Research into the Music Industry

 

Research into the Music Industry

For 6 years now, the music industry has been on the rise, constantly rising and rising despite a global pandemic happening. This year, there was nearly a 20% in paid subscriptions to the music industry raising the number to 443 million people and being worth $13.4 billion. This shows how profitable the music industry can actually be if someone can break into it, becoming both rich and famous at the same time. However, monetary statistics don’t show the whole picture of the music industry since the music has been evolving for many years and to this day it is still changing and shifting. One of the main ways that music can be shared by is through YouTube, where artists can be millions, even billions, of views from a single music video, lyric video or just a song with a static background, and since YouTube is a free to use service this does not track the amount of people who pay for it, therefore not showing the whole picture of the industry in the statistics that were mentioned previously. To look at individual artists and their amount of views, then you would have to go to the YouTube website and find their video and see the amount of views that the one video got. YouTube videos are not the only way to listen to music with the other big alternative being Spotify, with the statistics showing the exact number of streams that a song has as well as the amount of monthly listeners that the artist has, which is a lot more exact than YouTube since Spotify is the leading place where people go to if they want to listen to music while YouTube is more catered towards the music videos. Before YouTube took over the music video scene, MTV was the best way to see the biggest releases of music videos, showing the top 10, 25, 50 and even top 100 music videos showing most days along with older music videos dating back to the 1980’s. The price for music videos has a lot of range, with the two biggest factors being how big the artist or band is in term of monthly listeners, followers and sales while the other factor is who is the label that they are signed with and how much money that the label has and is willing to spend on this music video. Costs for the videos include any actors, props, costumes, equipment, locations, vehicles, editing of the final video and any other expense that may need to be paid in order for the video to be made. It says the price range for a music video can range from anything starting at around £2000 but can range from anywhere up to £50,000, even reaching prices of upwards of £1,000,000 if the artist is very popular and requires a grand music video.