A decade ago, Steve Lukather was adamantly opposed to Spotify’s rise as a major digital music platform. Founded in 2006, the music giant started to make its mark in the decade.
Currently, it is the most famous service, reaching $11.7 billion in revenue in 2022. The company claims that more than 70% of his income goes to artists, which is likely the case because if an artist has a record deal, the money goes to the label. They will receive less compensation than Spotify.
When Spotify launched in the US in 2013, Lukather expressed strong doubts about what it would mean for musicians. “He talks bossily about how Spotify and others are the ‘answer’ and how ‘artists get paid’ and so on,” said the Toto guitarist. “Who keeps records and accounts? …I have no money and I have been making records for 35 years so I have a lot. Have you looked up the breakdown? Poor thing, it’s even worse if you’re on a label…the breakdown is, at the end of the day, for most people, it’s a penny.”
However, in a recent interview with Inside MusicCast hosted on Spotify, he explained that things have changed and he now “loves” the platform. “Because eight or nine years ago we negotiated a new contract that was great in terms of percentages,” he said. “I went there for the first time [into] The management part, and we were trying to get our first album back [in a] Everything is back from 1977.that was 35 years ago [break clause] or whatever. ”
You can listen to the interview below.
While learning the tricks of managing the business with Toto keyboardist David Paich, Lukather said, “I don’t think the big name major labels are going to give the rights back to the classic rock bands that still pay and make money. Never,” he said. But at the time, TOTO’s financial value wasn’t clear to executives, he suggested. told to [Paich] About percentages no one gets anymore. Because they didn’t know what it was. He looked and realized there were billions of streams. ”
Lukather added, “We are quietly more successful than people think. I am [with Spotify]”
The guitarist’s ninth solo album. bridgewill arrive tomorrow.
Top 100 rock albums of the 80’s
UCR presents the 100 best rock albums of the 80’s in chronological order.
