U2 manager: 'Artists don't see the financial benefit of Spotify'
Tue, 31 Jan 2012
U2's manager Paul McGuiness has hit out at music streaming powerhouse, Spotify, claiming established acts are reluctant to as they can't see any 'financial benefit' in the online service, reports NME
McGuiness, who has represented U2 since the start of their career, was speaking at music industry trade fair MIDEM.
According to Billboard, he said:
'Spotify has yet to become popular with artists because artists don't see the financial benefit. That's partly the fault of the labels because labels partly-own Spotify, and there is insufficient transparency.'
He went on to add:
"There's no reason why the basic Spotify model can't be a part of the future. It is essentially honest so it should be encouraged. I would like to see it adopted everywhere."
Last week (January 27), Spotify announced that they now have over three million paying subscribers.
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