This is the 14th installment in guest blogger Frank Klepacki’s series on music production. Today Frank talks about what the future holds for music artists. If you missed Frank’s previous post, you can read it here.
There is quite a bit of discussion out there in terms of where the music business is at, and where it’s headed. The old model crumbled under the digital age, for failure to embrace it in the beginning. Digital music download sales now compete with subscription-based streaming services. The CD used to cost an average of $15, and you had to buy the whole album even if you only liked a couple of songs, unless there was a single available. Digital sales gave you the option to download and purchase only your favorite songs if you wish, and now streaming services use monthly subscription fees to have access to all music content on the service. The problems are that compensation to the artists continually went down with each of these progressions, overall sales are still declining, streaming services haven’t been profitable yet, and piracy is still an issue. With music seeming to be devalued by the current generation in this way, the only way a newer artist can do anything financially substantial with their art is to seek other non-traditional avenues.