Why Is The Music Industry Dying in 2024?

Record sales have been falling for years. People complain that no one buys CDs anymore, or they don’t buy full albums. They get their music online through illegal downloads or streaming music services like Spotify. Some say this is killing the industry.

People in the music business have been saying this for a while now. Musicians, producers, record label executives. And when they say it, they blame people illegally downloading copyrighted songs from the Internet. They blame online music streaming services that charge listeners a small monthly fee for unlimited access to millions of songs. Or sometimes they blame both.

What kills off the music industry?

In 2024, a whole lot of factors did. Here are just a few:

– Music streaming services like Spotify and Pandora started around 2010 or so. They took off big in the early to mid 2010’s. They let people stream almost unlimited songs for a very small monthly fee (99 cents). It was much cheaper than buying CDs and it made people who illegally downloaded songs in the 2000s feel like they were paying for music. It also let them discover new artists without buying their albums. These services took off in popularity in the late 2010’s and early 2020s when people started to leave their streaming devices at home or give up their data plans because it was so much cheaper to just use WiFi.

It’s hard to see how the music industry could ever go back to the way it was ten years ago, when album sales made up most of a musician’s revenue. Sales from concerts and merchandising make up a huge chunk now, as do brand deals and licensing songs for commercials or TV shows. But those aren’t going to be enough for a lot of newer artists who only know the post-streaming era.

How can this problem be fixed?

Record companies fought streaming services for years because those services didn’t have to pay as much to the artists as they did when people bought their songs or albums legally. But over time, these companies came around and saw how streaming was the future of music consumption. Now a lot of them own their own streaming services (like Sony with Playstation Music). Now the issue is getting people to pay for music again, which seems like a lost cause.

– As streaming services got more popular, people found less and less reason to buy music. Streaming was just so much cheaper than buying albums, which often cost $10 each. And since most people weren’t listening to their entire albums anyway

It turns out that not everyone wants to have monthly subscriptions or data plans just in case they want to listen to some tunes. For some, having large song libraries on demand without ads was enough. SoundCloud follower count rose from 0 to 5 million in only a month.

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