music lovers,” said Andrea Coscelli, the chief executive officer of the CMA.
Our Chair @JulianKnight15 has welcomed the @CMAgovUK Board's decision to conduct a market study into music streaming, and that this will be a priority going forward.
Read the CMA's letter: https://t.co/bwsfScIvt6
Read our Report: https://t.co/erhBXNsNMi https://t.co/OKZLiuHvYC pic.twitter.com/AQZabzYVZE
— Digital, Culture, Media and Sport Committee (@CommonsDCMS) October 19, 2021
The chair of the Digital, Culture, Media and Sport Committee, Julian Knight, welcomed the decision to carry a competition enquiry into music streaming and the dominance of the major music groups.
“That the CMA has made this a priority is a big result of the DCMS Committee, endorsing one of the key recommendations of our enquiry into music streaming,” the MP claimed.
Our Chair @JulianKnight15 has welcomed the @CMAgovUK Board's decision to conduct a market study into music streaming, and that this will be a priority going forward.
Read the CMA's letter: https://t.co/bwsfScIvt6
Read our Report: https://t.co/erhBXNsNMi https://t.co/OKZLiuHvYC pic.twitter.com/AQZabzYVZE
— Digital, Culture, Media and Sport Committee (@CommonsDCMS) October 19, 2021