How record deals work and making money in the music industry

How many streams does it take to make minimum wage? Streaming platforms like Spotify now dominate the music business.
Social media apps like TikTok and Instagram are changing the playing field. And some artists are moving away from traditional record deals and revenue sources in favor of independence.
The FT’s Don Newkirk Jr asks some of the world’s biggest music companies, record labels, and producers how they are adapting to this fast-changing industry.
He follows an up-and-coming hip-hop artist struggling to make his fair share just as the coronavirus pandemic hits.
The world is changing. The question is how well are we adapting to the new life and rules?