The music industry is hugely fragmented and incredibly difficult to define. This is in part due to the fact that there are so many different players involved in the industry. There are the musicians, the music venues, the labels, the recording studios, the audio engineer, the marketers, and hundreds of others. Sometimes, it simply isn’t clear how those are connected, even though they are. This is why, when choosing music business degree options, you also have to think about exactly what element of the business actually interests you. If you know that you are passionate about this industry and you really want to make this your career, then there are seven key things that you have to be aware of.
7 Key Things about the Business of Music
- Musicians are innovators, particularly when it comes to how to use new technology. They are on crowdfunding platforms, on social media, use new tools and test them, and so on. Remember Rebecca Black? Her parents paid a producer to shoot her to stardom and they did so overnight, through YouTube.
- Sometimes, you can’t define why someone becomes successful. The reason for this is that taste is subjective. Some people think jazz is order in chaos and therefore the essence of pure music, whereas other people think jazz is disorganized sound and should simply not be played, ever.
- Studios are changing because they use different types of technology. So much so, in fact, that it is now easier than ever to have a studio at home. Everything is automated and can simply be linked up to a laptop in someone’s home. Best of all, you don’t need a huge amount of space anymore either. Traditional studios, therefore, are becoming less relevant.
- The way music and technology is developing means that the way people pay for it is changing as well. For instance, a lot of musicians now monetize using Bitcoin, rather than dollars or another currency. At the same time, there is a lot of resistance to that type of currency, mainly because it is hard to understand for taxation businesses.
- No business except the music business use Payola. This has to do with the way radios are allowed to play music and receive payment for it, which in turn is linked to copyright laws. This is one of the most complex elements of the music business as a whole to understand, and one that a large proportion of the music business degree curriculum will be dedicated to.
- Streaming is the next big thing in the world of music. This is being innovated again and again, because of laws, piracy, copyright, finances, and more.
- There is a very innovative field in the world of music business that is looking at whether or not there is a possibility for music to be created by artificial intelligence.
As you can see, music business is incredibly wide and varied. This is also why it is so important to complete an education in it, so that you can set yourself apart in the workforce as a true expert.