"As a distributor we have to do what is best for our labels," STHoldings explained, in a statement. "The majority of which do not want their music on such services because of the poor revenues and the detrimental affect on sales. Add to that the feeling that their music loses its specialness by its exploitation as a low value/free commodity." The distributor went on to quote one of its labels with a line that rhymes with "duck modify." In comparatively subdued response, Spotify said it respects STHoldings' decision, but still hopes that the labels "will change their minds." The Swedish company also contested STHoldings' study-backed arguments against it, claiming that it has "already convinced millions of consumers to pay for music again," and assuring that artists' revenue streams will "continue to grow." Read more about the study, the stats and the spat at the links below.
STHoldings withdraws more than 200 record labels from Spotify, does so with gusto
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