What’s the Future of Live Music?
The future of the music industry is very uncertain. It seems that there is little that anyone can agree on regarding exactly what direction it is going in and exactly where it is going. One thing is clear. Music as a commodity is dead. Music as a product that you go out to buy in a store is dead and will never come back. Digital is king, and while no-one knows what could come next in the evolution of the medium, it’s clear that things like CDs and vinyl records have lost their appeal or lost their value in a world of digital ephemera and the ability to download a whole discography of an artist in less than a minute. However, while people have been talking about the way that the physical CD product has changed over recent years, there has been much less discussion about exactly how live music will change.
Live music has become the primary place where musicians earn their money. It is causing many of them to have to take odd-jobs when they aren’t touring because the revenue model that they depend on to earn a living has collapsed. Anyone who takes the advice of a firm like Galvan Research in terms of financial advice will likely hear that they should avoid investments in the entertainment business because it’s in such a precarious position. Live music will change too. More merchandise will become available and more live CDs will be sold. They’ve got to make their money somewhere after all.
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