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This Week In Music: There’s Still A Business Even In The Pandemic – Just Ask Leonard Cohen
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deadline.comBruce Haring pmc-editorial-managerEverybody knows, as Leonard Cohen once sang. Everybody knows the music business has taken a hit this year, as there’s no live music, TV and film production is down, releases are being held back, and ad revenues from streaming are diminished.But here’s an eye-opener, courtesy of a report in Music Business Worldwide: The industry is still generating about one million dollars per hour of streaming.
And what that means to the bottom lines of the major music companies – Universal, Sony and Warner Music – is that while revenues will likely be down this year, they haven’t fallen off a cliff.
Read more on deadline.com
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