From CNBC here:
“At the end of the day the artists have gotten the rug pulled out from under them, and I’m shocked that legislators in Washington D.C. haven’t taken the entire industry to task” Simmons said. “Legislation is archaic and prehistoric. New artists are getting slaughtered because they’re getting micro pennies out of a dollar.”
Spotify, he said, is “a terrific company.”
“I know the financials of the company, I think the management is solid,” Simmons said. “Spotify is getting rich and God bless them for it.”
Ladies and gentlemen get a load of this high end business speak word salad!
In one breath he says new artists are getting slaughtered because they are getting micro pennies out of a dollar and in the next breath he says Spotify is getting rich and God bless them.
They are getting rich because they’re paying micro pennies out of a dollar, aren’t they???
I’m not sure how many music fans realize that part of the reason Spotify has never been profitable is because of the large upfront payments Spotify has paid to major record labels for classic catalog artists (such as Kiss, if you can call them artists). So major labels have been paid and own pieces of Spotify while new artists get their micro pennies.
Simmons has always been more of a business man than a musician. His music is low grade rock ‘n roll with grown men trodding the boards in full makeup — more like mideval minstrel show with power chords, but certainly nothing people will be listening to 500 years from now.
What a complete fucking tool this sunglasses wearing dickbag is.