Well there you have it… someone actually coming out and saying that no, artists cannot make money through the streaming services, which we already knew. Better start working on that design for a killer T-shirt. If you’re a musician/recording artist, there’s really only one thing to do here: pull your entire catalog OFF the streaming services if you haven’t done so already. Imagine artists leaving the streaming services en masse. No music, no business.
The grand irony here is that the panel which asked the question “”Will Artists Make Money on Big Music Platforms?” not only reported that artists could not, but also suggested that artists needed to focus on selling concert tickets and merchandise. You know, things artists did BEFORE the internet.
We do admire the honesty of Hany Nada, Managing Partner GGV Capital who admitted during the SXSW Panel “Will Artists Make Money on Big Music Platforms?” that he believed that they would not be able to do so. He also added that the point of digital streaming platforms such as Pandora, Spotify, and others was promotion to help the artists tour, sell t-shirts and offer other non-digitally distributable “experiences” to fans (why is this sounding more and more like prostitution?).
At least Mr.Nada is honest, which is refreshing given that the man has more integrity than most of the executives…
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