19/08/2024
The Music Industry: A Tale of Acquisitions and Artist Exploitation
The music industry has morphed from a creative hub into a corporate behemoth dominated by acquisitions. Instead of nurturing artistry, labels focus on securing lucrative catalogs and artists. This consolidation has reduced the industry to essentially three major labels, with Universal and Sony holding the most significant sway.
The Lucius Grainge family has been instrumental in this transformation. As Universal Music Group's CEO, Lucian Grainge has spearheaded aggressive acquisition strategies, expanding the label's dominance. This consolidation stifles competition, reduces opportunities for new artists, and ultimately diminishes artistic freedom.
Concurrently, artists are facing unprecedented financial challenges. The 360 deal, a contract granting labels rights to an artist's entire income stream, has become prevalent. This model siphons profits from recordings, publishing, live performances, and merchandise, leaving artists with minimal earnings.
With streaming platforms dominating music consumption, labels have transitioned into tech companies disguised as content distributors. Their focus is on data analysis, algorithm manipulation, and platform control rather than artistic development. This shift further marginalizes artists while enriching corporations.
In essence, the music industry is a far cry from its creative origins. It's a business model centered on profit maximization, where a select few benefit at the expense of countless artists.
