IS THE MUSIC INDUSTRY DEAD?
This question is one that has got so many talents stuck as they ponder on what their careers would turn out to be should they choose to pursue one in the music industry.
Let’s take a moment to analyze the current state of the industry.
HOW MUCH WOULD BE PAID FOR MUSIC?
Think about it, apart from some superstars who live well off from their earnings, many musicians find it very difficult to generate significant revenue because customers refuse to pay much for music.
A generation of listeners who do not value music was raised way back in the 90s when the problem of piracy became evident and now because of availability of free downloads artistes need to work double time to find creative ways to earn a living from their talents.
The new business model forces the artistes to offer their music for free on some streaming and download platforms with the hope of earning commissions from ads placed by the platforms. Companies like
Spotify and Pandora do not steal content but offer it for free with the aid of ads, others such as Apple music and Amazon music obviously are not stealing too but do charge users a nominal fee
HOW DOES TECHNOLOGY AFFECT THE MUSIC INDUSTRY? What the previous music industry was known for is no more there due to development of technology,
• There are more streaming and year round tours
• Traditional record labels and albums are gone
IS THERE ORIGINALITY FROM MUSICIANS?
Because most new music ideas originate outside the mainstream, all the music that is being listened to is just the boring and endless recycling of the same cliches with no inputting of originality. Stagnation results eventually.
DO SMALLER ARTISTES GET PAID AS MUCH AS THE BIGGER ARTISTES AND LABELS?
Different tiers of compensation have been noted, no one really has a concrete idea on exactly how the pays are structured.
ARE ROYALTY RATES FAVOURABLE TO MUSICIANS?
With the persistent decrease in streaming royalty rates, companies like Spotify have pointed that royalties increase with greater user levels
IS STREAMING FAVOURABLE TO THE MUSIC INDUSTRY?
Though streaming is the current trend in the industry, its royalty payouts are low and cannibalistic towards other more lucrative forms of income
ARE PAID DOWNLOADS PLUNGING? Paid downloads have taken a deep plunging nose dive. With the massive decline since the year 2015, it could be said that paid downloads experienced the worst impact.
CAN ARTISTES STILL DEPEND ON SELLING RECORDINGS? The fact is that artists can no longer depend on selling recordings due to the two-decade plunge in its value. Artistes are now required to come up with creative ways to make money from their talents.
IS THE MUSIC INDUSTRY THREATENED BY PIRACY?
If an artist restricts content in any fashion, it results to piracy, which was learnt by Kanye West, whose decision to restrict his music to Tidal resulted in the Bittorrent.
IS TOURING EXTERMELY DIFFICULT AND EXPENSIVE FOR MOST ARTISTES?
Even for the A list artistes,touring is actually extremely difficult and expensive.
Though at a glance, the music industry may seem dead, but in fact, there are artistes who have mastered the industry and are making a killing in the industry.