The solution to artist remuneration and the next wave of music industry growth is already here: fan communities.
The article from MIDiA Research, authored by Keith Jopling and titled “Artists need to place themselves at the centre of fan community-led commerce,” discusses the evolving landscape of artist remuneration and the music industry’s growth through fan communities.
Warner Music’s development of a superfan app for artists is highlighted as a step towards empowering artists and labels to manage and monetize content directly, moving beyond traditional streaming revenue.
The piece emphasizes the significance of direct-to-consumer (D2C) fan monetization strategies, especially in the post-Covid reality where touring is no longer a reliable income source for most artists. It points out the stark contrast between the revenue generated from traditional music sales and streaming, suggesting a reevaluation of the music’s value.
Real-world examples like Erykah Badu’s ‘Badu World Market’ and The National’s ‘Cherry Tree’ fan club illustrate successful implementations of community-driven platforms that deepen artist-fan relationships. The article also discusses the potential of new platforms, such as My Morning Jacket’s ‘One Big Family’ fan community, to provide more engaging and rewarding experiences for both artists and fans.
The narrative concludes with a call to action for artists and managers to seize control of their fan and commerce engagement, encouraging the development of bespoke experiences and community-driven commerce. It also notes the broader industry trend towards collaborative and shared audience strategies that benefit all artists, regardless of their career stage or label affiliation.
Source: Artists need to place themselves at the centre of fan community-led commerce
