Taylor wrote an article about the future of the music industry for the Wall Street Journal’s 125th Anniversary! Taylor offers an insightful view into the current state of the music industry and how it’s being affected by social media. She also discusses the importance of having a connection with fans and how to keep them engaged. It’s an excellent read so make sure to check it out below!
Where will the music industry be in 20 years, 30 years, 50 years?
Before I tell you my thoughts on the matter, you should know that you’re reading the opinion of an enthusiastic optimist: one of the few living souls in the music industry who still believes that the music industry is not dying…it’s just coming alive.
There are many (many) people who predict the downfall of music sales and the irrelevancy of the album as an economic entity. I am not one of them. In my opinion, the value of an album is, and will continue to be, based on the amount of heart and soul an artist has bled into a body of work, and the financial value that artists (and their labels) place on their music when it goes out into the marketplace. Piracy, file sharing and streaming have shrunk the numbers of paid album sales drastically, and every artist has handled this blow differently.
In recent years, you’ve probably read the articles about major recording artists who have decided to practically give their music away, for this promotion or that exclusive deal.