Streaming now accounts for half of global revenues in the music industry.
But that money goes to the three biggest operators – Sony, Universal and Warner – while musicians are getting less and less cash in their wallets for the music they create.
The overhaul of the music industry in the past 20 years has been fast and unforgiving. In the USA, sales of CD albums have fallen by 97% over the past two decades. Streaming via services like Spotify and social media platforms such as TikTok, file sharing and changing consumption has meant that the way you once made money out of music simply doesn’t work anymore.
The best way to make money as a musician now is touring, yet as more and more evidence emerges on just how great the carbon footprint is of a touring show as well as music festivals, you begin to see a reckoning on the horizon. Even before Covid-19 hit.
So now although it is easier than ever to get your music heard, it is harder than ever to make a living out of music. What does the industry need to do to stop this change?
Are we in real danger that Pop Will Eat Itself?