The Music Industry Is F***ed
From my perspective, the music industry has seen some remarkable transformations over the past decade, many of which have worked to the benefit of artists, particularly with the rise of social media and streaming services. These platforms have opened doors for countless talented singers, songwriters, composers, and artists, giving them unprecedented opportunities to share their work and build careers in what has long been one of the most fiercely competitive fields.
My own journey began in 2012 when I took the leap to self-release my music. It was empowering to have control over my rights and to partner with a licensing company like Musicbed to earn from my creations. Back then, platforms like Bandcamp allowed fans to support artists generously, often paying more than the asking price for albums. Licensing fees, combined with these sales, provided a solid foundation for me to make music my full-time profession - a dream come true.
Of course, the creative process has its challenges. Pushing the boundaries of my own creativity has led to both triumphs and setbacks, but looking back, I can say it’s been a rewarding decade.
However, it’s impossible to ignore the financial realities that come with being an independent artist. While I’m not one to complain about money, it’s a fact of life that we all need to make a living. When I look at my royalty statements today, seeing an average of $3.67 for a license fee or earning just $0.003 per stream, it’s hard not to feel a twinge of concern. It takes an enormous amount of streams and licenses to make ends meet, and with 120,000 new tracks released daily, staying relevant is a challenge that all artists face.
The shift in the industry, particularly the move towards subscription models for licensing, has made it even harder for artists to sustain themselves. We've all seen the ads: unlimited music for a lifetime at a bargain price. While this model may benefit corporations, it often leaves artists struggling to get by. It’s disheartening to see music being treated as disposable, when it has always been so much more - an art form worthy of recognition and support.
There are many reasons why earning a living from music has become more difficult. It’s not just the industry’s race to the bottom; perhaps it’s also the nature of the ever-changing landscape, or maybe it’s simply the ebb and flow of any creative career. I’ve lost a significant number of listeners on Spotify and seen my artist rank plummet, which is tough to swallow. But rather than dwell on what might have gone wrong, I’m choosing to focus on what lies ahead.
The past decade may have had its ups and downs, but it’s been an incredible ride. And while the challenges are real, so too are the opportunities. I’m still passionate about making music, and I’m committed to navigating this evolving industry. After all, change is the only constant, and hopefully with it comes the potential for new growth, new creativity, and new successes. Maybe.
So here’s to the next chapter - whatever it may bring, (but I may need to start looking for a new job soon.)
