The Music Industry Goes Silent

Yes. Music and the industry we love so much, betrayed us. It wasnt its fault. Blame it on the dilema. In its analysis on the impact of the Coronavirus on the music industry, the World Economic Forum breaks down this challenge in simple terms:

“The global music industry is worth over $50 billion, with two major income streams. The first, live music makes up over 50% of total revenues and is derived mainly from sales of tickets to live performances. The second, recorded music, combines revenue from streaming, digital downloads, physical sales and synchronization revenues (licensing of music for movies, games, TV and advertising)… As long as bans on large gatherings continue, live performance revenue is almost zero – effectively cutting the industry’s total revenue in half. Ticket and merchandise sales aside, a six-month shutdown is estimated to cost the industry more than $10bn in sponsorship, with longer delays being even more devastating’’

As a consequence, music artists who would usually turn to tours and performances to generate revenue from released music and connect to their fanbase are left staring at their phone screens. Live shows are perhaps one of the only organic methods of measuring how much of a hit a song is. Songs getting airplay and amassing mainstream popularity can be easily converted to revenue with ticket sales from performances.

With physical performances now inconceivable, streaming appears to be the only viable source and the goalpost has moved from who can sell out the most shows to who has the highest streaming numbers. Online has fast become the new face to face and this new reality is already producing winners.

These winners know how to make Triller, TikTok and Lomotif work for them. They look like Blaqbonez, Oxlade, Fireboy, Rema, Simi and Joeboy. Most importantly, they don’t have two heads.

Credits –

Solomon. ❤️

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