Glenn Peoples is a senior writer for Billboard Magazine. Here he suggests a bankruptcy by a major streaming or webcasting service would mean artists “owe” money to the streaming services (and presumably their Wall Street and Silicon Valley backers.) What do you think?
5 thoughts on “Grammy For Stupidest Tweet of the Year: Glenn Peoples of Billboard Magazine”
I think someone needs to learn basic economics…
First, the funding from venture capital is a gamble – so if anyone “owes” the investors, it’s the company that was funded.
Second, musicians aren’t paying streaming companies for their services – so how could they possibly owe them anything? These companies built their business model on being a middleman for product they have no vested interest in creating!
At least with the old record company model of debt vs. royalties there was a transaction of sorts, with the record company fronting money for a living advance, recording & advertising costs, tour support, etc. If there was a bankruptcy, THEN there might be a case for seeking remuneration of that “debt” from the artist (although that would be pretty a pretty sh*tty move…) However, the only thing artists are getting from streaming services is some after-the-fact compensation for providing the raw materials that the company needs to do business AT ALL.
Would the bankrupt streaming company’s employees have to return their pay checks? Would the owner of the building housing the streaming company have to return rent payments? Would the providers of IT servers, computer servers, and Internet access to the bankrupt streaming company have to refund all payments for their services?
That definitely deserves the Grammy for stupidest Tweet if not most arrogant, sick and entitled Tweet, wow! So if someone can’t rip us off we have to pay them!?
I have no idea what he is talking about. Asinine is the word that comes to mind.
I think Glenn Peoples is as dumb as he is venal.
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