Today's Music Industry Story comes from a slightly controversial article on Forbes written by Ross Gerber about making a living in today's music industry.
The author argues that only the big names in the industry are able to make a sustainable income nowadays due to the change in the way music is accessed. In the past consumers would buy records and go to live shows keeping the music business alive, whereas today music is mostly streamed (Spotify, Apple Music, Amazon Music, etc.), for which artists receive very little money. Furthermore, music can be accessed anywhere on social media, with fans not necessarily having to go to live shows to follow their favourite artists.
The author explains how all this is a win for the consumer as accessing music content is now cheaper than ever and it may seem that it would be a win for the music business as well, as more accessibility should equal more profit, but the truth is that this new formula is not sustainable for all those artists that sit just below the big names.
Read the original article here and let us know your thoughts!