The music industry is one of the most dynamic and fascinating
business sectors. Its business model has had to evolve and adapt to
continually changing technologies that impact at every level from
distribution to artist management. Its latest challenge has been
the closure of live music venues during the Covid-19 pandemic. The
second edition of this much used introduction to the economic
workings of the music business has been updated to include analysis
of the impact of the pandemic as well as new trends in the
industry, such as the increasing dominance of tech companies and
big data and the growing importance of collective management
organizations as market players, which has impacted on new business
contracts. At a time when live performance outstrips music sales as
the primary source of income for today's musicians, this new
edition also examines how different stakeholder positions have
shifted. The book remains a rigorous presentation of the industry's
business model, the core sectors of publishing, recording and live
music, and the complex myriad of licensing and copyright
arrangements that underpin the industry. The revenue streams of
recording companies are analysed alongside the income stream of
artists to show how changing formats and distribution platforms
impact both industry profit margins and artists' earnings.
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