The End Game: 4 Ways The Music Industry Can Do Better

The music industry has been through many phases throughout the years and is continuously evolving, from vinyls to tapes, CDs to MP3s, and now streaming, in what I call 'The Age of Access'. Numerous technological advancements have changed the landscape of the music industry.

However, the core of the business remains constant and ultimately, it is a music business, a relationship business, a people business. In the midst of all of these changes, it is easy to forget the ‘why’ and lose sight of the core values and fundamentals that matter.

To get things back on track and inspire positive, long-term change, here are 4 ways that I feel the music industry can do better this year and beyond:

#1 - DIVERSITY

It is the buzzword of the decade and while it would be easy to become de-sensitised to the importance of this word, it is important for us all to remember that words do matter, and diversity is NOT tokenism.

Diversity is not only a necessity, it is essential at all levels of hierarchy in order to better reflect our society and the world we live in. It is important to create an environment where people of all races and genders feel safe.

One example of how large corporations and small companies can take action to make things better is by expanding their teams - hiring one Asian person, or one woman or relying on one or two Black people to imply representation is lazy.

Also, don't just hire at entry and junior level roles, hire at senior level too. How can a young, Black, female intern working in A&R aspire to be the Head of A&R or President of a label when there is no evidence of anyone else like her already in those roles?

#2 - TRANSPARENCY

In an industry where most contracts are shrouded in secrecy and record labels have unfortunately gained a reputation of capitalising on the naivety of new artists, this is a big one.

Transparency is needed, not only for the executives working in the industry, but also for the people who are on the 'outside' and across the board – including record labels, DSPs, distributors and publishers etc. Where is the money going? Why is ‘this royalty’ the standard? Why is ‘so-and-so’ artist on tour, on TV, on radio and racking up millions of streams, but still complaining of being not adequately remunerated?

To the average person who doesn’t have the pleasure of working in this industry, it appears inaccessible and closed off, shrouded in secrecy, which could also be a major factor in why during the advent of peer-to-peer filesharing (as an example), there was no thought or empathy from the general public for the average employee whose life was affected by the redundancies that followed as a result of revenues dramatically declining due to falling sales at the time, all as a result of the idea that 'Arts' should be free to all for consumption.

#3 - PARITY

Another hotly debated topic, especially in relation to labels and publishers. Think about it, an average ‘song’ or ‘record’ consists of 2 equal parts, first the song – as in, the composition made up of lyrics and music, secondly, the actual sound recording.

Whilst all deals, contracts and terms are negotiable – something all future prospects should remember – shouldn’t there be a fairer split of streaming/sales royalties between labels and publishers, considering they both contribute equally (when it comes to creating the music) towards the creation of the finished song?

#4 - TRUST

There is a definite divide, a line in the sand, between the artists and the businesses, particularly record labels. However, when we consider that businesses are essentially groups of people working together towards a shared goal, why should there be any issues?

Historically, record labels, radio stations, distributors and many other large organisations involved in the marketing and exploitation of music, have unfortunately been guilty of corrupt and immoral practices over the years which have lead to a huge amount of distrust from artists and creatives when it comes to music executives.

A way of rebuilding that trust, which will help this industry to thrive, is to be open and honest, admit mistakes, value relationships, compromise, collaborate and most importantly, COMMUNICATE.

SUMMARY

The music industry in 2024 looks and feels very different to how it did in 1924, but there is still a way to go.

Diversity - many of the largest music companies – whether that be live agencies, concert promoters, record labels or publishers etc - are still lacking adequate diversity in the top ranks of CEO, Chairmen/Chairwomen, Founders and more.

Transparency - whilst all people and businesses do deserve some form of privacy in certain areas for competitive edge, there are still issues with transparency as we see constant articles about artists not feeling adequately remunerated for the streams they are generating. There are also many news stories reporting on the huge profits made by companies and their claims of 'the best year ever' etc, but then in the same vein, large scale redundancies and other cost saving measures continue across the board which seems to be conflicting information?

Parity - the debate surrounding fair pay for songwriters and fairer splits between publishing and records continues.

Trust - until there is REAL and VISIBLE change in the first 3 points, the 4th point, "TRUST", will continue to erode.

Overall, if things don't change, the current narrative will continue with each coming generation and we may be re-visiting the same dialogues in another 100 years!

Do you feel represented? Do you see a reflection of the society or the community that the company is located in? Do you see a reflection of the culture the company is immersed in?

Dream. Believe. Achieve.