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Former Eurythmic Dave Stewart has weighed into the debate over streaming music and artist/songwriter royalties, and he’s firmly on Team Spotify rather than Team Atoms for Peace. “Thom Yorke made a mistake there, him and Nigel Godrich. They were misinformed,” he tells The Guardian. “I think they just suddenly got a bee in their bonnet, because Spotify is one of the few companies that is transparent and actually pays properly – as a songwriter you should worship Spotify, because they’ve come along with a solution.” Stewart goes on to suggest that if and when Spotify gets to 100m paying subscribers royalties on the Eurythmics’ back catalogue would be “equal to the band’s income back at the peak of selling”. The interview came as Stewart announced a new business project, First Artist Bank, aimed at musicians as a “global community bank” aiming to “supply funding and management of digital assets and intellectual property, as well as advice, so people don’t sign stupid deals”. Although given his track record – from “dropping a neutron bomb on the old paradigm” with Nokia’s Artist Advisory Council (Bulletin, 1-Apr-08) and releasing an MXP4 single (Bulletin, 7-Jul-09) to floating a never-heard-of-again plan to pay music fans for tweeting about artists (Bulletin, 6-Sep-10), we’ll reserve judgement on First Artist Bank for a little while yet.

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