Is the Future of Music in First Realizing the Present?
A wonderful question in our MediaTech network , prompted the simple and yet complicated walk through the future of an industry that arguably underserves artists and yet captures the hearts and minds of everyone on the planet: What is the Future of Music?
My take, to cut right to the chase and be frank, is that it actually isn’t much different from how the Music industry?ACTUALLY?works (granted, with more technology involved); that, as an industry, Music is mired in tremendously varied opinions, frustration, and uncertainty - it lacks clear direction, leadership, and vision - it's an artform, made business, popular because of the artist, but constrained because of the company.
Most people seem to?perceive?that successful musicians get paid for that art: explicitly, the music.?One of the reasons I’m so passionate about what we’re doing for startups, in MediaTech Ventures , is that I’m fixated on the parallel between the Arts (media) and Entrepreneurship; that, most people seem to?perceive?that successful entrepreneurs get paid for their talent starting and running a business.
Here’s the first obvious parallel:
That’s an important observation because the?WAY?Entrepreneurs end up making money is what??They start a business.?Or, have a job.
Let’s keep pulling the threads of the Entrepreneur.?Society’s perceptions are driven by Pop Culture and Media; people tend to think Entrepreneurs all chase Venture Capital, hope to be “unicorns,” and operate like the people on the cover of Entrepreneur Magazine.
Society’s perception is wrong, isn’t it???Entrepreneurs tend to struggle financially, with mental health , and they put in unusually long hours, without pay, with tremendous discouragement, in order to MAYBE find success.
Sound familiar in music?
How many find success that way???1%
On average, roughly 1% of all entrepreneurs, raise any amount of money.?At most, another 10% or so of entrepreneurs, find any degree of success with a business.?Overwhelmingly most fail at their effort, most find themselves in traditional jobs.
When we consider Entrepreneurship even more, we can ask, What Happened Over the Course of the Last 20 Years?
The Internet.
Thanks to the dawn of the internet, entrepreneurship has exploded, venture investment in startups is booming, and a greater percentage of people are finding success on their own.
Generally speaking, the dependency in finding that success??Being incredibly savvy with the internet.??Most new companies are tech or tech enabled … most successful entrepreneurs know how to take advantage of the internet.??When traditional companies successfully pivot to the internet,?we call this a Digital Transformation, something we’ve explored quite a bit here .
Let’s talk about Music.
Society’s perceptions are driven by Pop Culture and Media; people tend to think Musicians all chase being signed by a Label, hope to be “rock stars,” and operate like the people on the cover of Rolling Stone.
Society’s perception is wrong, isn’t it???Musicians tend to struggle financially, with mental health, and they put in unusually long hours, without pay, with tremendous discouragement, in order to MAYBE find success.
People don’t get paid just because they’re entrepreneurs.?People don’t get paid just because they’re musicians.
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How many find success in music following that perceived path to success???1%
On average, roughly 1% of all musicians, raise any amount of money (get signed).?At most, another 10% or so of musicians, find any degree of success AS A BUSINESS (studio musician, hired talent).?Overwhelmingly most fail at their effort, most find themselves in traditional jobs.
And what happened over the course of the last 20 years?
The Internet.
The difference??Musicians and most of the music industry (aside from the major labels and Streaming Music Platforms) haven’t effectively made the transition to the Internet.?They haven’t gone through a Digital Transformation.
As a result, just like with startups and entrepreneurs – those who HAVE embraced the internet are more likely find some success, while those who disregard it, don’t understand it, or won’t invest in it, fail.
What does the future look like in music???Simply musicians and the music industry increasingly taking advantage of what we already have.?The Internet.
How do entrepreneurs make money??They produce something of value to customers and what that?isn’t, is merely being entrepreneurial (for the most part).?How many Entrepreneurs get paid for being popular entrepreneurs??A few dozen??Think about the celebrity entrepreneurs, the influencers, the book authors, etc.?There aren’t many but there are a few who make it on their talent alone.?MOST have to build and deliver something people want.
In Music??From musicians??Build and deliver what people want…
Musicians who embrace this, and the internet, far more easily find success as an artist, than those who hope/expect to get signed by a label (raise capital).?How??Nothing so futuristic – embrace the internet for what it is:
Notice in there, a “future-y” thing, for lack of a better way to put it: “NFTs,” as though that’s some future-of-music notion that’s meaningful to the answer what the future looks like.?It’s not.?NFTs are an iteration of digital merchandise; it’s not terribly new, it’s Merch that has gone through the?Digital Transformation.
So, is there a FUTURE of Music?
Yes, but I don’t think it’s as futuristic or innovative as you might hope, or that people claim. It’s more so just how the music industry works now, with more Internet for good measure.
What will happen, as we grow into that future, is the same thing that happened with Entrepreneurship:
MORE people will be able to Do It Themselves.
The internet enabled internet savvy people to find their own success.?And as the music industry continues to embrace and experience all the internet has to offer, we’ll see more and more musicians find their own success.
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Turnaround CMO & Metaverse IP
2 年great read, Paul. Sharing with my musician friends
?? Co-founder & researcher at Raftur Games - Revolutionizing the Future of Game Development ??
2 年Paul Johnson Graham Hawnt Jnr
Partner at BizNav Partners
2 年As both a lifelong musician and serial entrepreneur I find that your post resonated on both levels. A few comments - 1) I'd take away at least one decimal point from your 1% success factor, more like 0.1% or even 0.01%. And that means defining success as making over $24k a year with zero benefits. 2) The vast majority of those attempting to make a living as a musician are unaware of how the business works and where income is derived. 3) Beyond having talent and chops, musicians must be ready to spend 2- 5x the time they spend playing music as they do promoting themselves. 4) The amount of clutter that needs to be cut through is insane - 10's of thousands of new releases each week. Just getting someone to listen to your work for 30 seconds is a major task. 5) The internet and digital recording platforms makes it now possible for virtually anyone to publish their music.
SPYRAL - THE AWARD-WINNING MENTAL HEALTH DOCUMENTARY
2 年Thanks Paul. I'm a musician that has a career as a digital marketer and content manager... you do what you have to do to pay the bills and either keep your dream alive, or don't. My documentary (on mental health) just funded on Kickstarter, so things are looking up on the creative side. You just do what it takes and bust your ass to drive your needle forward every day. You list great, actionable ways to do just that.
Writer/Producer and Bitcoin Enthusiast based in Brisbane, Queensland
2 年Its a fascinating topic I could talk for hours abt it