We live in a virtual land of abundance when it comes to music, one that has been dragged through drastic innovations all throughout its long-standing history. The state of the music industry as it stands now is completely out of balance in matters of originality, creativity and everything in between.
1 Outdated record label business model
It’s been the same cycle of releasing a wannabe hit single, marketing it to death and trying to follow it up with another before the album is finally released. However, there is a limitless amount of new business models that have the potential to be much bigger than the old ones, but no one is taking the risk to try them out. To put it plainly, not enough waves are being made.
2 Oversized record labels
The sad reality in today’s music market is that a record label will easily help release a single from a buzzed-about artist, but as soon as it doesn’t catch the label will quickly abandon them. Like anything, a record needs time to find its fans and groove. Downsizing labels may help embrace the idea of sticking with an artist through thick and thin.
3 Popular radio air play
There are way too many noteworthy artists and not enough spots to play their music on a traditional radio system, clouded with reruns of Top 40 hits.
Maybe it’s a weak personality, poor song writing abilities or a generic voice, but a lot of newly signed talent is lacking in areas their predecessor don’t.
5 Platforms to deliver music changing
There’s a huge flaw in the way great music is delivered to fans in terms of where, when and how they want it. Fans don’t always want to own a song, so there needs to be a more profitable alternative for record labels and streaming music services as consumers move from ownership to access.
6 Record labels losing importance
Step back a few decades to a time without Internet services and it was damn near impossible to blow up on the music scene without being signed to a label. Now people can upload themselves to YouTube and build up a strong following without their help.
7 Not offering enough of an experience
It’s not just a matter of getting people to buy a song nowadays, it’s getting them to believe they are buying an experience rather than making a simple transaction. People need to know they’re getting and contributing to something more, because we all know they can go around and illegally download it for free if they want.
8 Declining album sales
The continued rise of the single and the struggle to actually sell the albums once it’s released is creating a sticky situation. Not enough people buy the collection as a whole, which is popularising the cheap digital single and killing album sales.
Whether you’re purchasing from the concert venue or a ticket scalping service you can be sure of one thing, you’re probably getting screwed. The prices charged to watch an artist live almost never match the experience or seats you get to watch from.
10 In it for the wrong reasons
Music is a passion and also a calling that people should be doing for love, not fame or money, because that’s just the afterglow, not the source of real inspiration.