Spotify respond to recent Century Media pull out

After Century Media pulled their entire catalogue of music from Spotify, the music streaming service released the following statement:

“We are sorry that Century Media have opted not to offer its music to their fans through Spotify.┬áSpotify has one of the biggest music libraries in the world – of over 15 million tracks – and is committed to offering our users the widest possible┬áselection of music across artists and genres from around the world.

Spotify was launched out of a desire to develop a better, more convenient and legal alternative to music piracy.  Spotify now monetizes an audience the large majority of whom were downloading illegally (and therefore not making any money for the industry) before Spotify was available.

“Spotify is now generating serious revenues for rights holders; since our launch just three years ago, we have paid over $100 million to labels and publishers, who, in turn, pass this on to the artists, composers and authors they represent. Indeed, a top Swedish music executive was recently quoted as saying that Spotify is currently the biggest single revenue source for the music industry in Scandinavia.

“Spotify is now also the second single largest source of digital music revenue for labels in Europe (IFPI, April 2011). Billboard reported in April that Spotify territories saw an average digital growth rate of 43% last year. By contrast, neighbouring countries (without Spotify) saw only 9.3% digital growth.

“We are very proud of the positive contribution that Spotify makes towards growth in the music industry.”

     

About Michael

Michael is the owner and creator of EspyRock. He is your general all round geek; sports fan; TV show fanatic. You can find him sharing his thoughts on his personal Twitter account. Contact Michael on Twitter or via Email.

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