We welcome today's landmark report from Parliament's Digital, Culture, Media & Sport Committee calling for artists, composers and musicians to benefit more equally from the boom in online streaming.

This is a serious and comprehensive piece of work. It contains a wide range of recommendations, many of which, if implemented, could fundamentally reset and improve the current economic model for recorded music. It demands quite clearly that those companies and corporations regarded historically as "rights holders" must urgently modernise their business practices, and go further and faster in their pace of reform.  

Beneath the headlines, we are especially pleased the Committee has recommended tackling many long-running market dysfunctions - for instance, that legacy recording deals are overhauled, that artists can recapture their rights, and that inefficiencies and inequalities around songwriter "royalty chains" and "black box" allocations are challenged. These issues should be low-hanging fruit. Addressing them now would have a transformative and material impact on the livelihoods of all artists, songwriters, performers and producers.

More broadly, we welcome the idea of a market-wide investigation by the Competition & Markets Authority and, going forward, we urge the Government to ensure there is a robust, transparent and evidence-led response to this report that involves all voices in our industry - including young and emerging artists who have grown up in a streaming environment.

This is a once in a lifetime moment to reset our business along fairer and more equitable lines, it is not an opportunity to be wasted.

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