Gone are the days of record labels, A&R departments, artist management, and marketeers exclusively holding the reins in the development and distribution of new talent.
The growth and sophistication of social media and ‘self-serve’ artist platforms, coupled with the emerging economic opportunities proffered by Web 3, is turning the music industry on its head.
The very essence of the music industry is being increasingly challenged by the Creator Economy. As such, it needs to evolve rapidly to remain relevant and viable.
Today, music and other content creators have at their fingertips the ability to personally connect with fans and their audiences directly, without the high costs of having a team behind them. For much aspiring talent, investment of time and effort obviates the need for any significant third-party backing.
Social media has also allowed for new licensing opportunities, with TikTok being a key source. Exceeding 700 million monthly users worldwide, TikTok exemplifies a new form of monetisation, allowing content creators to generate revenue as their videos gain views and build audiences.
Gone too is the traditional requirement for emerging artists to tour and perform live. There are ever increasing examples of YouTube and TikTok sensations that would never contemplate performing live. Their craft is all about the editing of high quality, shareable video content for global audiences.
Technology has changed the world of music, in terms of its creation, distribution, performance and monetisation, forever.
Today we release our first in a series of ‘datazines’. This piece forms part of a chapter on the Creator Economy in ANDD’s forthcoming release: Audiomonitor: 40 Music Nations. Release date Q4 2022.