It is no surprise that COVID-19 has shown its impact on the music industry as well. With the falling economy, it is hard to conclude that the same is happening with the Music Rights Trading Platforms industry. It is not all bleak, but not that optimistic scenario because the entertainment sector has seen its high and lows at extremes in this pandemic.
If we take a look at the little bright side with so much time spent in the lockdown, people are craving to discover new music from local artists. Local artists have started to gain a unique reach. A lot of musicians are composing their music from the comfort of their homes. It was felt as if there was a constant competition to be the best, produce the best music, and always be creative and unique. It became more about commercial benefits rather than being true to the heart. But with the pandemic, it gave a chance for the artists to look upon their earlier work, practice more, work less on deadlines or just for the audience, but to make the most of their art, and explore more options, to settle and take a deep breathe and begin fresh. It helped most artists take a break that was warranted a long time ago, but because of always having to be on the top of their game, this need for a mental break was required.
On the other hand, as everything was disrupted with the coming of the COVID-19 music industry felt many cracks in their crest too. Problems like the war between visual and audio streaming content were won by the visual content because of online streaming platforms being streamed more than audio platforms. It was because of increased revenues for visual content but not for audio, even though the subscribers were more than visual.
Artists are being paid according to ‘per-stream,’ and the platforms are spending less as well. The primary source of income for local artists being live shows is closed for a long time, thus stopping their primary source of income and reach. It has become worse for musicians not working with any big labels, as artists under big labels have home’s safety and resources to work still and produce their music from their home’s safety.
While most of us think that the music industry has only effected the artists, it is not just the artists that are being affected. Event managers, audio engineers, sound, and light technicians who depend on an artist’s show or performance have their business closed for this lockdown. Even if independent artists can do their virtual shows, people who work behind the curtain are sitting without work.
Some big labels are still earning profit because they choose to score more traction through tactics like “free virtual concert”/ “free virtual gigs.” This is not something local artists or small labels can do. Even if audio streaming platforms are paying less and yet most independent artists depend on traction and reach.
If we talk about at the ground level, even thriving artists who were collecting resources by teaching other Buy Music Royalty Rights Online and instruments are seeing a halt. This is because people are becoming more and more cautious in selecting what skills and interests their children should choose to pursue. With pandemic in action, they are leaning towards a more secure option than being an artist. So if we see to it, COVID-19 is not just affecting the people in the industry, but its future prospects too.
