According to a new report published by multinational investment bank Citigroup on Monday night, artists received only 12% of the $43 billion in revenue generated by the U.S. music industry last year.

The study, conducted by a team of researchers and analysts from Citigroup, found that the vast majority of revenue was being pocketed by distribution services like  streaming platforms, and record companies. 

Though insanely low, 12% is actually a marked increase from 2000, when artists made only 7% of total industry revenue. The increase is attributed to a stronger focus on touring and a larger number of artists releasing their own music, thereby keeping more revenue for themselves.

Read the entire report here.