The Music Industry in 10 Years Time

 Image From: http://one80project.com.au/blog/wp-content/uploads/2010/12/music-score.jpg

Many people from outside my course at university have asked me the question, "where do you think the music industry will be in the next 10 years?" or "what changes will happen to the music industry?". I would like to address these interesting questions that everyone has pondered over. This will be a short take on where i believe the music industry is heading towards and what changes will occur over the time period. 

Right now we are seeing the changes already with the music industry concerning bands and artists and them signing to record labels. In the past to be noticed, artists had to sign with major labels to get their name out there and make theirs a household one. However now, The industry has changed and will continually change in the way that artists will have more control over their music than recording companies. The reason for this being is that many artists won't feel the need to rely on companies to distribute their music or fund them for recording because of today's technology. With today's technology they are able to do it themselves in their own studios or makeshift otherwise. Artists will think twice about the whole "360" package/deal (where the artist/writer enters into a business partnership with a company and gives the company exclusive rights to recordings, songs, merchandise and touring usually in exchange for a large advance) and they would have more power and say on how their music is to be distributed to the public. 

                                                   US music market shares, according to Nielsen SoundScan (2005)

                                               
Furthermore i foresee that artists will release their music through their own efforts, whenever they want and without having to deal with any copyright legal issues with a record company. I believe the future model is likely to not revolve around record companies but "music companies" who invest in artist development and management and receive their revenue through many of the income streams the artist makes such as tours and merchandising. The prime focus would move from trying to sell CDs through stores to uploading them even more through the Internet. No longer will bands or artists feel that they would have to sign to major labels but would be able to release their music independently through the Internet by file sharing on YouTube, Myspace and anywhere else they can distribute their music. This idea of voluntary distribution will further continue with such major bands and artists leading the way like Angels & Airwaves, Radiohead, Smashing Pumpkins and rapper Kanye West. Another example of voluntary distribution would be when Nine Inch Nails after leaving their record label set out to record and album, fully funded by themselves with no "Giant" (Interscope Records) forcing them through their creative process. The fruits of their labour resulted in the instrumental album Ghosts I-IV. Nine Inch Nails release their album under the Common Creative license and made a huge profit for voluntary releasing the album. 

                                                  Nine Inch Nails performing. Source: Wikiepdia - Nine Inch Nails

This was just a short insight and is the first part to "Where the music industry is heading towards." I will be posting some more of similar articles like these later on down the track. In the mean time i hope this gave some insight into what artists nowadays can accomplish by themselves than through a record company. In future articles, i will be writing about "genres on the rise" as well as a more in depth look at the business of music.

With all the brutal contracts set up in place to leave the artist with no control over their music and leaving them with no rights, it would seem a better option to go viral through the Internet and make a name for yourself in doing so. Sometimes it's not about the people you now, but it's about finding the ways to do it yourself. 

- RustleXer