Kiss bassist Gene Simmons said musicians aren’t getting paid what they deserve by streaming platforms, but that’s not entirely Spotify’s fault.
The music streaming service, which starts trading on the New York Stock Exchange Tuesday, revolutionized the music industry with licensing agreements that make practically every popular album available to stream.
Those agreements with the big labels, though, aren’t always good for the artists behind the music. But, “that doesn’t mean you shouldn’t buy Spotify [stock],” Simmons told CNBC’s “Squawk on the Street” Tuesday.
“At the end of the day the artists have gotten the rug pulled out from under them, and I’m shocked that legislators in Washington D.C. haven’t taken the entire industry to task” Simmons said. “Legislation is archaic and prehistoric. New artists are getting slaughtered because they’re getting micro pennies out of a dollar.”
Spotify, he said, is “a terrific company.”
“I know the financials of the company, I think the management is solid,” Simmons said. “Spotify is getting rich and God bless them for it.”