In 2024, a remarkable phenomenon has emerged - an unprecedented number of musicians are actively making and releasing music. A recent report by MusicRadar sheds light on this trend. Former Chief Economist of Spotify, Will Page, was interviewed and revealed that more music is now released in a single day than in the entire year of 1989. This indicates a significant shift in the music industry.

Unprecedented Growth in Music Creation in 2024

Section 1: The Rise of Music-Making Software

The report by MusicRadar highlights the close connection between the rise in musicians and the growth of music-making software. With the ability to make high-quality recordings from the palm of one's hand and share them with just a tap, an unprecedented number of people have been inspired to become active, content-creating musicians. This has led to a surge in demand for music production software. As Page explained, more music is being produced by artists themselves, and the tools to do so are more accessible than ever before. 2: The convenience and affordability of music-making software have opened up new avenues for aspiring musicians. They no longer need expensive recording studios or specialized equipment to create and share their music. This has democratized the music-making process and allowed a wider range of voices to be heard.

Section 2: The Impact on Music Creators

According to MIDiA's "State of the Music Creator Economy" report, the global number of music creators reached 75.9 million in 2023, a 12% increase from the previous year. This growth is a testament to the accessibility and popularity of music-making. However, it also comes with its challenges. Musicians now have more creative and personal freedoms, but they also face reduced earnings due to the micro-revenues paid by streaming platforms. The cost of music-making is being shifted onto creators, as more software and tools switch to subscription-based models. In 2022, a quarter of software, sound, and services revenues came from subscriptions, and this is expected to increase to one-third by 2030. 2: This shift in the industry has led to a sense of fatigue and resentment among musicians. They are struggling to make a living in an environment where the revenue opportunities are decreasing while the expenses are increasing. Steve Heithecker of Pyramind Institute touched on this phenomenon, highlighting how software companies are following the lead of Wall Street and focusing on recurring revenue. This has led to a situation where musicians often forget about their subscriptions and end up paying for services they may not even use.

Section 3: The Need for Change

While the current state of the music industry may seem bleak for musicians, there is hope for a more equitable system. Musicians are calling for improved forms of recurring payments, such as rent-to-own instead of subscriptions, to provide them with more stability. There is also a need for better protections and increased reimbursements for musicians in general. As MusicRadar pointed out, there is a growing sense of dissatisfaction among musicians, and this could lead to significant changes in the industry. 2: The music industry is constantly evolving, and it is up to all stakeholders to work together to create a more sustainable and fair environment for musicians. By addressing the issues of reduced earnings and increased expenses, and by providing better support for musicians, we can ensure that the art of music continues to thrive.