Musicians Turning Towards Crowdfunding to Fund their Careers

Christopher Sabec Taylor SwiftIn a recent article posted by The Huffington Post, music industry experts put Taylor Swift in her place when she discusses her take of the future of the music industry. Recently, Taylor Swift wrote an op ed piece at the music industry that read like a “delusional fairy tale” where she describes music and fans falling in love. However, many people are quick to tell her she’s wrong and correct her claims that she makes in her op ed piece. Many experts don’t believe that “pure hard work” is ever enough to sell an album or the total cost of an album should be based on the “heart and soul” of the record.

Unfortunately, the truth of the matter is success in music has robbed anyone who isn’t a mega star or super successful in the industry of a lucrative career. Even the mega stars are struggling to make a profit. With mediums such as Spotify and Pandora that are failing to make a profit, more artists are turning to Kickstarter to fund their music projects. Crowd funding seems to be more the future than ever before. However, the fact that people aren’t buying records is no good news to anyone. According to studies from January 2014, record sales hit their lowest points since records were collected in 1991.This is hurting sales for major pop stars and decimating them for lesser known acts. As said in a 2012 New York magazine profile, “For much of the twentieth century, you might have assumed that musicians with top-twenty sales week and a Radio City show –made as much as their dentists.”

This is simply not the case anymore. Now hits are being defined by declining numbers and flops are almost comical in their lousy sales. Many people wonder about digital sales, since more people are buying music online to listen to on their mobile devices. Well, they aren’t faring well either.  People are downloading music but illegally or they are streaming music with programs like Spotify or Pandora. But as said before, they are having issues making a profit themselves. Unlike what Taylor Swift said in her op ed, this problem cannot be solved with an “arrow through the heart” but rather this is a commerce issue. The music industry needs to reevaluate the way it makes money. Moving forward, it will be interesting to see if the industry can figure out a way for their sales to increase and artists of all levels of stardom can go back to making the kind of money they used to received.

This article is based off of this article.