Recording artists received just 12% of the $43 billion that the music industry generated in 2017, according to a Citigroup report published on Monday, and led by analyst Jason B. Bazinet.

$43 billion matches a 12-year peak that the industry hasn’t hit since 2006, the report said.

The proportion of the total music industry revenue artists are capturing has actually risen since 2000, when artists took home only a 7% share of the revenue.

But this increase is due in large part to the growth of concerts and touring as a revenue stream that is largely distinct from the intermediary of their music labels. Artists are still taking home a meager share of the increasing revenues in streaming for their music, where music labels and music streaming services act as intermediaries

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