At the risk of sound like an ageist (and admitting that I'm no kid), I keep hoping for a changing of the guard at the top of the music business. Maybe then, real change will finally happen. With 67.6 the average age of the top execs heading the three major recorded music companies, you'd think that 'change is gonna come' soon. Then again, maybe not.
Depending on who you talk to, the internet has either helped or hindered the music business. Some people think it's done both. Sure, sales are down and the economic paradigm continues to shift, but access to music has never been greater, vinyl sales continue to grow, and with such a low barrier to entry, it seems as if there are more new bands than ever. In spite of all of these varying factors, here are three reasons why signing a record deal may be a good idea.
I recently had the pleasure of pitching a very talented, well produced artist to major labels. Years ago I was a VP of a major label and have been in the business for decades. We all know that record sales have been taken over by streaming. Very few people are buying records anymore. So it’s tough these days to be a record label.
Yesterday the 2011-2013 contract between Sony Music and Spotify leaked online. Fascinating reading, it offers as many questions as answers. David Lowery took a look at the deal and noticed, among other things, how much it differs from that given to indie artists.
At first, the major labels made deals with digital music services in desperation - to provide an alternative to piracy. More recently, they've become motivated by short term greed in the form of big advances and ownership stakes. Now, the entire music industry is struggling with the consequences of their actions.