Introduction to the Music Industry

Covid-19 pandemic has affected almost every professional area; the music industry is one of them. In today’s busy life, human beings need to take some rest or to enjoy some moments of happiness. Live music or concerts are an essential aspect to give people some moments of joy.

Changes in the music industry:

Three articles are taken to figure out the impact of COVID-19 on music industry directly or indirectly. Music is an essential resource of any countries economy. It gives almost 10 billion revenue in a year, and also it is a source of income from many artists, musicians, songwriters, event organizers and their co-workers. But after this pandemic, as many industries are badly affected, the music industry is most prominent in them. Music has many types, but the most important is live music. It adds almost 50 percent in the total earning of the music industry. Recorded music takes the second position by adding 30 percent of the revenue. But due to the lockdown making of music industry reduced by 1/3rd  as there are no live concerts from almost six months. Musical award shows and celebrities events are a source of income for many artists. All of these music activities has been suffering due to the pandemic and so the music artists are facing a lot of issues due to this. Recorded music is also not fulfilling this space, as according to recent research, the use of recorded music is reduced as people are more subjected to the areas of news and movies during the quarantine.

Art grows when an artist gets positive results of his efforts, and his talent gets praise. Before, lockdown artists promoted their albums by conducting various tours in different places and joining different events, but now their marketing is badly affected by this pandemic, which in turn results in financial crises. Event organizers and musician bands are also severely affected as there is no event for almost six months. Many industries are demanding relief from the government; the music industry is the first one to do so.

Future prediction of the music industry:

The music industry’s future, according to the selected articles, is not safe. According to a survey conducted in the USA, more than 50 percent of the population is not ready to go to concerts any other event before vaccination arrives. The government have also refused to reopen live music due to the issues of social distancing. These crises may remain as long as life doesn’t come standard so quickly; many artists are not releasing new albums due to the fear of getting flop.

Suggestions:

Some useful suggestion can be drawn for the music industry to survive through this corona pandemic. One of them is to encourage recorded music so that people can enjoy it, and so that artists are also able to get their desired benefits. The other option is live streaming where the artists may perform live and people can watch them online through any medium like television, internet etc. This will increase rating and online subscription. As in quarantine, there is greater use of television and other social apps such as Instagram, Facebook; artists can promote their art through these platforms. Another option is to remain in contact with fans without any official event or gathering, either going to their homes or any other unofficial small gathering. One of the authors surveyed how to reduce the financial crises, according to which 60 percent of artists and all other members of the musical industry asked for help from the government to help them promote their online businesses like spare musical websites and marketing packages. The government should help them as they can play a major role in the rise of the economy. Some of them suggested opening live concerts or musical events again. Still, social distancing and other preventions are the main factors that are not allowing the government to open live music sessions also.

URL of Articles

https://www.weforum.org/agenda/2020/05/this-is-how-covid-19-is-affecting-the-music-industry/

https://www.recordedmusic.co.nz/update-on-the-effects-of-covid-19-on-the-music-industry-and-our-plan-of-action/

https://www.cbc.ca/news/entertainment/musicians-warning-live-music-industry-1.5635066

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