Buma-Stemra: gambling on stock market
p2pnet news view | P2P | Music:- The various music collection societies, “keep insisting that they’re just the important middlemen helping make sure artists get the royalties they’re due,” writes MikewMasmnick in TechDirt.
“Except,” he says, “for some reason, they keep getting caught not actually giving that money to artists, but hanging on to it themselves.”
(un)SoundExchange anyone?
Meanwhile, “Billboard reports that the Dutch collection society, Buma/Stemra, is happily telling people that revenue rose by 2% last year — though, oddly, the Billboard report leaves out one rather interesting detail,” says Mike, adding »»»
Reader Marcel de Jong notes that Buma/Stemra invested a bunch of the money it collected for artists into the stock market and then lost a chunk of it, so it’s paying artists less money than it collected for them.
What’s unclear is if Buma/Stemra would have paid out more if it had made money… and also why it’s gambling on the stock market with money it supposedly collected for artists.
(Cheers, Wilmer)
TechDirt – Dutch Music Collection Society Loses Artist Royalties In The Stock Market, May 28, 2009
(un)SoundExchange – $101 million ’stuck to SoundExchange’s fingers’, March 19, 2009
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