The Decline of Radio
Buckshot, a music industry veteran, highlights the decline of traditional radio. He argues that radio remains relevant primarily due to its presence in automobiles. Without cars, he believes radio would be obsolete.
Streaming Music: An Illusion of Control
Buckshot asserts that streaming music is a massive deception. He explains that while streaming services offer users access to extensive music libraries for a monthly fee, this access is conditional. If users stop paying, they lose access to the music, revealing the lack of true ownership.
The Blockchain: Restoring Full Control
Buckshot introduces the concept of the blockchain as a solution to the control issues inherent in streaming. The blockchain technology allows for complete ownership and control over music, contrasting with the temporary access provided by streaming services.
Poor Payouts from Streaming
The financial returns from streaming are minimal for artists. Buckshot emphasizes that the payout ratios are highly skewed in favor of the streaming platforms, often resulting in artists receiving only a fraction of a penny per stream.
Misconceptions About Music Revenue
Buckshot challenges the notion that significant money can be made from streaming and live performances. He points out that, historically, artists have rarely made substantial income directly from music sales. Instead, revenue has come from other sources such as live shows and merchandise.
Historical Context of Music Industry Payments
The issue of inadequate compensation in the music industry is not new. Buckshot references iconic artists like Prince and Michael Jackson, who also struggled with fair compensation despite their immense success. This historical context underscores the systemic nature of the problem.
The Illusion of Ownership and Control
Buckshot compares the streaming model to a bluff, where users feel in control but actually own nothing. He draws parallels with social media outages to illustrate how dependent people are on these platforms, despite not owning their content.
The Impact of Blockchain on Music
Buckshot predicts that the blockchain will revolutionize the music industry by enabling direct transactions and ownership. This technology offers a solution to the exploitation faced by artists in the current system.
The Evolving Music Industry Landscape
According to Buckshot, the music industry is undergoing a significant transformation. He describes the current state as a “quiet bomb,” indicating that while the full impact has not yet been realized, the industry is fundamentally changing.
Advice for Young Artists
Buckshot advises young artists to pursue their passions but also to be cautious. He suggests that artists should consider working while pursuing their music careers to ensure financial stability. He emphasizes the importance of controlling one’s own destiny and not relying solely on the traditional job market.
Conclusion
In summary, Buckshot’s insights highlight the challenges and transformations within the music industry. From the decline of radio to the pitfalls of streaming and the potential of blockchain technology, his perspective provides a comprehensive overview of the current state and future direction of music distribution and artist compensation.