COPENHAGEN, Denmark--(BUSINESS WIRE)--There is substantial potential for the industry and Music Rights Organisations (CMOs) to act on sustainability. That is the conclusion of a new report issued by the CMOs in Denmark, Sweden, Norway, Finland, and Iceland. The report shows that the industry and CMOs can have a profound impact on social issues such as diversity, equity, and mental health, which are also areas where creators and industry stakeholders expect the member organisations to act.
As the world grapples with climate change, economic disruption, and growing social inequality, according to the new report, CMOs are well-placed to influence these challenges. In addition, the report offers a structured approach for integrating Environmental (E), Social (S) and Governance (G) action into music industry strategies.
Social Issues Should Be Key Priorities
The report applies the dual-lens approach, which identifies both the impact of ESG issues on society and the environment, and their financial implications for CMOs. The report emphasises that pressing social issues such as diversity, equity, and inclusion; mental health and well-being; job security; and fair remuneration are the most pressing for CMOs to address. The report underlines that these systemic issues have significant implications across the music industry and will require collaborative efforts to resolve.
Governance is another critical theme assessed through the research. CMOs are urged to strengthen their internal democratic structures, enhance transparency, and ensure responsible asset management.
The report puts forward that strong governance practices are key for fostering trust within the music community and for ensuring that sustainability goals are achieved, benefiting both the industry and society at large.
Finally, the report recognises that the CMOs' direct environmental impact is limited. Nevertheless, it highlights the importance of addressing the substantial indirect climate impact of the music industry, such as energy usage in data centers and the environmental footprint of live performances.
By focusing on issues that can positively impact both people and the planet in addition to the financial sustainability of organisations, the Nordic CMOs hope to provide a clear path for other industry players to follow.
