U2 rocker Bono has stepped up to defend music streaming service Spotify after singer Taylor Swift pulled her entire back catalogue from the site this week (beg03Nov14).

The Love Story star hit headlines when she removed all her music, including her new album 1989, from Spotify, insisting she hates the idea of giving her songs away "for free".

However, Bono is adamant Swift has made a mistake and is misinformed about the way Spotify works. The Irish musician says the streaming website's bosses pay 70 per cent of their revenue back to the songwriters, but artists do not see where their Spotify money goes due to a lack of "transparency" at their record labels.

Speaking at the Web Summit conference in Dublin, Ireland, Bono says, "The real enemy is not between digital downloads or streaming, the real enemy, the real fight is between opacity and transparency. The music business has historically involved itself in quite considerable deceit. But if we change that bit, and people can actually see how many times they're being played, where they're being played, get access to information on the people who are listening to them, get paid direct debit... I think those payments will add up to something, as the world gets more transparent...

"When people pick on Spotify: Spotify are giving up 70 per cent of all their revenues to rights owners. It's just that people don't know where the money is because the record labels haven't been transparent."

Bono and his band have come under fire from other artists in recent weeks after their latest album, Songs of Innocence, was given away for free via Apple's iTunes, but the singer is adamant it was a fair deal because they were paid by the tech giant.

He adds, "We were paid. No one values music more than the members of U2. To us music is a sacrament, it's a sacred thing. I think artists should be paid way more than they are. But the greatest way you serve your songs is to get them heard."