For The Love of Music
Long before I became an entrepreneur, attorney, and adventurer, I was a music fan. I grew up collecting tapes and then CDs, experiencing full albums from start to finish, and sharing them with friends. During law school, before building Oath, I even considered going into entertainment law, and I had a stint as an intern at the Recording Industry Association of America (RIAA).
Today, I’m still a devoted music lover, though how I engage with music has evolved. I attend as many live shows as possible, share my favorite artists with my sons, and stay tuned to industry trends. Earlier this year, I took my passion a step further by booking and promoting one of my favorite electronic artists, Dombrance, at Tulsa’s historic Cain’s Ballroom. That incredible night fully re-ignited my passion for music, helping me remember its critical role in my life.
Since then I’ve dived deeper into the current economics of the music industry, and I have to admit my passion quickly turned to concern over the direction things seem to be headed. As a fan, everything seems great. It’s never been easier to discover new artists and for just $10 a month, streaming services offer access to more music than we can experience in a lifetime. However, this comes at a cost to the very artists who create the music we love. And, I fear if the industry fails to adjust in the future there will be far fewer human artists making music.
Today, 90% of streaming revenue goes to just 1% of musicians, leaving the other 99% struggling to earn a livable wage. Think about that: so many talented musicians who have dedicated their lives to their craft are fighting just to survive. And, it will only get worse as we enter the era of AI music.
As the industry changes and AI proliferates, the number of artists who can truly make a reasonable living with their artistic gift will shrink. In fact, even today the vast majority of musicians have to do more than make music to make it. Artists have to be ‘content creators’ feeding social media the video posts that algorithms favor, sell merchandise, and in most cases work multiple jobs just to scrape by.
It’s time to rethink how we experience and support music, so we can put more value back into the hands of those who create it. I’m excited to continue to share my observations on the state of the industry and I hope to start a conversation about finding new innovative ways to compensate artists and deepen their connection with fans. I want to hear from others who are passionate about the equitable treatment of artists and are willing to take bold actions to preserve the integrity of the industry. In the face of AI, the soul of the industry is on the line, but there is hope and I believe we can create a future where both artists and fans thrive together.