Spotify Issues Press Release Titled "Canadian Music Has Evolved Into A Global Export. Canada Must Evolve With It"
Portfolio Pulse from Benzinga Newsdesk
Spotify's press release highlights the success of Canadian music on its platform, noting that Canadian artists were discovered 3.8 billion times last year and royalties exceeded $435 million CAD from 2018 to 2023. The release criticizes the CRTC's outdated criteria for defining Canadian content, which excludes many successful artists due to the global nature of their collaborations. It mentions artists like Tate McRae and Ikky as examples of Canadian success stories not fitting the CRTC criteria. Spotify advocates for an updated definition of Canadian and Indigenous music to reflect the global success of Canadian artists, as their revenue on Spotify grew by over 15% in 2023, outpacing the global industry.
April 11, 2024 | 2:13 pm
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Spotify's advocacy for an updated definition of Canadian content highlights its role in the global success of Canadian artists, with significant revenue growth and discovery on the platform.
Spotify's push for regulatory changes in Canada could enhance its market position and artist relations, potentially increasing its user base and revenue from Canadian content. The company's active role in advocating for these changes and the reported success of Canadian artists on the platform suggest a positive outlook for Spotify's engagement in the Canadian market.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90