In its final report on the sector, it found that consumers have benefited from digitisation and competition between music streaming services.

Prices for consumers have fallen by more than 20 per cent in real terms between 2009 and 2021 – with many services also offering music streaming for free with ads.

The study found approximately 39 million monthly active users access music streaming services in the UK, streaming 138 billion times a year.

But the CMA has also heard concerns from artists and songwriters about how much they earn from streaming. With an increasing number of artists, tracks and streams, the money from streaming is shared more widely – with those that have the highest number of streams earning the most.

Over 60 per cent of streams were of music recorded by the top 0.4 per cent of artists.

But the CMA said it was unlikely that the small number of streaming platforms was to blame and that other policy measures in order to be addressed to...