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.
Live Entertainment Is Back On In Missouri
On May 4th, parts of Missouri began to reopen, which means live shows and performances are back on in that state. Major cities in Missouri like St. Louis, Kansas City and Springfield will still have restrictions but they will be loosened. This is very big for artists that really need to start touring to capitalize on their album promo. This is also great news for live entertainment workers who are in dire need of work because of the financial drought in the overall economy. Missouri government officials have noted that these gatherings will be permitted as long as people can maintain six feet of distance between each other. Let’s see how this plays out.
Tory Lanez Teams Up With Amazon Music To Give Back
Tory Lanez has built up quite a bit of momentum during quarantine with his Instagram Live show, “Quarantine Live.” With this massive following, Tory was able to team up with Amazon Music and Dream Center to start a new fund called the Tory Lanez Dream City Fund. This iniative will give out more than 100,000 diapers and free meals to people affected by COVID-19. Tory’s 3-year-old son suffers from respiratory issues which is why Tory feels so strongly about helping people during this time.
Bandcamp Fridays Generating Charity Money In The Millions
Independent artist distribution platform Bandcamp has revealed the proceeds raised from its second Bandcamp Friday fundraiser. Bandcamp Fridays is a charity event hosted by the company in which all earnings from merchandise and music sales in that designated 24-hour period goes entirely to artists who are financially struggling. The first Bandcamp Friday, on March 20th, raised $4.3 million and the second, which happened on May 1st, raised $7.1 million. All of these proceeds were given away to artists.
Music Sales Already At $20 Billion For The Fifth Year Straight
Many thought that the music industry would bottom out in 2013 when revenues slid to $11 billion and remain that way for the future. But with a massive increase of listeners using streaming platforms and the compensation for artists and labels in a better place, the music industry’s overall revenue has been steadily rising. This year the music industry has hit $20.2 billion in total revenue and it’s mostly thanks to the influx of listeners buying subscriptions to streaming platforms. These subscriptions amount to about 40% of labels’ incomes. We are now seeing revenue numbers like back in 2003 before the internet became the main mode for music consumption.
Beyoncé And Her Mom Team Up For COVID-19 Testing In Houston
Beyoncé and her mom Tina Knowles teamed up to give out 1,000 testing kits and meals to the underserved communities in Houston. This happened this past weekend over Mother’s Day where they set up two locations giving out 500 free tests, meals and gift cards. Tina Knowles called it the #IDidMyPart challenge where she nominated Tyler Perry to do this for his home city of Atlanta. We love seeing everyone giving back!