Will Streaming rescue artists from COVID 19 or timely innovation?

Because of the COVID-19, artists around the world are facing their worst-case scenario. State ordered quarantines and social distancing practices have caused the cancellation of many events and festivals. Unable to tour or make club appearances artists earning potential in the coming months looked bleak.

Streaming isn’t going to cut it against COVID-19

What about all that money from streams you ask? 

Artists have been fighting services like Spotify and YouTube for years to receive fairer rates for their streams. As of yet, these efforts haven’t accounted for much. Artists only earn a fraction of a cent per stream making it almost impossible to earn a sustainable living solely from them. Don’t take my word for it however, let’s look at the numbers.

According to the calculator provided by dittomusic.com, this is what an artist estimated earnings are per 1000 streams on each platform.

Spotify – $4.34

Apple -$7.35

Tidal – $12.50

Amazon – $4.02

YouTube – $0.69

Pandora – $1.33 

Viewing these numbers it isn’t hard to see why musicians have asked Spotify to triple payments in the wake of the Coronavirus. This hasn’t been the only reaction the music industry has had to the virus.

Live Stream Festivals and Concerts

Many artists have taken the show on the web with “bedroom music festivals” and other creatively named live streaming events to drum up income. The social media platform, Triller, just announced its “Co-Triller Quarantine Sessions” – A Large-Scale Digital Music Festival With Performances Expected By Top Industry Artists And Bands. Something we will be keeping a close eye on.

The Real Question. How will the industry respond?

COVID-19 has shaken the world, but the music industry, in particular, has had a rude awakening. The way artists are paid for their music has been an issue since NAPSTER nearly destroyed the industry 20 years ago. 

Though streaming has been a savior for major labels, artists still make a fraction of what they deserve from it. Touring and performances are what artists bank on for their day today. With that option not being available artists are really feeling the sting. It is time for the industry as a whole to look at the situation artists are faced with and find an answer. Creators are the engine of the industry and should be paid as such. Do you agree?