The music industry is one of the rapid growing industries in the world and has had so many positive impacts to the society. Music is medicine to the soul as they say and every day we get to see new and upcoming artists that also need platforms and audience to keep them going.
However, this industry has been faced with so many challenges that are dragging it in terms of progress and continuity. Some of these challenges are highlighted below;
1. Lack of access to funding and resources whereby this is one of the biggest challenges that artists are facing. Many artists do not the support of a major label which means that they are responsible for financing their own music production, promotion and touring.
2. Low revenue from streaming – This is also a major issue whereby the rise of streaming has been made more accessible to consumers, but has also reduced the average revenue generated by each individual. There are so many artists doing different works and all of them are depending on the streaming but the payments are not reciprocating.
3. Competition from major label artists- Major labels have the resources and infrastructure to promote their artists on a large scale. The major labels often have strong relationships with streaming platforms and other music partners that can give their artists the advantage in terms of visibility and revenue all together.
4. The Big Flu- After the different waves of Covid-19 that hit planet Earth, it did not only affect people health wise but also different industries were affected music industry being one of them. So many big labels faced challenges losing a lot of money and also losing artists. The market reduced since artists were not able to go on shows to perform due to the lockdowns that had been put to place in many different parts of the country.
