Spotify Facing Lawsuits And Musicians Are Pulling Out

Right now, music streaming services, such as Spotify and Pandora Media Inc (NYSE:P) are a big hit. New services come online almost monthly, all battling it out for that coveted number one position at the top of the popularity charts. Judging by the take-up figures, music fans like them. They’re convenient and, with a low monthly subscription fee, relatively cheap, compared to buying physical product, or downloads. But what about the content providers? Big name artists are removing their music from these services, stating that low royalties make it economically unviable to sell their music. At around $0.005 royalty per stream…