Culture Society, Identity and Belonging
This is a financial boom time for music – though many musicians may not feel like it is.
A new report from the economist Will Page found that the global value of music copyright (including sales, licensing and streaming revenues) was a gigantic $45.5 billion last year.
That’s $20 billion more than music made ten years ago, and nearly $12 billion more than global box office revenues at cinemas in 2023. Cinema used to trounce music on this metric, but since Covid, the tides have turned.
Music labels hoovered up roughly 63 per cent of that $45.5 billion, while only the biggest acts are benefitting from an arena music boom.
Smaller established artists are turning to other revenue streams, including OnlyFans, to make touring work, and independent live music venues are shutting at alarming rates.
The path to a decent living for new artists is wearier than ever, save for a viral TikTok song or pre-existing connections to springboard onto the charts. Welcome to the machine.
