What Happened to The Music Business
The music business has undergone significant changes over the past few decades, largely driven by advances in technology and shifts in consumer behavior.
One major change has been the rise of digital music distribution and streaming services, which have transformed the way music is consumed and monetized. While physical album sales have declined, streaming has become the dominant mode of music consumption, with platforms like Spotify and Apple Music generating billions of dollars in revenue each year.
Another major trend has been the increasing importance of social media and online marketing for musicians. Platforms like Instagram, TikTok, and YouTube have become critical channels for promoting and discovering music, and many artists have built large followings through these platforms.
At the same time, the traditional record label model has come under pressure, with many musicians choosing to go independent or work with smaller, more flexible labels. This has led to greater control and creative freedom for musicians, but also increased competition and the need to be more entrepreneurial in building a fan base and generating revenue.
Overall, the music business has become more diverse and dynamic, with new opportunities and challenges emerging at a rapid pace. While the industry continues to evolve, one thing remains constant: the power of great music to connect people and inspire creativity
About Dwight Miller
With a dynamic career spanning the realms of technology and music, I've established myself as a pioneering entrepreneur at the intersection of innovation and creativity.
Beginning in the computer industry, I honed my skills as a computer engineer and educator, notably training engineers at Cape Canaveral and immersing myself in the cutting-edge world of technology. Transitioning to the music industry, I co-founded PKB Arts & Entertainment, producing iconic events such as the St. Lucia Jazz Festival and collaborating with legendary artists including Carlos Santana, Luther Vandross, and Patti Labelle.
Amidst the challenges of the pandemic, I delved into blockchain technology, aiming to revolutionize the music industry by empowering musicians through Web3 technology. My vision is to create a more equitable and sustainable music ecosystem, where artists thrive and technology serves as a catalyst for positive change. As I continue to navigate the ever-evolving landscape of entrepreneurship, I remain committed to driving progress and leaving a lasting impact on both industries.