Pitchfork reports:

Artists received only 12% of the $43 billion generated in music industry revenue in the United States last year, according to a new report published by Citigroup last night. The study—conducted by a team of Citigroup’s researchers and analysts—states that most of the revenue is captured by middlemen, including tech companies, radio stations, and record labels. It also notes that the 12% figure is actually higher than it was for artist in previous years—in 2000, the figure was 7%. The increase is due to the strength of the concert business, as well as more artists self-releasing their music, thereby keeping more revenue.