MAY | COVER FEATURE
“The record is dead,
long live the record,”
Harvey Goldsmith CBE
But while quality is subjective, longevity isn’t. And
there’s no denying the reliance on festival favourites
in their twilight years: Neil Young, The Rolling Stones,
Fleetwood Mac, Stevie Wonder, Dolly Parton and Paul
McCartney, etc, etc. This is in contrast to only a handful
of acts emerging since around 2005 who have managed
to maintain Main Stage momentum into their 30s.
So what can be done to coax out the next Bowie,
Beatles or Blondie?
Some factors are difficult, impossible or even
undesirable to change, ie: the lack of a cohesive
counterculture movement; the demise of Top Of The
Pops and the relevancy of the pop charts; then there’s the
homogenisation of mainstream musical sounds (see the
Medical University of Vienna’s study Instrumentational
Complexity of Music Genres and Why Simplicity Sells).
But, its uncontroversial that more studio time is
beneficial for artist’s creativity and longevity. The
Beatles (not a bad UK plc export) produced their most
accomplished work when they ditched their live
obligations and holed themselves up in Abbey Road.
Comparing recent chart topping acts’ longevity
to bygone eras reveals an apparent trend towards
short-termism. However, The DCMS’s 2019 Live Music
report, published last month, gives some factors that
can be managed by the live music and event industries.
It cites issues including ticket touting, music venue
closures, a lack of opportunities for artists from poorer
socioeconomic backgrounds, and failing music education
policies.
Access’ ingenious panel of contributors touch on these
issues, and detail some brave new business models for
creative capitalists looking cash in on the music scene,
while still giving plenty for artists to chew on, and ample
time for them to hone their creativity.
Recovery in sight?
Despite the huge chunk downloading took out the
market, the introduction of Spotify in 2008, Tidal in
2014 and Apple Music in 2015 bought much needed
competition, helping more than double streaming
revenue. Such services now bring in close to $8bn,
accounting for more than 75% of total music revenue.
This is far from the heyday of physical sales, but it’s
important to note that physical products require greater
manufacturing costs, so revenue figures on physical
products are inflated. Nonetheless, there has been a
30
sharp decline in high street music stores, like HMV. But
could, or should, the High Street have done more?
“The record is dead, long live the record,” Nvisible CEO
Harvey Goldsmith CBE told Access. “I’m gobsmacked
at the HMV saga. I went to see the HMV management
and told them the reason you’re not selling is because
you’re completely targeting the youth audience who
can rip music. They said ‘we have to’, and I said there’s a
big market of over 40s who want to hold a record, have
the artwork, and not have a computer tell them what to
listen to. But when this demographic enter the store they
feel like they’re in an alien bar in Star Wars.
“The big labels that are left are actually recording
record profits: bigger than expected, and bigger than
ever before. Money is now coming from many different
sources. There’s always a market for a great songwriter
and a great performer, but now not a lot sticks out. The
average kid listens to something one weekend, then a
new thing the next. It is what it is, but I believe guitar-
based rock will come around again. There’ll be a new
frontman, another Freddie Mercury, and that cycle will
start again. There’s a role for long term music, it will
come through, but we’re in the cycle waiting for it to
come around.”
Much can, and is, being be done to fuel this cycle,
according to culture marketing agency Warm Street’s
co-founder Theo Gentilli, who is optimistic about brands’
increasingly empathetic relationship with music fans
and musicians.
“Five years ago we were rarely approached by a
brand to write them a ‘cultural strategy’, but brands
understand more than ever, that they must deliver on
a purpose. Young people are ever more demanding in
terms of how they expect brands to engage with them:
they want a meaningful, enriching relationship, and
music culture is the perfect place to do this.
“The business environment is shifting too. The
mega companies of tomorrow will positively impact
society and culture for good and it’s changing from the
top down. For example Larry Fink, CEO of the largest
investment fund in the world, Blackrock ($66.8bn market
capitalisation) now includes environmental, societal
and ethical indicators into how they value prospective
investments. So what we see is that the importance of
purpose is driving the desire to play more meaningfully
in culture. It’s this trickle down effect that now helps to
plug any shortfall from reduced physical music sales that
many artists face. It’s a very healthy space
for collaboration and mutual benefit. With
brands wanting to cut through the social
media noise, the experiential industry is
booming and this holds great opportunity
for live music.