As if you didn’t know, amidst plummeting CD sales (a more than 20% decline this year) a new model for the distribution of music is in the process of “finding itself”. What you may not know is that the new model is looking in some creative places for its new self.
Whatever the new model proves to ultimately be, it stands to have an impact on songwriters. That’s because with CD sales down and no recovery in site, the movers and shakers in the business of selling records (record companies) are looking to diversify. And the most lucrative, steady stream of income in this business is music publishing.
While all the major players already have a hand in the publishing pot, it looks as though they’ll be sticking the other hand in too. With the multiple sources of revenue that music publishing provides including the largest prize, performance income, record companies hope to raise the sinking ship and steady the flow of revenue.
So how’s that impact you, the songwriter? Mainly through less spots available on recording projects as the number of inside cuts will undoubtedly grow.
With the majority of music obtained last year coming from free sources, it’s clear the industry severely underestimated the potential problem early on that technology would lay at its door. And they’re moving like a snail towards creating a solution, if they’re working on one at all. They simply look to diversify.
But there remain some creative thinkers around, and (surprise!) they’re not record company executives.
In the next of this 3 part series we’ll look at one of the creative solutions in the works.
Till then, keep writing!
