By Elizabeth Aubrey • Aug 7, 2018 9:04 pm

A new report has revealed that musicians are poorly paid in the music industry, with artists receiving just 12% of the money the music industry makes overall.

The report called ‘Putting the Band Back Together’ by Citigroup, says that despite listeners in the US spending over $20 billion a year on music – that’s more than ever before – and revenues totalling in excess of $43 billion a year, musicians themselves are only receiving $5 billion of that figure.

The report says: “The music industry is in the midst of two profound changes. First, consumers are increasingly opting to rent — rather than buy — music. Second, the demise of physical music has prompted artists to tour more often, driving significant growth in concerts and festivals.”

Read the rest at NME