The Mayan apocalypse of 2012 might be total hogwash, but that doesn’t mean a lot of grief isn’t coming next year. The music industry in particular is scheduled for some heartache thanks to iTunes and its ilk. Physical album sales are expected to drop 40% (that’s a loss of more than a billion dollars) and it only gets worse from there.
This is exactly what Jon Bon Jovi was afraid of, when infinite choices for diversion finally trumps the physical buying experience. If you’re the nostalgic type, better cling to those vinyls and Backstreet Boys CDs.
The Shift from Physical to Digital
The shift from physical to digital music consumption has been a double-edged sword for the industry. On one hand, digital platforms like iTunes, Spotify, and Apple Music have made it easier than ever for consumers to access a vast library of music at their fingertips. On the other hand, this convenience has come at the expense of physical album sales. The tactile experience of flipping through album covers, reading liner notes, and owning a tangible piece of art is something that digital formats simply can’t replicate.
According to Electronista,
Industry organizations such as the RIAA in the US and the worldwide IFPI have regularly said the drops in music revenue are only due to piracy. However, it’s also believed some of the drop is due to the decline of the album format. Much of the industry’s peak in the 1990s was credited both to stronger whole albums in some cases as well as the frequent necessity to buy a whole album at $15 to $20, even when only one or two songs were interesting.
That’s pretty spot on, calling out physical albums for their decline in quality. Ever listened to Miley Cyrus or the Jonas Brothers? Terrible stuff.
The Role of Streaming Services
Streaming services have further complicated the landscape. While they offer a legal and often affordable way to listen to music, they also contribute to the decline in album sales. Artists and record labels earn significantly less from streaming compared to physical or even digital album sales. For instance, Spotify pays artists between $0.003 and $0.005 per stream, which means an artist would need millions of streams to make a substantial income.
Moreover, the focus on singles over albums has become more pronounced. Artists are now more likely to release single tracks to keep their audience engaged, rather than investing time and resources into creating a cohesive album. This shift has led to a decline in the quality and depth of music, as artists prioritize quantity over quality to stay relevant in a fast-paced digital world.
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