Music has become more and more accessible, affordable and personalized as it goes digital. Moreover, there is an increasing use of music in other media like movies, TV shows, video games, advertising, covers, fitness and so on, which contributes to the exponential growth of royalties income.
According to IFPI, the revenues of the global recorded music market has grown by 7.4% to US$21.6 billion in 2020, in which streaming accounts for 62.1%.
However, being a musician is still NOT an economically feasible career because
1. Lack of Control
Many musicians have been suffering from unfair treatment or even exploitation due to the imbalance of industry power in favor of big companies.
2. Lack of Protection
There is not enough protection by copyright law. Not all musicians know how to apply, maintain, and monetize their intellectual properties.
3. Lack of Support
Not all of the musicians have the time, knowledge and resources to market and manage their operation and assets.
Changes are needed to restore the balance of power and to reward the musicians properly - so that they can create more values to the community.