For decades, the importance of live music was downplayed over the more conventional sale of records. The music industry itself has been synonymously referred to as the recording industry. With many artistes climbing through the ranks, diversifying genres they made the industry a multi-billion dollar franchise the world over. Since the late 20th century, live concerts have gradually gained momentum, while record sales continued to lose their underlying popularity.
Nothing was scarier than the 25% drop of record sale revenue in the 21st century, which caused a massive rift in the music industry, and ultimately necessitated the need for diversification. Many people loved the music, and copyright law wasn’t quite as strict, so bootleggers shaved most of the money from the market, by proverbially skimming off the top. Many people opted for the cheaper knock-off music as opposed to buying the real thing. This decline was the stimulation for the rise of live music concerts, road shows and the popularization of live music listings, as all means of recovering the lost revenue were sought.
Successful artistes today are essentially brand names. Many consumer product companies are paying top-dollar just to have famous artistes showcase their merchandise on their road shows and live concerts. What the artistes lost in record sales is now being supplemented by increased popularity of live music. It is essentially the next logical step in music evolution, with many artistes traveling all over the world and making millions while at it. A rather interesting survey saw that the bulk of music lovers would rather pay to physically see their music icon, as opposed to spending 10 times less to buy the musician’s album!
The World Wide Web has its benefits, no doubt, but it is single handedly collapsing the recording industry. It hasn’t actually happened, not definitively, but the influx of free online music sites has led to a serious decline in overall revenue. Luckily for the artistes and their promoters, the live music scene has grown just as rapidly. The live music scene notably saved the music industry based on it’s rare ability to link industries. These linkages, that traverse borders, allow musicians to merge expertise with other professionals and hence create mutually beneficial relationships. The web has also helped to increase the exposure of groups to an international audience they may never have reached otherwise.