When a song is played royalties are split between the songwriter(s) and the owner of the recording. There may also be producers, engineers, etc. getting points and other music industry players taking a cut. Rerecording means the artist gets a bigger cut from streaming. That income replaces the absence of physical media sales and other changes in the music industry.
Outside pop-music the streaming services are building their own catalogs of classical, jazz, and similar recordings in order to avoid paying royalties on “legacy” recordings. My understanding is that Apple’s Classical app leverages this (but for clarity, I dont use it and am not heavily invested in classical music).
The short lifespan of digital formats also play a role. Music recorded on ADAT, DAT, and less common digital media a few decades ago is hard to recover at best and long lost to the bit bucket at worst. This means even if the artist owns the master, it may be unplayable so it cant be remastered for modern playback expectations.
Finally, artists are likely to focus on their core fans…the Rolling Stones are probably making music for the people who are buying tickets to their shows, not people who last saw them in 1982.
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86G Music/
I have wondered, when I find an obscure recording that is clearly a needle drop... and I have no problem with that, how many miles of master tapes have been trashed, lost or destroyed ... I wonder if the original artists are collecting their tiny bits of royalty. Where do those fractions of a penny goand are those destinations legitimate?