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Universal is the largest record label.
In a New Year's note to staff, Grainge said platforms use
popular music to entice customers, but algorithms guide them to
cheaper "lower-quality functional content that in some cases can
barely pass for 'music'."
He said Spotify's pioneering launch of a subscription model in
2011 had proved a boon for the industry, but that that was more
than a decade ago.
"As technology advances and platforms evolve, it’s not
surprising that there’s also a need for business model
innovation," he said.
"There is a growing disconnect between, on the one hand, the
devotion to those artists whom fans value and seek to support
and, on the other, the way subscription fees are paid by the
platforms."
"We need an updated model... (that rewards) artists, fans, and
labels alike."
He said the company was working on unspecified innovations to
make that happen and create a "healthier, more competitive music
ecosystem" in 2023.
(Reporting by Toby Sterling; Editing by Bernadette Baum)
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