Music streaming services give consumers a fair deal despite being dominated by a few major companies, the UK Competition and Markets Authority (CMA) says.
“The concentrated” market dominated by Spotify Technology SA (NYSE:SPOT) and Apple Inc (NASDAQ:AAPL) is not “currently causing consumers harm [and] labels nor streaming services appear to be making sustained excess profits,” the UK’s antitrust watchdog said in a statement on Tuesday.
However, Sarah Cardell, CMA interim chief executive, revealed there were still worries regarding what artists got from streaming music.
“For many artists, it is just as tough as it has always been and many feel that they are not getting a fair deal," Cardell said.
“Our initial analysis shows that the outcomes for artists are not driven by issues to do with competition, such as sustained excessive profits.”
The CMA launched a probe into the sector earlier this year, looking into whether music streaming has worked in the UK.
“On balance, the CMA’s initial analysis indicates that the market is delivering good outcomes for consumers,” it said.