Nearly three weeks ago, I read a Digital Music News article about increasingly dismal sales for artists in the music
industry. As I don’t know much about the music business, the article shocked me
enough to still be thinking about it. The similarity with some of the problems in
the book industry was disconcerting, to say the least.
The article maintains that the music
industry is failing because artists are having more difficulty making money
from audio releases. In fact, every new platform earns less money for the musician. Streaming
earns less than downloads and downloads earn less than CDs. The article goes on
to say, (and this is really disheartening) that music buyers place less value
on music now more than ever. YouTube and piracy, for instance, don’t cost the listener
anything which also means no income for the musician. People can now listen to
music their entire lives without ever paying a cent for it. This is why the
article also states that 99.9% of musicians survive on day jobs.
Here’s another point. The sheer volume of
artists is so vast that it is become harder for an artist to get noticed. Music
fans are flooded with music and videos and games and all sorts of things to
keep them busy and distracted from sticking with an artist.
The article goes onto say that that
traditional record stores have all but imploded and that major labels, who were
once the source of income and innovation
for musicians, are but a fraction of their former selves. Is any of this
sounding familiar to you book folks yet?
There are many more important points in the
article, but my question is, are we in the book business doomed to suffer the
same fate? Is it possible to avoid some of the mess that the music industry is in? Although books aren’t streamed the way music is, there are so many
similar challenges that it feels like we’re falling into a twin rabbit
hole. Who knows what will appear on the other side? As mentioned, I don’t know
much about the music industry, so I’d love to hear your thoughts on this.