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Major labels are now earning $9,000 a minute from streaming services, study reports

That's $12.5 million every day...

Whilst not everyone is reaping the rewards of the current music streaming boom, a new report from Music Business Worldwide states that the three major labels are making $9,000 a minute from streaming music alone.

That works out at $540,000 per hour and $12.5 million every day, which means this year the three major labels — Sony, Warner and Universal — could pocket a staggering 5 billion between them if growth continues at the same rate.

The numbers are even more impressive when you consider there are only around 100 million people actually paying for one of the many music streaming services like Apple Music, Spotify or Amazon — which means there's still plenty of room for growth, especially if they can convince Youtube to start paying their fare share, too

Hopefully this means labels will begin to take more risks when it comes to signing new artists and some of the money will begin to trickle down to hard-up indies in time, too.