“The fact that sales revenues dipped in a record year for British music shows clearly that something is fundamentally broken in the music market,” BPI chief executive Geoff Taylor told the Guardian. So who’s responsible? Taylor places the blame on “dominant tech platforms like YouTube,” which he says are “dictating terms so they can grab the value from music for themselves, at the expense of artists.”
Recorded music as a consumer item is less than 100 years old as an industry, and the tech behind it has changed rapidly. Taking a long view historically, there’s been very little stability in the music industry as a commercial undertaking at all. The Internet has redefined an industry that’s already been completely redefined multiple times since records became popular. We’re still at the very start of this adjustment period, and the entrenched entities are flailing about a bit while the dust is starting to settle.
Blaming dominant tech platforms for year-on-year discrepancies is myopic, but the music industry as a whole – and record companies in particular – have never been particularly visionary beyond the hunt for profits. “…dictating terms so they can grab the value from music for themselves, at the expense of artists” – yeah, that sounds familiar.
Subscription-based music streaming, on the other hand, has yet to prove itself to be a viable model, even after hundreds of millions of investment dollars raised and spent. For our part, we are committed to offering an alternative that we know works. As long as there are fans who care about the welfare of their favorite artists and want to help them keep making music, we will continue to provide that direct connection. And as long as there are fans who want to own, not rent, their music, that is a service we will continue to provide, and that is a model whose benefits we will continue to champion.? – Bandcamp