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Metallica Manager Says YouTube Has Killed Music

The manager for the band Metallica has told a BBC Radio 4 documentary that he thinks YouTube has essentially killed the music industry.  Peter Mensch, manager of groups such as the Red Hot Chili Peppers, Metallica and Muse referred to YouTube as “the devil”, complaining that the site’s business model ensures that people working in the industry do not get paid. BBC News reports: He said the site’s business model, in which artists make money by placing ads around their music, was unsustainable. “If someone doesn’t do something about YouTube, we’re screwed,” he said. “It’s over. Someone turn off the lights.” Mensch’s arguments echo concerns raised in the annual report of the International Federation of the Phonographic Industry (IFPI), which was released last week. It said there was widening “value gap” between the volume of music consumed on free, “user-upload” services – including YouTube, Daily Motion and Soundcloud – and the amount of revenue they generate for the industry. An estimated 900 million consumers on these sites resulted in revenue of $634m (£447m) in 2015. By contrast the world’s 68 million paying music subscribers generated about $2bn (£1.4bn). “The market-distorting value gap must be resolved if music is to thrive in [...]