Local musicians that Covid-19 became a haven for

  • January 24, 2022

BY Elisha Asif

The COVID-19 pandemic proved to be a nightmare for nearly every industry, but musicians, who make most of their money from in-person concerts, may have had it worse than most job industries.

Since the mandates kept concerts from happening, the billion dollar industry saw one of its worst days. But even through the worst of times, some local musicians found their way to success.

The global music industry accounts for nearly $50 billion and within the six-month shutdown, the music industry lost an estimate of $10 billion. International Dance Music Summit reported a 54% decline in value in 2020, making it a $3.6 billion deficit.

The global music industry collects an estimated $50 billion through two major revenue streams: live concerts and several other combinations of income. Live music makes up 50% of the revenue. Most of the money from concerts comes from sales of tickets and merchandise. The other revenue stream involves: downloads, CD’s (which are rare nowadays), streaming, and licensing of music for movies, advertisement, games, and TV.

Music hubs like the city of Nashville where many early-career musicians go to find success found itself in a 72% deficit in revenue, $17 million in lost wages. Music is so vital to Nashville that the loss faced by the music industry affected the state’s GDP by $24 million.

Streaming has become a new way for artists to make money; however, it can be a rather slippery slope if the artists aren’t bringing enough listeners. Spotify, one of the most popular streaming platforms, pays its artists $0.0033 per stream, according to a report by Business Insider.

Read the Full Story

@SBUJournalism

When political reporters get training on #science issues, they find better sources in science-related stories, according to a new study one of our incoming faculty members, @cmgilbertmedia. #scicomm #NewsYouCanUse
Read more in @neimanlab https://bit.ly/3kzAnFZ

We had so much fun last week at the Broadcast Awards for Senior High, and we're even more thrilled that @hf_news did their morning show live from #stonybrooku
https://vimeo.com/703729331

THANK YOU, SoCJ alumni & friends! We couldn’t have made #SBUGivingDay a success without you. See how we came together to build a better world for our students and their future as media professionals: https://bit.ly/3xfvr0I

Load More...