Jeronimo Folgueira breaks down the streamer's new "artist-centric" payout model and how the company arrived at the definition of a "professional artist."
Lean-back listening has gotten a bad rap, but streamers and rights holders should recognize the value it brings to fans.
The new system, due to roll out in France during the fourth quarter, will reward "professional artists" and songs that drive fan engagement.
The Billboard Global Music Index rose 4.7% as 12 of its 21 stocks posted gains this week.
Also this week: LVRN links up with Audiomack, NetEase signs an expanded agreement with RYCE Entertainment and more.
The Billboard Global Music Index rose 6.8% to 1,447.32, bringing the year-to-date gain to 23.9%.
The Billboard Global Music Index dropped 3.5% with 16 of its 21 stocks in negative territory.
As the company explores a new system with Universal Music Group, CEO Jeronimo Folgueira suggests different countries may require different systems.
The partnership, which follows a similar collaboration with TIDAL, was announced by UMG CEO Lucian Grainge on an earnings call.
Also this week: Yusuf/Cat Stevens signs to Dark Horse Records, ClicknClear strikes a licensing pact with a major U.S. amateur sports organization and more.
