A revolution is upon us and it has the music industry
scrambling to find the key to control. The music industry has been undergoing
an over decade long paradigm shift. For a very long time, big labels, big
marketing and big production ruled the day. However, in the 2000’s, the industry
witnessed an over 50% drop in total revenues going from a $14.6 billion
industry to a $6.3 billion one in a single decade (Goldman.
2010.) Contributing factors that
lead to this drastic shift were new social technologies that drove changing
consumer demands, and a severe economic downturn resulting in two recessions. For
some industry professionals the results were unrecoverable. For others,
especially those in the independent market, it brought about a more level
playing field and opened doors that historically had been closed.
In the past, major recording labels held all the cards and
were able to control and manipulate the market through enormous market budgets
and distribution channels. The Internet and its proliferation forever changed
that model and the music industry never saw it coming. Instead, the social
movement it brought about and music sharing sites like Napster forever changed
the face of the industry. The industry has fought back against so called “free”
music, but the financial damage has already been done. Shutting down sites such
as Napster and the introduction of paid sites has begun to corral the market.
Yet, new social arrivals such as YouTube, Facebook and Twitter have once again
shifted the power back to the consumer.
I have been, and will always be, a fan of the underdog. It
is a uniquely American thing that we love to see someone fight insurmountable
odds and come out on top. It is the same thing in the Indie Revolution. We love
watching talent shows hoping to witness a rags to riches story or a diamond in
the rough show up and belt out an amazing vocal. The consumer has become so
empowered by the access the Internet, that we now have the power to choose how
and when we get the music we like. More importantly, social media has given us
a way to share our favorites with like-minded individuals.
The big winners in all this are those unsigned indie artists
who are not only looking to build an audience, but looking to find their way
into the record labels themselves. As the old saying goes, there is strength in
numbers and indie artist are building their fan base up through like-minded
individuals connecting to their music. While major record labels still retain a
certain level of control over the industry, the tides continue to shift. Never
has there been a time in the industry when an Internet video by a South
Korean pop singer could be the first to reach a billion views and surpass that
of major label and industry mega star Justin Beiber’s “Baby” (wikipedia.com).
The indie revolution continues to grow and it was never more
apparent than at the 56th Annual Grammy Awards. Indie artists took home
half of all the Grammy’s awarded in 2014 (hypebot.com. 2014). This is the
highest since the American Association of Independent Music (A2IM) began tracking the awards in 2006. With
that being said, join the indie revolution and support your favorite artists at
all levels. Have your music your way and support those with talent and ambition
to reach their dreams.
Goldman, David. 2010. Music's lost decade: Sales cut in half.
CNN Money. Retrieved from: http://money.cnn.com/2010/02/02/news/companies/napster_music_industry/
2014. Independent Music Wins 50% of 2014 Grammys. hypebot.com. Retrieved from:
