The music streaming applications are gaining an increasing number of users, which is creating a buzz about its impact on the music industry and our beloved artists. While there are a few well-informed opinions about these music streaming services in the industry, a few others are just adding fuel to the fire of the myths surrounding the music streaming industry. So here is an interesting insight for you that throws the light on the truth behind these myths:
NO MONEY FOR THE MUSICIANS
In the world of major labels, the songs are often written by teams of people. Even if the artist is fortunate enough to be credited as a writer, the artists are frequently splitting those publishing royalties three, or six, or twelve ways. However, for the artists with their own publishing and sound recording rights, as well as no catalog licensing deals, complicated splits, or label advances, all their streaming revenue flows to them. The artists also benefit from their song being placed in a prominent playlist. Even a successful single creates interest in other songs or albums in the artist’s catalogs, driving more revenue. Streaming pays less initially, but it is beneficial for the long run provided that the music is good of course.
STREAMING NEGATIVELY AFFECTS MUSICIANS
This is one myth that can be debunked with just one single question, “Can you lose something that you never had?” It is true that streaming does not raise as much money, especially in comparison to the traditional income generating avenues for musicians, but it is an effective means of driving income in other avenues, namely merchandise sales and concert tickets. Music streaming offers widespread exposure to the artist and develops new fans that can translate to a rise in sales of tickets and merchandise, where the profit margins are in the artist’s favor. So as you can see, streaming does not negatively affect your beloved artists or musicians and is just liberating them.
STREAMING IS ONLY ADVANTAGEOUS TO ESTABLISHED STARS
You can find a few hints of the answer to debunk this myth in the last paragraph that you just read. Yes, that’s right! It is about worldwide exposure and breaking down geographical borders. Streaming music is enabling artists to break or develop across borders in this new streaming world. With audiences streaming upbeat music and not letting language be a barrier for them to enjoy the same, music streaming is bound to have a profound cultural impact.
Music streaming is benefiting the music industry by reducing the incidences of piracy, which negatively affects the artists or the musicians. It is convenient even for the users because unlike the traditional methods they do not have to buy an entire album to just listen to one song or invest in an entire album out of curiosity. They can simply stream the music they like, listen to it and continue to stream it if they like it or switch to the next song. So pop on your headphones and discover some new artists on your streaming devices and you will be surprised when you find out what you were missing.
Global music streaming market is expected to grow at a CAGR of 17.9% by 2027, with a significant demand fueled by growing adoption of on-demand music by young music enthusiasts: says Absolute Markets Insights