In a recent Consequence article, it was reported that there are more musicians putting out music in a single day in 2024 than the entire year of 1989.
The report was made by MusicRadar, who spoke with former Chief Economist of Spotify Will Page about the changing dynamics of the music industry. “More music is being released today (in a single day) than was released in the calendar year of 1989,” Page explained. “More of that music is being done by artists themselves, meaning there’s even more demand for music production software.”
The rise in musicians goes hand-in-hand with the rise of music-making software and music-distributing platforms in recent years. High-quality recordings can be made from the palm of one’s hand, and sharing files and recordings has never been easier. An unprecedented amount of people have the ability to become active, content-creating musicians.
According to MIDiA’s “State of the Music Creator Economy” report, the global number of music creators increased 12% from 2022; there were 75.9 million music creators reported in 2023. By 2030, that number is expected to increase to 198.2 million.
What does this mean for music-makers? For starters, it means more independent artists; musicians have more creative and personal freedoms, but also face reduced earnings due to the micro-revenues paid by streaming platforms. The cost of music-making is also being shifted onto creators as more and more software, plugins and other tools switch to subscription-based models. According to MIDiA, “a quarter of software, sound and services revenues” in 2022 came from subscriptions and that figure is expected to reach one-third by 2030.
While this information fares well for tech companies and content platforms that benefit from an abundance of low-cost music, it fails to provide protection for those who rely on music as a livelihood. Steve Heithecker of Pyramind Institute touched on this phenomenon, stating that “Software companies have followed the lead set by Wall Street. Recurring revenue is very sexy right now… People often forget they have the subs and then it’s a bit like free money for those companies when they auto renew.”
There are few things that are “like free money” for music-makers – rather, there is an industry that is perpetually finding new ways to exploit musicians.
As MusicRadar pointed out, musicians aren’t thrilled with decreasing revenue opportunities and increased expenses from subscription models, with a sense of “fatigue and resentment on the rise.” This imbalance could lead to a more equitable system, with some calling for improved forms of recurring payments (like rent-to-own instead of subscriptions) as well as better promotions and increased reimbursements for musicians in general.
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