Jimmy Iovine revealed the issues in the music industry and claimed that streaming isn’t making money. Iovine resigned from being the CEO of Interscope/Geffen/A&M for 25 years to operate Apple Music three and a half years ago.
“The streaming services have a bad situation; there are no margins, they’re not making any money.” Amazon sells Prime; Apple sells telephones and iPads; Spotify, they’re going to have to figure out a way to get that audience to buy something else.” – Jimmy Iovine
Iovine declared that labels’ hardships over royalties borrowed from back catalogs. While rights for earlier catalog albums hit their contract alter dates, it will be difficult for labels to consult the type of splits they are known for taking advantage of, typically.
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