Yesterday Standard Bank hosted the Joy of Jazz Colloquium themed “music biz in the digital age.” The colloquium is part of a build up to the jazz festival taking place on 24-26 September at the Sandton Convention Centre.
The changing nature of the music business was the primary topic of the colloquium.
Hosted by award winning journalist, Percy Mabandu, key industry players shared their insights and discussed future scenario for the music business.
Organisers of the country’s largest authentic jazz festival brought together government and industry experts to explore the effects of growing digital industries.
The rise of the Mp3, along with internet music shops and streaming websites like Spotify, Tidal etc. have irrevocably changed the music industry.
Tidal which is owned by Jay-Z and other musicians, and now iTunes has also added this service, offer unlimited access to music directly to listeners at a low subscription fee.
In South Africa, we’ve seen a decline of sales in music shops like CD Warehouse, Look & Listen as physical album sales continue to drop.
Musica, Top CD and others have had to adapt their business models. For musicians, it turns out downloads sales akin to Amazon, iTunes paid less than CD sales.
Today, they are learning that streaming pays less than download sales. Many are opting not to sign with major record labels. They are going independent.
Apart from a greater control on their product, this has implication for the record industries middle level jobs which are fast disappearing.