How Has The Economy Affected The Music Industry?
In part because it was already in it's own downward spiral, it has been difficult to get an accurate read on exactly how the poor economy has impacted the music industry. But Billboard's Glenn Peoples has offered the best brief summary yet of the slump's overarching affect on every corner of both the traditional and emerging music industry:
"This continued economic malaise puts downward pressure on items like concert ticket prices, demand for consumer electronics (which influence the adoption of new music services) and advertising budgets (which influence licensing revenues for record labels and music publishers)."
How has the poor economy impacted your music business or career?
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Funny, my subscriber numbers at http://matthewebel.net have actually gone UP since 2008. Maybe it’s because my sense of humor is something people need right now, or maybe it’s just because I’m getting better known these days, but I sure ain’t going to argue with the numbers. I’m just happy I’ve got more fans to talk to!
Has you income also gone up? I can see how people are happy to avail themselves of anything that is free, but if they have to pay, they may just not have the money to do so.
I’m seeing cover charges for local bands dropping. Fewer $10 shows and more $5 to $7 shows.
Here’s something I wrote about six weeks ago.
http://brandsplusmusic.blogspot.com/2010/08/music-in-declining-economy.html
For me, the deeper point in the clip from Glenn Peoples was farther down the page: the discussion about Sufjan Stevens, the Asthmatic Kitty label, and pricing.
quote:>> “Funny thing about prices… consumers determine if they’re adequate, not the party selling the item and establishing the price.”
quote:>> “For years the music industry has been imposing its perception of its value on consumers…”
And then that leads into a question for music businesses: “do you really know your customers?”
The big labels seem to have little direct knowledge of customers; that was the retailer’s problem. Even worse is the situation with the music publishers, who have NEVER had to deal with selling to an end-customer.