5 Things You Missed in Music Business News
Things are constantly changing in the music industry and it’s important to stay on top of trends and news updates, especially as an independent artist. We’ve got you covered with a weekly recap of the top stories you need to know.
TIK TOK DONATES $10M TO FIGHT CORONA
On March 23, Alex Zhu, the president of Tik Tok, announced they would be donating $10 million to the World Health Organization’s Solidary Response Fund to help fight coronavirus. Zhu expressed how inspired he was to see the world come together and he wanted to do his part to support people fighting on the front lines. This fund helps send essential supplies to health care workers.
MORE RESOURCES FOR MUSIC INDUSTRY WORKERS NOW AVAILABLE
As we have mentioned in previous weeks’ posts, the music industry has been hit hard with financial uncertainties due to coronavirus. We want to make sure we are highlighting all of the resources available for creatives at this time. NPR, Billboard and other industry publications have lists of resources and are continuing to find ways for artists to gain a sense of financial security again.
LADY GAGA POSTPONES RELEASE OF UPCOMING ALBUM
Recently on Instagram, Lady Gaga announced the postponement of her upcoming album, “Chromatica.” She went on to explain that she didn’t feel right releasing this album amid the pandemic and difficult times. In addition to the album being postponed, she also announced her MGM residency will be canceled until further notice. But in good Gaga news, she let fans know about a secret future Coachella set lineup and other fun things on the way to keep us hopeful.
BANDCAMP MAKES $4M FOR ARTISTS AFFECTED BY COVID-19
Last week we reported that Bandcamp was going to waive their distribution fee for a day to give artists on their platform a chance to collect full revenue from sales. Well, we are pleased to report that fans rallied together to take advantage of this and collectively spent over $4 million on music and merch for their favorite Bandcamp artists in one day — all of which went to the artists. We are so happy to see people coming together to support artists and the creative community!
LIVESTREAMING GAINS POPULARITY AMID CORONA OUTBREAK
While the live-show economy is taking a hit due to the current pandemic, live-streaming platforms are getting a chance to shine. Companies like Stageit, Wave XR and Big Room TV are all overwhelmed with requests from show promoters, managers, and other music-industry professionals looking to find alternative ways to keep artists live-show momentum going amidst the global shutdowns. Although live streaming was already becoming a popular trend, due to these unforeseen circumstances it has now taken over the music industry. Let’s see if this trend continues post-Rona.