In a new report, the body said that streaming has transformed the music industry and was largely delivering “good outcomes” for consumers.
However, it warned that market changes could harm consumer interests, for example if the balance of power changed and labels and streaming services began to make sustained and substantial excess profits.
Recorded music revenues reached £1.1bn in 2021 despite fixed monthly subscription fees that have been falling in real terms.
Access to a wide range of music from all eras also means that older songs can more easily get a new lease of life and find new audiences. Some 86 per cent of streams in 2021 were for music over a year old.
The report also found that digitisation has made it easier than ever for many more artists to record and share music and find an audience. The number of artists streaming music has doubled between 2014 and 2020 – from around 200,000 to 400,000.
Nevertheless, the market was found to be “challenging...