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Streaming services are "here to stay", says Beggars Group
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Music labels should not "stick their heads in the sand" and ignore streaming services, even if they disagree with revenue shares, according to record company Beggars Group. Speaking to StrategyEye, the group's director of strategy, Simon Wheeler, says that the industry cannot "live in parallel universes" where music is available in other digital formats, but not on streaming services such as Spotify. "It's very hard, but the one thing that I am positive about is that streaming services are not going to disappear," he says. "If we stick our head in the sand, they're not going to go away because we don't like it. They're here to stay and we need to find the best way possible for us, for our companies and for our artists who are dealing with them, and for how that fits into our business." Although unable to share revenue figures, Wheeler says that two of the group's top five digital partners are streaming services, and that they are a "key revenue generator".
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