The music industry is a global business sector encompassing all stages of music creation, production, distribution, and consumption. It involves artists, record...
The modern music industry primarily consists of artists, record labels, music publishers, distributors, streaming platforms, live event promoters, and various ancillary services like marketing and licensing agencies.
Artists' main revenue streams include streaming royalties, live performances, merchandise sales, brand partnerships, sync licensing (music for media), and direct fan support through platforms like Patreon.
Streaming services have revolutionized music consumption by offering vast catalogs on demand, becoming the dominant revenue source for recorded music. They have also democratized access for artists but raised concerns about royalty rates and artist compensation.
Record labels still provide funding, marketing, distribution, and artist development. However, their role has evolved as independent artists leverage digital tools for distribution and promotion, leading to more flexible and diverse artist deals.