Is There Any Money Left In The Music Industry?
Musicians are going broke left and right while teens and adults a like, download all the music for free without sending a single penny to the artists. This is what the media is reporting. This is what the record heads at major labels are saying and mourning about. What do we here at RMXPLAY make of all this absurdness? Is there really no more money for us poor musicians?
The answer is a resounding HELL NO! We believe that there is in fact more money in the industry than there ever was! Okay, perhaps the recession made things somewhat worse. But if we put the recession aside for a moment, there are 3 reasons why we think that there is more money today. These are;
- More avenues for monetizing music - things like video games, movies and commercials allow for music to be monetized in more interesting ways than ever.
- Distribution channels have opened up - the internet now literally gives access to over 1 billion people! You just need to have something captivating for a % of them to listen.
- Cheaper music production costs - GarageBand is more or less free as it comes with every single Mac. If you like you could even download open source music software and start working on a hit right away!
So, major record labels, please stop wining. And fellow musicians, if you are losing out on sales because of piracy, all we have to do is become more captivating and smart about how we use the above 3 wonderful opportunities in order to more than make up for the losses.
We have more revenue generating models, we have better distribution, and we can create and deliver more quality music at incredible low costs. Is there any money left in the music industry? The answer is a resounding HELL YES! There is a lot left, and it is growing!
