“Thousands of artists and songwriters will be disappointed by the Competition & Markets Authority report today which suggests it will not pursue a full investigation of the music streaming market. Many feel justifiably that the spoils of the streaming revolution have been unfairly shared. They demand action.

“BMG’s view is that, however disappointing, it is understandable given the CMA’s narrow terms of reference.

“However, this does not mean there is not a problem.

“Artists and songwriters are hurting and they deserve better. The music industry needs to understand it is there to serve artists and songwriters. Artists and songwriters do not exist to benefit the music industry.

“We will continue to stand with artists and songwriters in order to create a better kind of music business.”