As Deezer explores a new system with Universal Music Group, CEO Jeronimo Folgueira suggests different countries may require different systems.
While the streaming services and labels are still a long way off from implementing new streaming royalty payment models, Deezer’s chief executiveabout some of the ideas being explored and the economic imperatives that are driving his company to push for a new way to pay rights holders.Deezer has long advocated for changing payment systems. How have the company’s views evolved?
If we find ways of monetizing better, let’s say, if we would allow fans to subscribe directly to artists, we would have an additional revenue source that we would share with labels and the artists, which will improve our growth and profitability profile. It is important to be more fair in terms of payout but to have a financial impact, we also care a lot about growing the pie. I fully share [Warner Music Group CEO‘s] view. Music is extremely undervalued.
During a recent earnings call, Universal Music Group chairman and CEO Lucian Grainge said he wanted a new model where “artists are rewarded for the fans they bring in [to subscribe to streaming services] and the engagement they drive [on those platforms].” How can you determine which artists drive subscriptions?
Video and music are very different so you cannot really draw comparisons between the two. I don’t think anybody has cracked it, and that’s why Universal is working with us. We would love to be the first ones to figure out the new model that makes sense. SoundCloudaround user-centric, but they haven’t disclosed anything. Since they are a private company, we do not know how that has worked or played out.
However, Lucian has mentioned that he sees different models for different platforms at different stages of their development in different countries. I think there is some merit in that. Our Brazilian business is very different from our French business and American business. You might need different models as you go through different stages in a market. Right now, it’s one model that came up really quickly, built 15 years ago on the back of piracy, and that model fits all.
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