I was a collector. I hope those things can also survive so that whoever has been able to have the time to develop that talent can keep on doing it. People are still buying songs for 99 cents on iTunes, and people are still buying CDs in order to rip them onto their computers. Taylors attempts to remake the music industry in the middle streaming period, as you might call it, all basically came to nothing, besides maybe a little more money or clout with the industry. Its really hard to change behavior. The one that comes to mind for me immediately and instantly is TikTok. "I'm enchanted to announce my next tour: Taylor Swift | The Eras Tour, a journey through the musical eras of my career (past and present! Is the music on streaming still just marketing for that stuff, or is that valuable to her now as well? Where is Zune? Look, I see the NFT as a thing the music industry saw it could sell. Dude, music licensing is so freaking complicated. The second show was added along with more than a dozen other dates because of the huge demand. She also shared the names of the performers who will be joining her onstage for her opening acts, including Paramore, Phoebe Bridgers and HAIM, before ending with a message to her fans: "I can't WAIT to see your gorgeous faces out there. Taylor Swift will release additional tickets for The Eras Tour, one month on from the Ticketmaster sales debacle which crashed the site and saw thousands of fans miss out. Unfortunately, a lot of them dont then translate into fan bases that will come out and buy tickets to shows. She has not yet had to make that turn, but the midline artist is desperate for the next thing they can sell. Taylor Swift fans are ushering in a new era for Ticketmaster. Theyre able to exit and say, Hey, I got $200 million for my entire music catalog. Some people want to be on either side of this. Obviously, with an NFT, you dont have to front the cost of a tour and you dont have to manufacture clocks. (Fox News Digital / Fox News). If youre a music label, youre almost like a venture capitalist. ", "I'm not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand and we were assured they could," she said. I had Loverfest tickets (which supposedly boosted me). Barfuss said she also tried the following day for the Capital One presale event, only to have my card declined because SeatGeek had charged over 40 transactions totaling $14,286.70 the day before. Shes not going to buy it, so shes just recreating it, and that is an age-old thing that so many different artists have done. Does streaming keep on working? Then when they ran out of countries, their growth stopped. "Congratulations, you have been selected to participate in a limited-time opportunity to request to purchase 2 tickets to Taylor Swift The Eras Tour," the note read, per Billboard. If the songs are just marketing for tour tickets, then you should put the songs everywhere you can all the time. Talk to us about the CD era. I pay Spotify $15 a month. As we go through this chronology from the CD era until now, that is the inversion that Taylor Swift and every other artist has had to either navigate through or get destroyed by. The master recording represents the largest majority of the revenue in streaming, as it did in the physical goods era as well. I dont like this.. He creates whole media cycles off of the things that he makes. Im pulling my back catalog. That was bold, because by 2014, the winds were in the sails of streaming. Greg Maffei, CEO of Liberty Media, opened up about the ticket fiasco during an appearance on CNBC's "Squawk on the Steet." Its all out there. Its beautifully made music, and I understand that they were all dating each other and you can just hear the pain, but I find it tedious and boring. TAYLOR Swift is set to release more tickets for her The Eras Tour after thousands of fans missed out on Ticketmaster. Market data provided byFactset. TikTok is profound, and it has very meaningfully shifted what is happening in music. Shes very savvy, yes. He is a master of the platforms, and he makes compelling and well-produced content. When I think of the promise of the Metaverse, what I think about is a private equity firm collecting royalty checks on streaming Neil Youngs back catalog to me. "First, we want to apologize to Taylor and all of her fans especially those who had a terrible experience trying to purchase tickets. (Gareth Cattermole/TAS18/Getty Images for TAS / Getty Images), A Live Nation shareholder claimed 14 million people attempted to purchase Taylor Swift presale tickets on Tuesday ahead of the pop star's "The Eras Tour.". Because all the way up to Midnights, she has been a master of marketing an album, but nobody knew at the time that this was going to happen. There are still major disputes between artists and their labels, and there are still lots of people saying, Hey, this ride is coming to an end, especially around the move to internet distribution of music.. </p> Everything has just become more expensive in our world with inflation. 2022 CBS Interactive Inc. All Rights Reserved. That is a huge part of why Apple is betting on Atmos. Eras will be Swifts first tour since 2018, in honor of her 10th studio album, Midnights, which dropped in October. When there is no competition to incentivize better services and fair prices, we all suffer the consequences.". There are no founder-friendly music labels out there. In this period she withheld albums from streaming at times, and removed her entire back catalog from Spotify. All those folks who had secured really great deals and contracts, and who were making lots of money, were very upset by the piracy that started to take place around 2000. I wasnt going to buy the nine-song record because CDs at my local Best Buy were very expensive. "Even when a high demand onsale goes flawlessly from a tech perspective, many fans are left empty handed. The industry is very mad at Apple for this, but the iPods ascendancy is there. Whatever club banger metaverse that you think you might be in, theyre going to have you in it. We've received your submission. The queue for those tickets, initially reserved for both Taylor Swifts verified fan base and Capitol One membersboth with pre-registration codescrashed Ticketmaster shortly before the on-sale time. Legal Statement. The music that we are able to listen to is music that can be monetized. They wont stop being around me, and its TikTok. I think that the worlds in which fandoms are emphasized have definitely done well in this model. So Spotify launches in Europe, and what they sell you is convenience. Many fans sat in the Ticketmaster queue and were told they would need to start the process over. They would have to figure out how to succeed on the streaming side. Independent artists can fare well in this ecosystem if they get hundreds of millions of people to go listen to a song which they own the majority of, because then theyre getting the full fraction of a penny, rather than a tiny fraction of the fraction of a penny. And maybe more importantly, to try and figure out if the music industry can sustain and support artists who are not Taylor Swift because streaming all by itself definitely cannot. Theyre just not getting any streams, and by the end, when its all divided out, very little revenue comes to Guns N Roses. Lisa Marie Presley's net worth: Losses, lawsuits and Graceland, Marie Osmond says her kids won't get an inheritance, Former "American Idol" contestant C.J. There are so many robot nursery rhymes that go viral on TikTok and then they kind of go nowhere. (Fox News Digital / Fox News), Many fans sat in the Ticketmaster queue and were told they would need to start the process over. Do we have a sense of how that works and if the labels are happy with that? Talk to us about the CD era. Amazon Music is going to be fine because Amazon is fine. On the day the canceled general ticket sale was supposed to occur, Ticketmaster issued an apology to Swift fans along with a lengthy explanation about what went wrong during the presale. Part of what youre saying, Nilay, is that music is more valuable than it has ever been. I followed their instructions, logged on early, using my laptop (not a mobile device), waiting a LONG time (like everyone else), finally got in and it was a bloodbath., She continued: Grab tickets as fast as I could, go to purchase them only to be told someone else got them first, FINALLY got tickets in my cart, only to have the site crash, got thrown back in the queue, could not get a transaction to go through.. YouTube is going to be fine because Google exists. There was some amount of value there that you could see as an artist. As an old-school punk rock guy, there is a part of me that deeply vibes with his ability to be subversive, and it transcends the fact that he broke out on TikTok. From how the chaos ensued to the response it's provoking from lawmakers, here's everything to know about the debacle surrounding Ticketmaster and Taylor Swift's Eras Tour. You said at the beginning here that streaming feels like its on the rocks. Those fans arent going to stick around forever. Thats very dark. "Though AOC may not like every element of our business, interestingly, AEG, our competitor, who is the promoter for Taylor Swift, chose to use us because, in reality, we are the largest and most effective ticket seller in the world," he said. "Daily reminder that Ticketmaster is a monopoly, its [sic] merger with LiveNation should never have been approved, and they need to be reigned [sic] in. All presale codes and links sent via text will still work at that time, they said. It just created a sensation, but it was a huge, expensive stadium tour. No offers below $2500. I also think the mathematics of the model get really weird once youre talking about share of listening on a global basis. I mean, we are putting that in the metaverse right away. David Hasselhoff is still doing well in Germany. For example: based on the volume of traffic to our site, Taylor would need to perform over 900 stadium shows (almost 20x the number of shows she is doing)that's a stadium show every single night for the next 2.5 years. People are always going to be upset about their contracts in music. There is no shortage of stories of artists, musicians, and songwriters being short-shrifted throughout the entirety of the music industry. So much information is not accessible. Li Cohen is a social media producer and trending reporter for CBS News, focusing on social justice issues. Taylor Swift performs onstage during her "Reputation" stadium tour in Arlington, Texas, on Oct. 5, 2018. Well, the most important thing was Spotify getting the buy-in from the entire industry. Shes an amazing songwriter. Selling Taylor Swift ERA tickets on Stubhub - Questions! Surely. By Kaetlyn Liddy. ", "It goes without saying that I'm extremely protective of my fans," she said. Maybe you buy a movie on iTunes for $20 or $30. First published on November 18, 2022 / 1:42 PM. Taylor Swift on Friday responded to fan frustration over the botched presale for her upcoming "The Eras" tour which led to Ticketmaster's decision to cancel the public sale of tickets. Theyre making a really big gamble about their future. Were done. Its happening at Netflix. The company did not say whether more tickets would be sold for the tour at a later date. They are so excellent at turning music into whole worlds. I did everything the way they asked. What Im getting at is that they made physical things. I think every artist has always thought that their label takes too much money. Here's Everything to Know. Even though theres more music than ever, there is so much historical music that is not available. There was like a 10-year dark era where the industry was searching for the next thing. So moving outside of the $1 million NFT to the $20 NFT, maybe there is an opportunity for more collectible items in this sense. Absolutely, there was clarity. Spotify is one of the only major music streaming platforms not owned by a big tech company, and people want them to disentangle their revenues and their costs in a way that could sink the business a business which already doesnt make money. Shes saying, Heres Speak Now (Taylors Version), off we go, and now her fans have instant access. I think a lot of folks are looking to K-pop. Its just, Click on this one instead of that one, and her fans are all doing it. Im not going to make excuses for anyone because we asked them, multiple times, if they could handle this time of demand and we were assured they could, Swift said of the ticket fiasco. To get the $20 at the end, we have to front too much money. Now theyre saying, You need a following. If you got 15 songs, well, thats a lot more than the nine-song record. How did that war play out in the beginning? Its not just which artists you listened to, its how much you listened. Ticketmaster cancels Taylor Swift public ticket sales due to demand and 'insufficient' supply. So not all the music, but effectively. Swift hastwo shows scheduled in Pittsburghfor June 16 and June 17. For all the other people who are listening to playlists and keeping music on in the background forever, those people are potentially diluting the listening of fans who only listen really closely to one artist for an hour or two a day. Theres a limit on venues and they all seem monopolistically controlled. There are just endless ways in which people have gotten the short end of the stick here, and she wants to have the biggest stick in the game and own as much of her music legacy as she possibly can. Ticketmasters parent company is Live Nation. No, because its the total amount of listening. There are many versions of this story. It seems the only option is to go find radical alternatives and get into the world of crypto in order to survive in music. Thats for sure. Right? They want to own it. We should just do a mashup of that sigh across all episodes. Then theres the next stuff, like the actual threats. LOS ANGELES, CA Trying to buy Taylor Swift tickets for the Eras Tour? There were some smaller versions of this business that launched in the United States RIP Rdio, which was a Verge favorite. "We strive to make ticket buying as easy as possible for fans, but that hasn't been the case for many people trying to buy tickets for Taylor Swift | The Eras Tour," Ticketmaster began in the statement. Mix. They were more expensive, so bands would have a one-hit single and a CD full of crap. We were looking at the number of legacy artists that are selling off their catalogs for huge amounts of money to private equity companies, who all think theyre going to make massive returns on owning those catalogs of music. Thats a whole other show that we can get to some other time. I dont know. We have settled the most important debate: Is David Hasselhoff rich in Germany? In the CD era, you wanted to buy a greatest hits record because it was all killer, no filler, right? They are now the distributors of music. Now, Swift herself has addressed how she feels about the . Since then, Swift has released three new albums: "Folklore," "Evermore" and "Midnights. Those verified fans were informed by email Monday that they would be individually invited to put dibs on a purchase request by Dec. 23, with a two-ticket limit. You just need a safe space of Guns N Roses fans making only Guns N Roses content. (Getty Images / Getty Images), SPOTIFY CROWNS TAYLOR SWIFT'S MIDNIGHTS AS MOST-STREAMED ARTIST, MOST-STREAMED ALBUM. ", Swift said Friday that the controversy occurred because of a "multitude of reasons," and suggested that the blame for the situation falls on Ticketmaster. You just have to front the money to put that on, and the army of semi trucks, grips, lighting techs, and all the people to do it. Are there any other artists that have done it differently or better than she has? Those with Capitol One on-sale codes were rescheduled to buy tickets Wednesday at 2 p.m. local venue time. There are all kinds of new ways to participate. Lets just be more explicit about that to make it really clear for people. Tickets, $40-$146, Seat Geek. The company did not say whether more tickets would be sold for the tour at a later date. They are certainly desperate and in need of something at this point. ", She continued, "That's why we will hold a hearing on how consolidation in the live entertainment and ticketing industry harms customers and artists alike. Are there going to be another 20? These streaming platforms, which were valued as tech companies, are actually just digital media companies. You have to get completely enmeshed in this thing and see all of it to be able to understand the references that are happening in any given moment. The ticket-selling site paused the Central Standard Time queues, delayed the West Coast times and pushed the Capital One presale to Wednesday to accommodate the demand. We can probably model some churn based on if theyre listening to great music from the 50s or 60s. Ticketmaster canceled last months general public sale of Swift tour tickets after seeing historically unprecedented demand at its presale events. Everyone is mad at Ticketmaster, and like, Dua Lipa needs to go home. I think Dua Lipa has been on tour for five years. SeatGeek handled primary ticketing for a few stadiums. At some point, she should go see her family. We know that we own over 70 percent of all the listening that happens on Spotify. From the labels perspective, they can predict what kind of money theyre going to hopefully bring in each quarter. Ticketmaster cancels Taylor Swift public ticket sales due to demand, 'insufficient' supply. Its the future of music. Again, it stood as an admission of, We cant sell this stuff. Earlier that morning, Liberty Media CEO Greg Maffei (Liberty owns part of Live Nation, of which Ticketmaster is a subsidiary), had blamed the situation on the "massive demand" for Swift tickets during an interview with CNBC. There is so much that is similar, especially the labels that have sustained, but how we interact with music and who distributes that music has radically changed. everything else your concert tickets, your merch, your NFTs, whatever it is. But yes, its just another place where the economics are not in the favor at all of the people producing the material. And then Taylor Swift transcends it all. "UM. However, Maffei defended the Live Nation and Ticketmaster merger. Charlie was like, Well, there are two parts of the song. I think that they were smart to chase what the people were doing. She got into a fight about Apple Music, but now shes one of the faces of Apple Music. Ticketmaster has canceled the public sale of Taylor Swift's "The Eras Tour" after high demand in the pre-sales. Then we are compelled to talk about NFTs and other glimmers of change that might be coming. He and his Consumer Protection team will use every available tool to ensure that no consumer protection laws were violated," his office tweeted Wednesday. Now we live in a world where people can blow up on TikTok overnight and negotiate very favorable terms with a label because they have already built an audience. The supply of music was growing, and the overall proportion of revenues per artist per song had been declining. The musics not valuable. With music, the expectation is that it is effectively free. Artists and performers didnt get paid off with radio streams unless they were a songwriter. Many would say that one of the things that streaming has done is it has created a situation where there are forecastable, projectable revenues that say, Hey, this is how many people are listening to this music. The extra dates officially made Eras her biggest tour to date. Walk us through why Taylor wants to re-record her songs, and how this connects to the big catalog sales were seeing from artists like Neil Young, and there was a report about Dr Dre over the weekend. It feels like what probably needs to happen is subscription prices need to go up, there has to be massive cost-cutting, and there has to be user growth and diversification of business which again, I dont think music is a tech business. Steve Aoki told us why hes doing the Aokiverse. I dont think we actually know, but if you were an artist at that time, how much of that money was coming to you? I think there are many places in the whole music industry, in all aspects of it, that are struggling. There was maybe a simplicity, a clarity, to how the business worked. That is a monopoly. Yes, CDs basically tanked because everybody realized, I want to listen to all the music, and I dont really want to pay for it. CDs were expensive. A desperate Taylor Swift fan who forked out over $5.5k to secure tickets to see her idol on tour has admitted to feeling that she no longer wants to go and 'regrets' the purchase Please keep in mind: Capital [] Taylor Swift is known for planting Easter eggs and all the visuals match up in interesting ways, but in the world of K-pop, there are concepts and character arcs that last over many albums. I remember Steve Jobs saying, People dont want to rent their music. You could walk into the store and see that your thing was the most billboarded. Shes a great musician, shes also just very good at making money. Everyone knew getting tickets for Taylor Swift's The Eras Tour was going . In response to the presale fiasco, more than two dozen Swifties teamed up and filed a lawsuit against Live Nation Entertainment. They got everything for free. Right. However, the sale quickly descended into chaos as fans began reporting site crashes, extremely long waits and other technical glitches. I dont want to deny that it could come from that ecosystem. I was very budget-constrained at that point in my life, and I used to count the number of songs on an album to think about where I should put my money. I mean the musicians, yeah. Thats why they want to do podcasts and why they have original videos. November 18, 2022 / 1:08 PM He has transcended the platform. "You were selected for this opportunity because you have been identified as a fan who received a boost during the Verified Fan presale but did not purchase tickets," it continued. Then she was like, I have a new record, but if you want to listen to it, you have to pay for it.. The price of fuel is an increasing cost. Where is Xbox Music? A few days later, Swift confirmed she was going back on tour in 2023. FOX Business Flash top headlines for November 17. Its really easy to say to listeners, Hey, this thing doesnt make any sense, but that is the business model that we have all bought into, whether or not were conscious of it. Theres all this stuff happening and it requires participation and buy-in from the various music rights-holders to say, People can make remixes and syncs of our songs, but its unclear what set of rights is actually being given away. Now were in this inversion where the music is effectively free to listen to, and the artist wants your $20 for a concert ticket. What was the structure of the industry in the 2000s? Its truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them feel like they went through several bear attacks to get them., 2023 NYP Holdings, Inc. All Rights Reserved, Eminem, Taylor Swift, BTS and more donate items to MusiCares Charity Relief Auction, Taylor Swift is roasted and toasted on a Pop-Tart, Taylor Swift shocks fans with first live performance of Anti-Hero, EmRata curses Ellen DeGeneres after Taylor Swift interview resurfaces, The mega ticket marketplace has apologized. Potential ticket buyers shared their frustrations on social media, comparing their experience to The Hunger Games and calling on Ticketmaster and Swift to address the debacle. It wasnt at its lowest, but it was dropping quickly. Over time, as more music ended up on Spotify and people diversified their listening, there was more competition. She was acting as a voice for a number of quite unhappy folks at that time. You can just make a copy of a digital object and sell it again. You are entering a deal where you are hopefully successful and then funding all of the other things that are not successful. Cookies collect information about your preferences and your device and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. What I would not bet against is the internet and the expectation, which an entire generation has now been raised with, that all the music is on YouTube. All fans receiving this opportunity were notified via email on Monday, December 12. I know we have to talk about the power of TikTok and why it has been the most profound, radical, and fastest change I have ever seen in the music industry, but I also think that the algorithm is overblown. ", Taylor Swift's 10th studio album, "Midnights," was released on Oct. 21. For the labels, its very clear. Taylor puts out her first record and she wants people to listen to it, so she has to go on radio and on tour. Taylor Swift Makes Surprise AMAs Appearance in Golden Jumpsuit and Shouts Out Blake Lively! It gets proven out in Europe over time. Nov. 11, 2022: Taylor Swift announces an additional 17 dates. And that is true; I am on guitar solo TikTok. Lets talk about the last $20 that the industry thinks it might be asking for. So, yeah, its no wonder. "We will sometime soonish. Taylor Swift has mastered this inversion, creating demand for her actual physical albums, merch, and her tours. Thank you for wanting to be there. Taylor Swift Finally Addressed the Ticketmaster Debacle. The music industry has certainly bet a lot of its time there. Taylor Swift performs on stage during her "Reputation" stadium tour at Wembley Stadium in London on June 23, 2018. Of new ways to participate to survive in music always going to be on side... Have instant access in each quarter turning music into whole worlds charlie was like, Dua Lipa has on... Cost of a tour and you dont have to figure out how to succeed on the streaming side amount listening. 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