The Innovation Enterprise released an article on The Future of the Music Industry. Within that article it talked about the future of the streaming services and how the industry is trying to adapt. Music artists are frustrated at streaming services/labels because they are not getting their fair share. In response, artists are leaving record labels and streaming services. However, while some musicians find it unworthy to put their music on streaming apps or websites, others find it helpful to get their music heard. So that effect on the artist can vary, depending on their popularity and fanbase. So that leaves us with the question, should artists leave streaming services/labels?
Well the music industry has been going through a tough time for the past few years. With different ways music being distributed around the world, the value of the music decreases. 8 track, vinyl, cassettes, and CDs, are almost worthless today. The real money is being distributed digitally, but even there it is even more unfair of an unfair game. Before artists had to rely on people buying their whole album so that they can listen to their music. But now you can download each song separately. Which is what people are doing. And there is nothing wrong with that. Why would you have to pay for a whole album when you just want to listen to one song. They also encounter obstacles like free music whether it is illegally downloaded or a streaming service. it does cause a big decrease in the total revenue. Plus a lot of artists are leaving record labels for unfair shares.
It is either a matter of time that the industry collapses or tries to fix things up. Which is what they are trying to do. Online streaming services like apple music, Spotify, Youtube, and pandora have gained a lot of popularity, over the past years. 90% of music consumers use a smartphone that allow them to access those streaming services. Within that they have streaming services However in recent events, artists like Taylor Swift, Coldplay, and more have been leaving because their music is being priced for NOTHING. For us listeners is great news but try putting on their shoes where you can only survive on the money you make from the sweat, blood, and tears, from making music.
Without the hard work that artists put into their music like they have been doing for centuries, no good music will be brought into this world. Because at the end of the day, we will get what is mediocre because nobody wants to work for free. Their music is important because it allows us to connect with others, remember great moments, forget bad moments and… well you know what the effect music has on people. Without music, life would be colorless.
So should artists leave record companies or streaming services? As of right now, the music industry has everything tangled in a knot. Since we live in the era of where technology is taking over, they should focus on the future of the industry digitally wise and set a boundary where most the artists are willing to accept the terms. However, it is easier said than done. They have been trying to solve this problem for a long time. The only thing to do is to keep experimenting, even if it makes some wrong decisions among the way like the problems that streaming services are going through right now with artists leaving. They need to look at both sides of the spectrum until they reach equilibrium on their decisions. Because it is a really hard time for a musician to survive on just music since it is easily accessible. Not to mention people all over the world producing their own music for fun, makes the competition even more harder for a full time artist to survive. It is best to play it safe and come to an agreement. Better the devil you know than the devil you don’t.