There is so much that is similar, especially the labels that have sustained, but how we interact with music and who distributes that music has radically changed. Dec. 12, 2022, 1:37 PM PST. Harris dead at 31. Spotify and others pay billions of dollars to rights-holders, and she is making sure that shes a rights-holder. They wont stop being around me, and its TikTok. When fans eagerly showed up to try and purchase tickets on Nov. 15, however, they were met with a litany of issues on the Ticketmaster website. We were looking at the number of legacy artists that are selling off their catalogs for huge amounts of money to private equity companies, who all think theyre going to make massive returns on owning those catalogs of music. And maybe more importantly, to try and figure out if the music industry can sustain and support artists who are not Taylor Swift because streaming all by itself definitely cannot. I was immediately skeptical during the lockdown period in which all of a sudden everybody in music was like, You have to join this live chat. So I think something could happen there. Your Spotify or Apple Music monthly fee is cheaper than Netflix, HBO Max, or whatever else, and you get more. I think we have laid out a case now for the change that has happened in the industry and how Taylor Swift and her record releases fit into it and her disputes. Well, if you were on a label, you were going to be giving the majority of any revenue from that CD back to the label as is still done today. Microsoft has failed a few times. Taylor Swift has mastered this inversion, creating demand for her actual physical albums, merch, and her tours. Its like, Thats what I call music. She withheld her new releases from Spotify, but now her new releases are on Spotify. It feels like what probably needs to happen is subscription prices need to go up, there has to be massive cost-cutting, and there has to be user growth and diversification of business which again, I dont think music is a tech business. The utility of it, I think, is lacking. Over time, as more music ended up on Spotify and people diversified their listening, there was more competition. Despite the disruptions, the statement explained, the Nov. 15 sale broke the Ticketmaster record for most tickets sold for an artist in a single day, selling over 2 million tickets. Say you only listen to Guns N Roses for an hour that month, but everybody else listens to Taylor for like 24 / 7, the entire time. Taylor Swift announced the Eras Tour earlier this month her first since her "Reputation" album tour in 2018 and fans are eager to get their hands on tickets. And its getting harder because all of these things are marketing funnels for other places. 2022 CBS Interactive Inc. All Rights Reserved. She just wont stop. It seems to be a mentality of, How can we get this stuff out there so that people can hear it and we can monetize it later down the stream?. Ish? I have this theory that music is usually about five years ahead of the rest of media in terms of its relationship to tech whether thats new formats based on new tech, like vinyl to CDs, new business models like streaming, or simply being disrupted by new kinds of artists who use new forms of promotion, like TikTok, in unexpected ways. (The Associated Press / AP Newsroom), GET FOX BUSINESS ON THE GO BY CLICKING HERE. The big difference is that the whole industry was a physical goods business; as you said, people were buying CDs in stores. All those folks who had secured really great deals and contracts, and who were making lots of money, were very upset by the piracy that started to take place around 2000. On November 15, 2022, the first day of pre-sale of tickets to verified fans for the US leg of the Eras Tour (2023) by American singer-songwriter Taylor Swift, Ticketmaster's official website crashed following "historically unprecedented demand with millions showing up", halting the pre-sale. We know were going to get a proportion of that. Let us know when you do in comments. It has become the centerpiece of our social media. There was some weirdness with it, but the artists seemed happy with that arrangement. I mean, it is important to note that the entire music catalog is not available. Taylor Swift will release additional tickets for The Eras Tour, one month on from the Ticketmaster sales debacle which crashed the site and saw thousands of fans miss out. "We apologized for the difficulties you may have experienced, and have been asked by Taylor's team to create this additional opportunity for you to purchase tickets.". The company said the cancelation was triggered by unprecedented demand, with more than 3.5 million people pre-registered to get an access code for purchasing tickets. According to Ticketmaster's recent release, West Coast ticket sales scheduled to begin at 10 a.m. PST would be pushed back to 3 p.m. Its like, How long is this fandom going to last? There has been a financialization of music catalogs, and many people are selling their catalogs for multiples of over 10. Well, yeah. Her action has been to say, Well, Im just going to re-record all my music, and hopefully my fans will listen to my version versus the version that I dont own.. That is more or less how the streaming model works. Artists and performers didnt get paid off with radio streams unless they were a songwriter. Hopeful concert attendees could register in advance through Ticketmaster's Verified Fan Program for a Nov. 15 presale, while Capital One cardholders could participate in another presale happening that same day. Its too hard and theres no guarantee of return. That seems like that conversion funnel works for the artists it works for, but then for everyone else its too expensive to even make the thing that is worth asking for the money for. Theyre also going to shows and doing their old style stuff as well, but they have more data and tools than ever to figure out what is bubbling up. The sudden cancellation comes after Ticketmaster said Thursday that more than two million tickets were sold Tuesday for her upcoming tour the most ever sold for an artist in a single day. The talent scouts whose job it is to go and find new talent are surfing TikTok. For all the other people who are listening to playlists and keeping music on in the background forever, those people are potentially diluting the listening of fans who only listen really closely to one artist for an hour or two a day. As we go through this chronology from the CD era until now, that is the inversion that Taylor Swift and every other artist has had to either navigate through or get destroyed by. They were the dominant form of revenue. She has committed hard to the songwriting and music thing, and this next tour is set to supposedly maybe make her a billionaire. I want to talk about that conversion funnel real quick. Additionally, less than 5% of tickets had been sold or posted on the secondary market. Ticketmaster said it saw a "historic demand for tickets" during Taylor Swift's presale Tuesday. Thats a whole other show that we can get to some other time. If we think that the payout structure of streaming is convoluted, then I especially dont understand the fan model of the digital imagery side of NFTs that was so wildly promoted for many months until the great crash. I think there are many places in the whole music industry, in all aspects of it, that are struggling. (Matt Winkelmeyer/TAS18/Getty Images for TAS / Getty Images). Go make a record. I think thats the thing that leads to lasting impact. That is the big question. "We have already seen that Ticketmaster cannot arrange a pre-sale," she said. Once they sign up, theres going to be a whole pool of money, and youre going to get it later., That doesnt really make sense when youre like, Yes, but I sold you the thing now and theyre listening to it now, so I should be getting paid now. This goes especially for artists who finally get their royalty payment many quarters later. I wasnt going to buy the nine-song record because CDs at my local Best Buy were very expensive. What if during the holidays all we do is listen to Mariah Carey, and we listen to her seven times as much as we listen to all other music throughout the rest of the year? Maybe you buy a movie on iTunes for $20 or $30. Then theres the next stuff, like the actual threats. You use TikTok to get someone to follow your Spotify, then they eventually go to your merch page, then they buy some merch, then they go buy a ticket, and then they eventually show up at your tour, et cetera. It seems the only option is to go find radical alternatives and get into the world of crypto in order to survive in music. The singer commented on the issue on her Instagram story on Friday, saying that Ticketmaster had assured her team "multiple times" they "could handle this kind of demand. Theyre not a music company anymore. The thing that we are looking for is which breakout viral successes from TikTok will turn into a multi-decade career like Taylor Swifts. From how the chaos ensued to the response it's provoking from lawmakers, here's everything to know about the debacle surrounding Ticketmaster and Taylor Swift's Eras Tour. When I say streaming is on the rocks, what Im getting at is that its still not as valuable to anyone as it should be. No tickets and a card I cant use.. She has voiced concern about digital music and streaming for over a decade, and she has taken some very important actions to show herself as an underdog being exploited by big tech companies that just want to take all the money. Taylor Swift performs on stage during her "Reputation" stadium tour at Wembley Stadium in London on June 23, 2018. Yes, CDs basically tanked because everybody realized, I want to listen to all the music, and I dont really want to pay for it. CDs were expensive. All About Anna Olson, performers who will be joining her onstage. Theyre able to get their. The company said the cancelation was triggered by unprecedented demand, with more than 3.5 million people pre-registered to get an access code for purchasing tickets. The services are built on music, like audio trends, dances, and memes. Dude, music licensing is so freaking complicated. I have just not been happy to see how the mad rush of everybody into printing funny little pictures happened. We have three big labels now, but we had four at the time. Onsale Dates and Times TaylorSwiftTix powered by Verified Fan Starts Tue, Nov 15 @ 10:00 am EST Ends Thu, Nov 17 @ 10:00 pm EST 55 days ago Aisle Seat Verified Fan Presale Starts Tue, Nov 15 @ 10:00 am EST Many people are arguing for a pay-per-stream model. Taylor Swift performs on stage during her "Reputation" stadium tour at Wembley Stadium in London on June 23, 2018. Walk us through why Taylor wants to re-record her songs, and how this connects to the big catalog sales were seeing from artists like Neil Young, and there was a report about Dr Dre over the weekend. Oftentimes you can buy greatest hits records, and its not actually the greatest hits, its re-recordings of the greatest hits. Vinyl is a small but meaningfully growing share of the music revenue pie.. There have been countless stories of the ways in which being on the road is immensely unhealthy, and greater awareness of the ways in which its just really bad for ones mental health to be infinitely on the road and completely displaced. There was like a 10-year dark era, the Middle Ages, where the industry was searching for the next thing. It used to be that people spent $20 on an album, and if we sold a lot of albums, then we made a lot of money. ", "It goes without saying that I'm extremely protective of my fans," she said. But yeah, definitely. "UM. Tennesee Attorney General Jonathan Skrmetti has launched an investigation into Ticketmaster due to the amount of issues raised by customers throughout the Swift pre-sales. "The site was supposed to be opened up for 1.5 million verified Taylor Swift fans," he said. Shes currently re-releasing all of her old albums. Thank you for your patience as we continue managing this huge demand.. She got into a fight about Apple Music, but now shes one of the faces of Apple Music. . No offers below $2500. I dont think so. Now, here in 2023, the music is marketing for you selling everything else your concert tickets, your merch, your NFTs, whatever it is. There are no artists making billions of dollars through streaming as far as Im aware, but that said, there is certainly money to be made. SPOTIFY CROWNS TAYLOR SWIFT'S 'MIDNIGHTS' AS MOST-STREAMED ARTIST, MOST-STREAMED ALBUM Many fans sat in the Ticketmaster queue for hours waiting to get Swift tickets. ", She continued, "That's why we will hold a hearing on how consolidation in the live entertainment and ticketing industry harms customers and artists alike. It was an interesting era to launch a music career, because it really was towards the death of the CD era. Its all the best stuff. Get browser notifications for breaking news, live events, and exclusive reporting. We know that we own over 70 percent of all the listening that happens on Spotify. From the labels perspective, they can predict what kind of money theyre going to hopefully bring in each quarter. Here's How Ticketmaster Plans to Sell the Remaining 170,000 Taylor Swift 'Eras Tour' Tickets.
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