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IFPI, a trade body, reckons that 900m people used ad-supported user-upload services such as YouTube to listen to music last year, but that the industry got only $634m from those streams. Subscription-based services, including Spotify, paid $2.3 billion to musicians in 2015. YouTube executives argue that they are creating a new source of revenue for the industry, even if it seems small now. Many of those free-riders are unlikely ever to pay for a subscription service, they suggest. A popular user-uploaded video promotes the original work and generates ad revenue for the industry. YouTube can take down such videos, but the company notes that labels and publishers usually want to make what money they can from them. Music executives might warm to these arguments if YouTube comes up with more cash for them. That is not out of the question. Analysts reckon YouTube collected up to $9 billion in advertising revenue in 2015, some $5 billion of which would have been due to content creators and rights-holders. Those figures could double or even triple by 2020. By then YouTube might be making money. Alphabet, Google’s parent company, does not break out YouTube’s results but it is widely reckoned to make a loss. Three big record labels—Universal Music Group, Warner Music and Sony Music Entertainment—are negotiating new deals with YouTube that they hope will lead to a bigger slice of the pie. Some music publishers will seek new terms soon, too. Their lobbying may not sway Congress, even with Ms Swift’s help. But it does not hurt to have the singer on their side of the bargaining table. （全文共263个词）（红色标注词为考研重点词汇）
考研重点词汇： take down 记下；拿下；拆卸；病倒 negotiate [nɪ'gəʊʃɪeɪt] vi. 谈判，交涉 vt. 谈判，商议；转让；越过 每天一篇双语经济学人没有看够！ |
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