Maybe you buy a movie on iTunes for $20 or $30. I love talking about the business of music with you, even though I just want it to be guitar solos. We definitely live in an era where the actual product is so devalued that all the people that make it are in a state of precarity. Music is an art creation business, a content creation business. On Thursday, Ticketmaster canceled its general sale of the tour tickets that was supposed to debut on Friday after hours of complaints about pre-sale site complications and glitches. They just had to figure out how to monetize it. There was like a 10-year dark era where the industry was searching for the next thing. In total, the company explained, 2.4 million tickets were sold across the Verified Fan and Capital One sales on both Ticketmaster and SeatGeek. Yes, CDs basically tanked because everybody realized, I want to listen to all the music, and I dont really want to pay for it. CDs were expensive. I have just not been happy to see how the mad rush of everybody into printing funny little pictures happened. Well, if you want to do a 20 best guitar solos of all time conversation, we can start a whole new podcast on that. We now live in an intellectual property business, where a lot of these things are never actually even printed. Some 1.5 million fans were given a promo code for the verified fan presale, with the other 2 million placed on a waiting list. . The iPod is out, but Apple is still saying, Rip. Its simple, it makes sense, its great for indie artists who are often devalued, and its great for fandoms to make sure that their money is really going to the people that theyre listening to. I just need guitar solos. Well, yeah. Did you get your tickets yet? Taylor puts out her first record and she wants people to listen to it, so she has to go on radio and on tour. Its a part of their portfolio to help them sell phones, or to help them sell everything in cardboard boxes or whatever it might be. The industry crashed out because of piracy. FAQ - New Privacy Policy, Check out what's clicking on FoxBusiness.com. She certainly wants to own this asset for the amount of money that can be made in streaming. Right. We know were going to get a proportion of that. Selling Taylor Swift ERA tickets on Stubhub - Questions! Thats why Im saying its way more than TikTok. FOX Business Flash top headlines for November 17. You have no idea how much that means.". When I think of the promise of the Metaverse, what I think about is a private equity firm collecting royalty checks on streaming Neil Youngs back catalog to me. Taylor Swift's 10th studio album, "Midnights," was released on Oct. 21. They were the dominant form of revenue. Part of doing so would require getting permission from all of the labels to be able to play all songs, all the time, all the way through on demand, and whenever you want. When fans eagerly showed up to try and purchase tickets on Nov. 15, however, they were met with a litany of issues on the Ticketmaster website. If you contributed to an album, then you were paid out for someone buying the whole thing, even if you only contributed one song to it. Taylor Swift fans were disappointed in the experience with Ticketmaster. This is just part of a much larger trend of the financialization of music catalogs. Theyre making a really big gamble about their future. Its not happening anymore. Where is Zune? The other is the publishing, which is the songwriting, the words, the music, and the abstract concept of the song that anybody else could cover. Ive always thought that if you can wrap your head around whats happening to the music industry, you can pretty much see the future of TV or movies or the news or whatever because the music industry just moves that fast. Dude, music licensing is so freaking complicated. "I never could have imagined how insane this whole process has been," one of Swift's fans, Amber Garis, told CBS Mornings. The next thing, or at least the promise of the next thing from some very motivated members of the industry, is crypto shit. All rights reserved. I was a collector. Heres how I think most people think their streaming subscription works. "Daily reminder that Ticketmaster is a monopoly, its [sic] merger with LiveNation should never have been approved, and they need to be reigned [sic] in. Li Cohen is a social media producer and trending reporter for CBS News, focusing on social justice issues. Thanks for contacting us. Its like, Thats what I call music. ", The singer added that she was investigating why the situation unfolded the way it did and how it could be improved in the future. Two, she is also an incredible capitalist money machine. I think every artist has always thought that their label takes too much money. They cant control their costs. The company said the cancelation was triggered by unprecedented demand, with more than 3.5 million people pre-registered to get an access code for purchasing tickets. There are no artists making billions of dollars through streaming as far as Im aware, but that said, there is certainly money to be made. She was upset about the low streaming rates that youre talking about. Its beautifully made music, and I understand that they were all dating each other and you can just hear the pain, but I find it tedious and boring. Invites will also be staggered by tour dates in each city. There are still cracks in the model, right? Leading the charge is Utah interior designer Julie Barfuss, who tweeted last month that she spent more than nine hours on the SeatGeek site attempting to buy Swift tickets. Then inside of that, you might make some ancillary deals to re-record or whatever. Its funny, I obviously think of him as a TikTok artist, but hes actually a blanket, ubiquitous, everywhere-in-media artist. November 18, 2022 / 1:08 PM There was some amount of value there that you could see as an artist. Just to put a pin in it, highlight it, circle it, bold, italic, and underline that inversion. The ticket-selling site paused the Central Standard Time queues, delayed the West Coast times and pushed the Capital One presale to Wednesday to accommodate the demand. A lot of songwriters liked that model. And then Taylor Swift transcends it all. I live in the best city for it," said Amy . Its hard to think of another artist at this point that actually monetizes music itself as the primary and richest revenue stream. A group of 25 incensed Taylor Swift fans from across the country are suing Ticketmaster for fraud and intentional misrepresentation after last month's Eras tour debacle. It is not easy. Justin Bieber was a YouTuber. First published on November 18, 2022 / 1:42 PM. Search. You cant put that genie back in the bottle. Does that stuff seem viable to you? "You were selected for this opportunity because you have been identified as a fan who received a boost during the Verified Fan presale but did not purchase tickets," it continued. 2023 Vox Media, LLC. At the end of the month, Spotify looks at all the stuff I listened to and says, Okay, you listened to $10 of Taylor Swift and $5 of Guns N Roses, and then takes my $15 and gives to those artists in proportion to how much I listened to their music that month. TikTok isnt like, Hey, heres the link to a page to be able to easily go and check out all this other stuff. Its not going to do that until it has to. Now theyre an audio company. Spotify is one of the only major music streaming platforms not owned by a big tech company, and people want them to disentangle their revenues and their costs in a way that could sink the business a business which already doesnt make money. Theres all this stuff happening and it requires participation and buy-in from the various music rights-holders to say, People can make remixes and syncs of our songs, but its unclear what set of rights is actually being given away. Dec. 12, 2022, 1:37 PM PST. Many fans sat in the Ticketmaster queue and were told they would need to start the process over. It was almost like the launch of MTV in terms of a new place for people to be able to make hits with audiences that had been underappreciated, mostly young people hanging out on their phones. How did Spotify do at that moment? It thinks the Switched on Pop TikTok account is an in-recovery smoker who is really into a bunch of very dated movie references. The expectation from the fans now is that youre going to mount a spectacle. I feel like I always force you into this every time youre on our show. Willing to separate in pairs of 2 for $1350 each pair! >Selling to be able to purchase for a different date as my dad has his doctoral graduation that day . We have settled the most important debate: Is David Hasselhoff rich in Germany? Its the future of music. Again, it stood as an admission of, We cant sell this stuff. You are entering a deal where you are hopefully successful and then funding all of the other things that are not successful. Taylor Swift is speaking out amid the controversy surrounding Ticketmaster's handling of her upcoming "Eras" tour. What we can sell them is convenience, as opposed to the chaos of piracy. Thats really interesting to me, because the thesis of this conversation is that we have had 20 years of streaming and this model seems like its teetering. "We apologized for the difficulties you may have experienced, and have been asked by Taylor's team to create this additional opportunity for you to purchase tickets.". Again, I will say, I think the style of pop music in particular right now does not lend itself to the intimate club show. Go make your little startup, and when it starts selling, were going to take 90 percent. If its anything like venture capital, its that venture capital doesnt get terms as good as the music labels do. Shes saying, Heres Speak Now (Taylors Version), off we go, and now her fans have instant access. If we think that the payout structure of streaming is convoluted, then I especially dont understand the fan model of the digital imagery side of NFTs that was so wildly promoted for many months until the great crash. There are hundreds of people who have been signed now off of the platform to label deals. I cover pop, but I also love to shred on the guitar. Sign up for free Patch newsletters and alerts. Theyre just not getting any streams, and by the end, when its all divided out, very little revenue comes to Guns N Roses. Theres a limit on venues and they all seem monopolistically controlled. Swifties reported website outages and hours-long waits only to log off empty-handed. Fourteen million people attempted to buy Taylor Swift pre-sale tickets on Tuesday, the CEO of Ticketmaster's largest shareholder has claimed. There are not as many folks in the middle class of streaming as the streamers would like to say there are. Very much so. Spotify is the only major streamer that is not subsidized by a larger tech company. You have to find another planet, for other reasons too, unfortunately. One is the sound recording, called the master, which Taylor wants to own. It seems like every tech company has tried to do that in the last three years, and it doesnt seem like people are pouring in to do lots and lots of live audio. Her career is definitely a good case study across the last almost 20 years. Lets just be more explicit about that to make it really clear for people. 4 tickets together to the ERA'S TOUR Taylor Swift on Saturday May 13th (5/13/23)! She said she's "trying to figure out how the situation can be improved moving forward. Theyre not a music company anymore. We have seen tech stocks everywhere struggling. So is everyone else. You would get a small proportion, 20 percent or less. "We strive to make ticket buying as easy as possible for fans, but that hasn't been the case for many people trying to buy tickets for Taylor Swift | The Eras Tour," Ticketmaster began in the statement. "I'm enchanted to announce my next tour: Taylor Swift | The Eras Tour, a journey through the musical eras of my career (past and present! I think that they were smart to chase what the people were doing. Surely. Yeah. I think that middle step of, We need to print CDs, we need to promote CDs, we need to sell CDs, and we need to have a relationship with retailers in order to even have the CDs in the stores, always seemed like a big chunk of revenue that should naturally go to the artist. Its NFTs, its blockchain tokens, its whatever universe the DJs want to put together. But culturally? These streaming platforms, which were valued as tech companies, are actually just digital media companies. It just created a sensation, but it was a huge, expensive stadium tour. On November 15, 2022, the first day of pre-sale of tickets to verified fans for the US leg of the Eras Tour (2023) by American singer-songwriter Taylor Swift, Ticketmaster's official website crashed following "historically unprecedented demand with millions showing up", halting the pre-sale. The rocky presale era for the "Eras Tour" is finally over.. After a long wait, tickets are available on most platforms for Taylor . (The Associated Press / AP Newsroom), GET FOX BUSINESS ON THE GO BY CLICKING HERE. Shes an amazing songwriter. Well, this is the thing. The greatest hits record is a really interesting example. <p>Taylor Swift | Era's Tour | 1st Floor Ticket | With It's Been A Long Time Coming VIP Package| Los Angeles 8/8. Several pre-sales events are planned ahead of Madonna's holiday tour before the public sale begins, which Becker considers a bad sign. Its like he gets human psychology. We can probably model some churn based on if theyre listening to great music from the 50s or 60s. What I would not bet against is the internet and the expectation, which an entire generation has now been raised with, that all the music is on YouTube. Its all out there. When you visit this site, it may store or retrieve information on your browser, mostly in the form of cookies. A report from our colleagues at Vox showed that less than 10 percent of those artists that broke out on TikTok in the 2020 window have gone on to create a successful touring career with people showing up and buying tickets. You can just make a copy of a digital object and sell it again. All Rights Reserved, By submitting your email, you agree to our. The Grammy winner also wrote that the situation "really pisses me off" and that she was actively working on a solution for her fans. Music broadly has two big licenses. I would pick Lil Nas X as well. Now heres the thing. High demand for Taylor Swift concert tickets led Ticketmaster to delay the West Coast pre-sale. You were talking about how if you go viral on TikTok, then all of your fans will go listen to you on Spotify, then they might go buy a T-shirt, then they might end up buying a tour ticket. The sudden cancellation comes after Ticketmaster said Thursday that more than two million tickets were sold Tuesday for her upcoming tour the most ever sold for an artist in a single day. Taylor Swift released her first album in 2006. . Not just because of this holdup, but because they realize that this is the place where they are going to monetize. This whole episode actually started because our team was talking about Taylor and her masters. Charlie, this was great. She was like, Im not doing that. In response to the report, Live Nation issued a statement on its website, saying that it "takes its responsibilities under the antitrust laws seriously and does not engage in behaviors that could justify antitrust litigation. She was the product of a Nashville system and she did not have a built-in fan base when she released her first record. A lot of the best people in this business are able to secure the most advantageous contracts, though often very exploitative ones, and there has been no shortage of those throughout the entire history of recorded music. Touring is certainly doing really well for her. You are having to convert people from place to place to place to place, and those platforms dont want you leaving. What Im getting at is that the marketing funnel is really hard. There has been a realization that many of these streaming platforms, which had been valued as tech companies, are actually just digital media companies, and theyre trying to figure out how to pull in revenue after a decade of growth that has been funded by low interest rates and the natural business cycle of streaming. In 2014 to 2017, this was kind of the height of Taylors fight with the streamers. Now theyre saying, You need a following. Is she following the standard playbook or is she evolving? She has voiced concern about digital music and streaming for over a decade, and she has taken some very important actions to show herself as an underdog being exploited by big tech companies that just want to take all the money. Did it seem like the future? 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It's truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them felt like they had to go through several bear attacks to get them. Amazon Music is going to be fine because Amazon is fine. A few days later, Swift confirmed she was going back on tour in 2023. For example: based on the volume of traffic to our site, Taylor would need to perform over 900 stadium shows (almost 20x the number of shows she is doing)that's a stadium show every single night for the next 2.5 years. "It obviously wasn't meant to be if we didn't get tickets but we're upset. The labels go along with this because functionally, they have no choice. All those folks who had secured really great deals and contracts, and who were making lots of money, were very upset by the piracy that started to take place around 2000. In 2020, you could have one breakout song that had hundreds of millions of streams on it on TikTok. I mean, we are putting that in the metaverse right away. What happens after you submit a ticket request? The Capital One presale was also rescheduled for the following day. A fan who had been sent a verified code was told the Ticketmaster account wasn't linked to the Verified Fan sale. The demand "could have filled 900 stadiums," he said. He creates whole media cycles off of the things that he makes. 1999 was the height and record profits were declining, yet CD sales were still very large at that point. Especially smaller artists that cant front the money for a huge spectacular stage show. Well, I want my money to go to the artist as directly as possible. But that share of the 100,000 songs a day that are being uploaded to Spotify from artists that are just getting going, I think a lot of those might actually never even come close to collecting $20. TikTok is profound, and it has very meaningfully shifted what is happening in music. You have to make it on your own. So, critically, Spotify is just deeply linked to the major labels. "If Chick Fil A was in charge of the Ticketmaster queue I would've had Taylor Swift tickets within MINUTES just saying," a Twitter user wrote. There are some very meaningful, projectable revenues that can be made if you own all of your recordings, so she is taking those actions. Nov. 11, 2022: Taylor Swift announces an additional 17 dates. A bunch of Tower Records managers got to go to parties, so they would put your CDs at the front of the store instead of the back. Here we go! You can make an entire business of curation in that way. Apples basically saying, Listen, in order to launch a streaming service, we need a ton of users. For some of us, they even created tools that would help you export your music, so that you could grab your entire MP3 library and all your ripped CDs and carry them with you. So I think something could happen there. Taylor Swift announced the Eras Tour earlier this month her first since her "Reputation" album tour in 2018 and fans are eager to get their hands on tickets. He is a master of the platforms, and he makes compelling and well-produced content. Taylor Swift's Eras Tour is on track to sell $591 . When you are a young artist trying to come up, and youre like, I need to build an audience on TikTok so I can go to a label and have some leverage to get back from the label what I want, how big of an audience do you need? Cookies collect information about your preferences and your device and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. November 18, 2022 / 1:42 PM Taylor Swift fans who are registered as "verified" may have a second shot at tickets to her "Eras Tour" as Ticketmaster tries to make things right after its website crashed last month amid an onslaught of orders. Image source: taylorswift. I think its important to say that. ", Taylor Swift fans were disappointed in the experience with Ticketmaster. I was one of those listeners. Microfiches do that. That dynamic, where you expect more but pay less and the artists are openly struggling, is the most unusual thing about music to me. Call it what you want, but it seems safe to say at this point that the rush to buy Taylor Swift concert tickets was a complete fiasco. I mean, they would all say they are. If were at this moment in a 20-year cycle where everyone is unhappy with how this model is working, outside of probably the labels, then there is opportunity for someone to do something very creative and disruptive. Taylor Swift fans sue . Make no mistake: Ticketmaster deserves the scorn that it is currently receiving from Taylor Swift's listenership, a population of such size and power that it probably merits a spot in the. I wasnt going to buy the nine-song record because CDs at my local Best Buy were very expensive. Many would say that one of the things that streaming has done is it has created a situation where there are forecastable, projectable revenues that say, Hey, this is how many people are listening to this music. The Midnights singer's loyal listeners have taken the company to task after the ticket-buying process for her upcoming Eras Tour resulted in chaos. It is getting more difficult because there is more content on TikTok than there ever has been before, so it is becoming harder and harder to break out every single day. I think there are many places in the whole music industry, in all aspects of it, that are struggling. There are public funds now where you can invest in music publishing. No tickets and a card I cant use.. Your job was to perhaps show up, perform songs, and work on your image. Over 2 million tickets were sold on Ticketmaster for Taylor Swift | The Eras Tour on Nov. 15 - the most tickets ever sold for an artist in a single day. Taylor Swift is a beloved performer and getting tickets to her concerts can be a real headache sometimes. There was a nice moment where ringtones started to cushion some of the revenues. There are still major disputes between artists and their labels, and there are still lots of people saying, Hey, this ride is coming to an end, especially around the move to internet distribution of music.. So then that era ends and were no longer making all the money on CDs, the revenue for the industry has crashed because of piracy, and for some reason its really hard to get a ringtone on a phone, so people will pay 99 cents for a ringtone. Look, man, I came up in an era where a guitar solo in a small, smokey room with 300 people is perfect. Swift said she hopes that she can provide more opportunities in the future for all of her fans who weren't able to get tickets to the tour. Everyone is mad at Ticketmaster, and like, Dua Lipa needs to go home. These companies have been replaced by technology distributors Spotify and all of our favorite tech overlords, like Apple, Google, and Amazon. To be fair, the big knock on the music industry during the CD era was that CDs were full of filler tracks in order to make them look like a better value than they were. Additionally, less than 5% of tickets had been sold or posted on the secondary market. That to me seems like the most opaque part of this entire thing. Shes very savvy, yes. It seems to be a mentality of, How can we get this stuff out there so that people can hear it and we can monetize it later down the stream?. If I had to pick one, I would pick him. The documents cited the "disaster" that occurred on Nov. 15 and Nov. 16, along with the "cancellation of general sale tickets scheduled for Nov. 18," alleging that Ticketmaster "has effectuated this anticompetitive scheme by forcing fans of musicians to exclusively use Ticketmaster for presale and sales prices, which are above what a competitive market price would be.". We've received your submission. It used to be that you sold the music, and all the other stuff was just promotion for the music as this thing you sold. The singer commented on the issue on her Instagram story on Friday, saying that . (Fox News Digital / Fox News), Many fans sat in the Ticketmaster queue and were told they would need to start the process over. Real headache sometimes thats why Im saying its way more than TikTok just make a of! As the primary and richest revenue stream sell it again CDs at my best... How i think every artist has always thought that their label takes too much.... 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