A person cannot exist without any form of art. It helps people express their emotions, reflect the passage of time, or be a way of self-expression. Many musicians, creating music, earn their living. This work aims to examine the impact of the global music industry on the United States, the future of this sphere of society, and find out who benefits most from it.
People have always considered music significant in their lives and used it for various purposes. Some resorted to it for pleasure, emotional response, or creativity and earnings. Research shows that “its meaning can alter across contexts and therefore reflected in the ways music and sound is manipulated or constructed to form larger works with different purposes” (Barton, 2018, p. 23). It is important to emphasize that musicians and all people involved in the music industry are responsible for their activities and their contribution to society. An essential role is played by the process of globalization, which helps music spread around the world. Hence, Americans can get acquainted with different cultures, which helps to broaden people’s horizons. Moreover, this industry influences the formation of trends and fashion trends among the younger generation, which is most open to the Internet sphere. This technology makes the distribution of music even faster and more accessible to people around the globe.
All participants in these processes share earnings from the creation, performance, and promotion of musical compositions. The success of an artist in this area of public life often depends on sources of income other than streaming or downloading. Most of the money performers receive is due to live performances and tours of cities and countries. Other sources of income are licensing synchronization or selling the right to use a particular song and side ventures such as clothing lines, as well as partnerships with brands. The global music industry generated $20.2 billion in revenue in 2019 (Ingham, 2020). However, labels and music companies that represent artists and produce them have the most money in terms of money. Performers of musical hits receive only a small percentage of the profit. This is also due to the fact that in addition to them, such specialists as sound engineers, producers, composers, writers and so on are involved in this process.
The future of the music industry is characterized by sufficient uncertainty. It depends on the constant changes in how and what kind of music people listen to. However, many researchers in this field note positive trends in connection with the formation of a society that prioritizes the Internet and social networks. These conditions contribute to a significant increase in the prevalence of musical compositions and can provoke a rapid decline in its popularity. However, the recent surge in music revenue still forms an optimistic picture of where the industry is heading. It is worth emphasizing that such a phenomenon of modern society as streaming is also considered as the future of music. It can provide artists with a good source of income and a platform for development and distribution.
Therefore, it can be concluded that music is a universal language of communication for people. The process of globalization, in turn, contributes to the formation of new trends and contributes to the global music trade, and improves cultural communication. The financial component of this industry impresses with its multimillion-dollar earnings. Most of all, this process is to the advantage of music labels and manufacturers.
References
Barton, G. (2018). The relationship between music, culture, and society: meaning in music. Music Learning and Teaching in Culturally and Socially Diverse Contexts, 23-41. Web.
Ingham, T. (2020). Global recorded music industry revenues topped $20bn last year-but streaming growth slowed. Music Business Worldwide. Web.