The music industry is in turmoil. heehee. i could have written that twenty years ago and it would have been as true then as it is now. The problem is that people are not as interested as they were in buying music artifacts – meaning vinyl records, CD’s and the rest. So how to make money? The answer is music subscription services, where for a few dollars a month, one gets a wide selection of tunes.
And this is where the battle between firms that would like you to buy from them is heating up. Let the games begin!
There is a lot of talk about the music industry being “broken”. And the usual culprit is streaming. Why? Because people like streamed music (it is the only growing segment of the industry) and they don’t like paying for music streams.
This boils down to nostalgia for the days when we had to fork over a lot of money for a record player, then a stereo, then a cassette player and then a CD player. In those days, music seemed like an artifact – a rare artifact. And access to that artifact could be controlled. So music was a great business if you were a gatekeeper.
But that era is over and it isn’t coming back. What will come? Consider this rather
Thanks to the internet, there are now more ways than ever to get music. But this hasn’t allowed smaller artists to get a bigger share of the financial pie. In fact, the top 1 percent of artists now collect 77 percent of all revenue from recorded music.
That is astounding! If the music industry is dead, that is why. We need a platform that opens the door to new music. I have nothing against Taylor Swift and Beyonce and the rest. But are they really THAT good? I don’t think so.