Music industry is big business. According to statistics, the global music market was worth $43.4 billion in which is expected to grow up to $50 billion.
Is the Music Industry being Fair?
But the problem is that the music industry is inefficient and unfair to artists.
This can be easily seen when comparing their earnings with other performing artists like actors or sport players who earn hundreds of times more than musicians do.
The main reason for this situation is because of the lack of transparency in the industry. Artists are not able to sell their music directly to consumers and make a profit from it, and instead they have to follow the protocols set in place by their agency or handler.
Are Artists Getting the most from their Talent?
This is the reason why some artist opts to launch their own label after they have built their foundation in the industry. To cut off the middleman in the deal and take the full profit.