“We want a fair streaming environment in which the U.K. music industry can thrive and artists are properly rewarded,” said Conservative government ministerduring the debate. Freeman, the parliamentary under secretary in the Department for Business, Energy and Industrial Strategy, warned that the government “has not ruled out legislation” to address imbalances in the streaming economy if the music industry doesn’t reform on its own.
Already, the adoption of the 2019 European Union Copyright Directive in EU member states has mandated greater transparency and reporting obligations for rights holders, as well as the principle of “appropriate and proportionate remuneration” for creators. Progress is also being made in addressing some of the problems around CD-era legacy contracts. In June, Sony Music announced it was writing off unrecouped balances for artist contracts signed before 2000, although it is the only major label that has done so. Independent Beggars Group, which is home to 4AD, Matador, Rough Trade, XL Recordings and Young Recordings, also writes off unrecouped debts on advances 15 years after the last record of a contract is released.