That’s a great question and the answer is no, streaming revenue is not a sustainable income, not even close. The stats even for top of the chart artists and how much they actually receive for the insane amount of streams they get, is abysmal. Which is why I mention removing labels in the Impossible Futures podcast.
The real money is currently been and has been for quite some time, ticket and merch sales. Labels are the ones that profit most from record sales and streams.
Spotify is drowning their own platform with AI generated music, a lot of generic stuff, piano music, ambient relaxing stuff etc to eke out more profit. That will only get worse and is a whole other problem and debate.
I have some different ideas in mind for experimental pay structures that attempt to appease both the fan and the artist, but the biggest thing would just be not skimming. If we can stack network rewards on top of that while offering competitive pricing to other services, when we get to that point, I think the artist does much better.
Keep an open eye, I plan on making some videos somewhere down the line that discuss all the different angles of attack that should help creatives connect with the resources they need, fans, and earn more than ever.
I suppose I’m thinking that if streaming is insignificant, is it worth chasing by the artists?
I wonder how far tipping could/would go vs income from streaming? That would surely knock out the middlemen, as they wouldn’t be able to feed on the artists.
Perhaps there is a model where content is made public, but donations are requested/expected. Or perhaps material is licensed as free for personal consumption, but not for broadcast (for profit)?
I know YouTube content creators struggle with similar issues and try to directly engage with their communities for donations and/or merch purchases, etc. A lot seem to resort to adverts and sponsorship though, which maybe an avenue - certainly commercial radio does this - but it would potentially put off listeners.
There is definitely a simplicity in putting stuff out there for the public, then using it as a mechanism to provide exposure and make money from other complimentary streams (gigs, merch, etc), but I just don’t have an idea on how popular/doable that is.
EDIT: To add, clearly commercial radio, youtube, etc, all make plenty of money out of adverts, so there is almost certainly money there. For better or worse! ha!
You raise excellent points. I think Autonomi will make it so easy to right some of the obvious wrongs. I think their earnings will improve enough to be attractive but it’s not just that but actually owning their master recording and rights to their music, having the freedom to make their own choices, though their fate will be more in their hands.
I plan on having a tipping / patreon type approach as well. I was surprised Spotify did something similar awhile ago, though im honestly not sure it’s still there. I’m interested in the idea of crowdfunding music and allowing fans to get a percentage of the revenue as well.
I hate ads personally BUT I do think that gear companies and artists have an opportunity to expand on that old relationship and bring it into the modern age. Gear companies help artists a lot and so they actually deserve the promotion and attention in my opinion.
Appreciate your thoughts, it really helps me brainstorm on these issues more deeply.
Slightly off topic here @Nigel but have you thought about ticket sales for the artists to get rid of those parasite ticket sellers who charge more than the face value of the ticket? I’m all for supply and demand but some tickets never get sold for the original price and it’s definitely not the artist that gets the money.
Yes! Connecting the artist directly with venues (providing boilerplate contracts and potentially an Uber-like rating system for both parties), gear companies, producers, studios, etc is part of the goal of JAMStand, though I kind of had a rebrand in mind for JAMStand that is a little edgier.
Congratulations on Jams, after watching the excellent impossible futures video it was great to meet the real Nigel. Such the right attitude and intention. You, and others in the community are about to set the corporate surveillance net on fire! Exciting times.
