Monday, April 18, 2016

Metallica's co-manager: "Youtube is the devil"

Metallica's co-manager Peter Mensch said that Youtube is" the devil". You can read some excerpts below.

He told a BBC Radio 4 documentary about the music business: "YouTube, they're the devil. We don't get paid at all. If someone doesn't do something about YouTube, we're screwed. It's over. Someone turn off the lights."

YouTube CEO Robert Kynci responded to Mensch saying: "It really depends on what is the flow of the money from us to you. The artists who are signed up directly with YouTube are seeing great returns. Not everybody, but if you're generating a lot of viewership, you're making a lot of money. There are middle-men, whether it's collection societies, publishers or labels, and what they do is they give advances and they want those recouped. So it's really hard when there's no transparency for the artist. The people who don't have visibility are generally the ones who tend to be less happy. If you don't have full visibility, you're somehow more susceptible to negative thinking."

YouTube said in a statement that the site "has paid out over $3 billion to the music industry, and that number is growing significantly year on year."

The statement continued: "Only about 20% of people are historically willing to pay for music. YouTube is helping artists and labels monetize the remaining 80% that weren't previously monetized. The global advertising market is worth $200 billion. This is a tremendous opportunity."

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