So, how can Disctopia fix the music business? In the contemporary world of music, it may appear that we are in a golden age, with fans having an easy time discovering new music. This is largely due to the convenience of on-demand streaming and downloading, as well as the ability to watch videos whenever we wish. Moreover, technology has enabled artists to connect with their audience on a global scale, providing them with an unprecedented level of engagement. However, despite such progression, the music industry is still in a state of disorder, with numerous artists feeling frustrated and fans left bewildered.
Why Are The Artists Frustrated?
The music industry is facing a major problem. The people at the top make millions of dollars while the artists who create the music struggle financially. We thought that streaming would solve this issue by freeing artists from the control of record labels. However, it seems that the financial aspects of the music industry still need to be worked out.
According to Music Business Online, most musicians do not make a decent living from their art. This is similar to what is experienced 30, 200, or even a thousand years ago; the odds are always stacked against artists. Indeed, whatever the music industry is paying currently cannot be enough. That’s why most artists are frustrated and always need a bailout.
The music industry has undergone significant changes over the years, and we are now at a point where the income generated by music has reduced drastically compared to the past. Streaming platforms have become the primary source of music consumption, but the fraction of a penny paid to artists for each stream is too low to sustain their livelihoods. The effects of this became more apparent during the pandemic when live performances were canceled, leaving artists with limited sources of income.
It is important to note that the music industry has been broken for a long time. The rise of digital music platforms has disrupted the traditional music business model, and the industry has struggled to adapt to the new reality. This has led to a significant power imbalance between artists and music labels, with many artists receiving meager compensation for their work.
Overall, the music industry urgently needs reform to ensure that artists are adequately compensated for their work. It is essential to create a more equitable business model that benefits all stakeholders and supports the growth of the music industry.
Cherie Hu, the founder of Water & Music, believes there’s so much broken with the music industry infrastructure. While we focus on the music infrastructural decay, the mindset of the industry players also has to be fixed.
Henry Lu further lent the position of Cherie credence. He stated that the lack of negotiating power of the independent artist is one of the issues at the weakened base of the music industry.
What Can Be Done To Fix the Music Business?
The music industry has long been grappling with the issue of unequal bargaining power between artists and streaming platforms. Disctopia, a revolutionary platform, aims to empower artists and provide them with financial freedom. Disctopia’s approach is different from previous attempts to fix the music business, as it focuses on ensuring that creatives receive a fair share of the worth of their creativity. Despite several attempts in the past, none of the proposed solutions have been effective in boosting the bank accounts of artists. Disctopia’s incentive structure is designed to bring everyone to the table and create a level playing field. Therefore, the music industry needs to embrace this innovative approach, even if it appears disruptive.
