Advancement in technology has changed the manner in which individuals choose to consume music content across the globe. Furthermore, it has become much easier for talented individuals to join the music industry resulting into it being flooded. While individuals enjoy immense benefits following music consumption, the changes further led to some emerging challenges that were not present in the past. For instance, while musicians in the past sought to have long term record deals, it has become a thing of the past and highly discouraged in the modern society. The record labels were essential in the past because they allowed artists to make mistakes before they could produce their best version. However, the music industry currently only accepts finished products with a low margin error. Similarly, it is challenging for the present generation to purchase music like was the case in the past. Consequently, there is a perception that the lucrative music industry and musicians are no longer making money. I disagree with the perception that the changes influencing the channels through which musicians generated money has reduced their income because more people can now access their music through various platforms that generate cash and in addition they still enjoy other benefits such as advertising on their platforms which still bring an additional income.
Musicians can no longer make direct sales of their music and make money, but there are multiple alternatives that generate good cash for them. Digital technology has led to development of platforms like YouTube, Spotify, iTunes, Boomplay, Audiomack, and Soundcloud. These platforms work in such a way that the musicians get paid for providing content based on the number of views that the music gets (Wang, 2018). Therefore, the higher the number of individuals stream one’s music, the more compensation will be acquired. Subsequently, musicians changed their marketing tactics such that they are able to convince higher number of followers to stream and watch their music. Furthermore, the musicians generate additional income through the Google AdSense ads attached to their music content. Every click on the ads earns the individual some amount that contribute to the net income. Nevertheless, copyright issues is a challenge characterizing these platforms and they lead to a minimized income.
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Musicians also generate income by engaging in live performances and tours where they directly meet their fans and get paid for their appearances and acts. Live performances have become more popular in the modern world as musicians organize for events where fans pay to go and get entertained (Dicola, 2013). Moreover, the live performances can involve tours where the musician can visit different cities or countries within a specified period. Such activities have been critical in popularizing musicians, but also generating some revenue. However, the Covid-19 pandemic disrupted such activities as WHO proposed social distancing strategies, curfews, and lockdown to control the spread of the virus (Titlow, 2020). Nonetheless, the challenge introduced another solution to the issue as YouTube introduced a feature allowing virtual entertainment. The feature allowed individuals to enjoy live performances from their favorite artists remotely by streaming through the artists platform. The musician would then get paid for the viewership achieved during the live act. The only difference between virtual performances and live performance is that the artist will have no physical audience during the act. Therefore, whether a musicians engages in either virtual or live performance, there is an assurance to generate some income.
Technology shifted the manner in which companies engage in marketing of their products, which requires involvement of influencers in the modern economy. Musicians are best fit as influencers due their huge followership in social media platforms and thus have a greater reach when promoting products (Pieper, 2018). Depending with the personality of a musician, it is likely for him or her to secure a deal as a brand ambassador. Such endorsements have a monetary offer that increases the amount the client earns from their engagement. Moreover, the musicians can also utilize the opportunity to introduce their own branded merchandise in the market and make additional income from the sale (Wang, 2018). Examples of merchandise likely to sell include branded t-shirts, caps, jerseys, and cosmetic products for the females. The ability to command a huge following creates an opportunity for the musician to establish a business that is likely to meet the needs of their audience.
The music industry has significantly changed with emergence and advancement in technology, but the changes have not disrupted cash flow for the artist. It has become impossible for majority of musicians to directly sell their music for public consumption. Nevertheless, artists have multiple ways to generate income by making sales of their content through digital platforms where the monetary value depends with the size of viewership. Moreover, the artists can engage in live performances through meet the fans tours and events. Similarly, the musicians have an opportunity to earn through their huge following whereby they advertise products for businesses and organizations. Alternatively, the musician can create branded merchandise and sell the products directly to their consumers leading to generation of more income. Therefore, despite the changes incurred in the music industry, musicians are still generating income from their content.
References
Dicola, P. (2013). Money from Music: Survey Evidence on Musicians’ Revenue and Lessons About Copyright Incentives Arizona Law Review, forthcoming . https://www.giarts.org/sites/default/files/Money-from-Music_Survey-Evidence-on-Musicians-Revenue.pdf
Pieper, S. (2018, October 5). How to Make Money with Music: The Secret to 6 Figures . Musician on a Mission. https://www.musicianonamission.com/how-to-make-money-with-music/
Titlow, J. P. (2020). How Live Music Is Coping, And What The Near Future Will Bring . NPR.org. https://www.npr.org/2020/08/13/901796934/how-live-music-is-coping-and-what-the-near-future-will-bring
Wang, A. X. (2018a). Streaming is saving the music industry—but still barely making money . Quartz. https://qz.com/1236499/music-streaming-is-booming-and-still-barely-making-money/
Wang, A. X. (2018b, August 8). How Musicians Make Money -- Or Don’t at All -- in 2018 . Rolling Stone. https://www.rollingstone.com/pro/features/how-musicians-make-money-or-dont-at-all-in-2018-706745/
