2023-02-01-CMA-2022年音乐和流媒体最终报告_165页_2mb

Market Analysis Summary: Music and Streaming (CMA Final Report)

Context and Market Overview

• The music streaming market has grown rapidly since Spotify launched in the UK in 2008.35
• Streaming drives most-recorded-music revenues in the UK, but creator earnings remain low.47
• The Competition and Markets Authority (CMA) assessed competition in music streaming and creator markets following a DCMS Select Committee report highlighting concerns about creator remuneration.4.3.8

Value Chain Structure

• The music value chain involves creators (songwriters and artists), intermediaries (publishers and record companies), and platforms (music streaming services and user-generated-content platforms).4.3.8
• The recording sector is dominated by three large music groups (Sony, Warner, Universal), who collectively have a high share of music streams and revenues. M7

Competition for Recorded Music Supply (Tier 1)

• The "full catalogue" streaming model reduces competition on price between record companies, limiting their bargaining power with music streaming services.4.3.8
• Music streaming services face weak price competition downstream despite growing bargaining strength67.4.3.8
• Efficiency concerns from certain contractual clauses (MFNs, must-carry, data restrictions) were noted but unlikely to cause substantial harm to consumers.77.88

Competition for Creator Supply (Tier 2: Artists)

• Artist remuneration has increased in recent years due to competition for high-potential artists, with royalty rates improving significantly for new deals across the sector.4.3.8
• The market structure remains concentrated, but effectiveness of bargaining power for record labels is limited by the full catalogue model and ability to set higher prices for music.4,7.4.45

Future Recommendations

• The CMA recommended further research by the Government on equitable remuneration models and other payment frameworks for creators, acknowledging benefits of the current market for consumers but deficiencies in creator remuneration.7.9
• The CMA decided against making a market investigation reference, as competition seems less severe than feared and interventions could risk unintended consequences.7.5,7.9

Conclusion

• The music streaming market delivers good outcomes for consumers despite inherent barriers to entry and concentration issues. The overall functioning appears healthy.5.7
• The music industry should focus on wider policy issues such as copyright reforms and equitable remuneration rather than direct competition intervention.7.10