The question of the day is: Is old music killing new music? Several studies have shown that older songs make up more of the market than new ones. According to a study by MRC Data, the amount of new songs in the American music market has increased by 30 percent over the past decade. This finding is both troubling and encouraging. The MRC data points to a growing appreciation for older songs, and suggests that many older artists’ influence is waning.
The record industry has largely lost faith in new music, but they won’t admit it publicly. The record labels don’t invest in new music because they think it will never catch on, but they do it to boost their bottom line. In fact, the most popular physical music format is the vinyl LP, which is over 70 years old. Clearly, record companies aren’t interested in investing in newer formats, which might be the future of the industry.
Gioia’s research supports his conclusion: that old music is killing new music. The aging star phenomenon has also led to a huge number of investment firms lining their pockets with a catalog of outdated tunes. This money is now either being used to launch new artists or being sold to smaller labels. It’s an enigma that frightens working musicians. The majority of music consumed in the U.S. is catalog, which is defined as older than 18 months.
It’s hard to say exactly why old songs are killing new music. But, we know that the music industry relies on catalog to generate profits. It’s a sad reality that 70% of the music we consume is old. This means that even the new stuff isn’t making much money. This is why so many people are receptive to new releases. Moreover, the growth of old songs is due in large part to them.
The music industry executives themselves have lost confidence in the future of new music. Although they won’t admit it, the fact is that they have lost faith in the redemptive power of old albums and songs. Despite this fact, the executives of the music industry pretend to believe that the future of their business is in the hands of newer artists. In reality, however, the music industry is only hurting itself.
According to a recent study, new music is killing the industry. In fact, 70% of the music we consume in the United States is “catalog.” This is because the genre is older than 18 months. In other words, the catalog is older than decades. In turn, this is what is driving the music industry’s profits. But is old-music really killing the industry? The answer is, not really.