"Competition in the UK music industry is fierce. As the Government observes, streaming has provided more routes to market for artists and creators. We note the Government's response that the CMA is an independent regulator and any decision to conduct a market study rests with them. Should the CMA conduct a study, we look forward to detailing labels' role in supercharging the careers of British talent within a complex and dynamic ecosystem.

"At a time when much of the UK music sector has come under pressure as a result of the pandemic, recorded music has returned to growth and continued to invest, benefitting the wider music community when most needed. We welcome Government's recognition of the need for a better understanding of the complexity of the music streaming market, and that industry action to address issues of concern is preferable to legislative intervention that may negatively impact performers, jeopardising the hard won return to growth after years of decline – and harming music creators and UK music's global competitiveness.

"We look forward to participating actively in further research and industry working groups on transparency and metadata. Streaming means that more artists are succeeding commercially than ever before. Supporting further market growth and preserving UK music's dynamism, investment and innovation is the most effective way to ensure that even more artists benefit".

Spokesperson for the BPI – the UK independent and major record labels association.