The music industry is facing a wave of layoffs, causing a major upheaval and pushing veterans to adapt or take the independent route. Here’s a look at the changing landscape and the opportunities for those willing to pivot.
Entrepreneurs Take the Wheel
While established companies are downsizing, entrepreneurs are seizing the moment. This shift is fueled by the growing importance of digital distribution and the need for promotion, making traditional middlemen less necessary.
“Major labels are dropping their budgets for industry trades and many promotions,” stated a veteran music industry professional to The Industry Dot Biz when speaking of why the upper echelon of the labels are cutting costs. “[They ask] why pay for radio and online promotion when you can upload the artist’s video to YouTube gain maximum exposure AND earn revenue?”
Legacy Artists Left Behind? Not Really
This digital shift leaves some established artists behind conceptually but not actually. While many R&B and hip-hop artists who lack a strong online presence struggle to reach audiences accustomed to consuming music through streaming platforms and social media, they too have an often-ignored audience by the labels that can garner then greater income.
While some turn to entrepreneurship, building a successful independent business requires significant effort and planning. So the smart ones understand the essence and value of time and timing and they are lured to seek industry entreprneurs to assist them in more than independent promotion but actually helping to manage their careers, potential and legacy.
The End of Loyalty?
The traditionally stable music industry careers are becoming a thing of the past. The current climate demands flexibility, knowledge and adaptability.
“The key is to make strategic moves while employed,” says Kevin Ross, CEO of a respected and leading music industry trade site, The Industry Dot Biz. “[Don’t] wait until you’re unemployed.” in other words Ross states “Always strike while the iron is hot!”
The skills valued previously might not translate perfectly to the new landscape. While networking remains important, digital fluency and technological expertise, such as AI are now paramount.
A Rude Awakening for Veterans
Veteran industry workers face a harsh reality. Long-held beliefs about career trajectory and loyalty may no longer hold true.
“Twenty years ago, your career was pretty much over by 40,” says Kevin Ross. “Today, we’re seeing people well into their 60s and beyond still working, provided they are willing to adapt to new industry concepts AND consistanly education themselves on trends.”
While this extended career lifespan is positive, it also means facing competition from younger generations who grew up with digital technology but fail to form or solidify relationships because they consistantly move from space to space to space rapidly.
The Rise of the Freelancer
Independent entrepreneurs are well-positioned to capitalize on this shift. Brands still need promotion, and artists require management assistance.
“Most independent promoters wear multiple hats,” says another source. “[They handle] everything from booking gigs to arranging travel.” For those in the industry who have had to work multiple jobs during their careers at one place, they should see the advantage of those opportunities presently. The more you know, the more you grow.
This increased workload offers greater earning potential but also comes with the instability of freelance work.
Embrace or Chase Technology
Adapting to technological advancements is crucial for survival in the new music industry.
Coming to the table with ideas related to something new, like artificial intelligence, is a great way to stand out. Those who resist change will struggle to keep pace and the music industry is a fast-paced industry
The Future of the Music Industry
The future for veteran music industry workers is uncertain. While some may retire, others who want to remain relevant will need to reinvent themselves. The ability to adapt, learn, and leverage technology will be key to success in this rapidly changing environment.
