The economics of tracking musician’s royalties in the digital era of music
The contemporary music industry is one that has the potential to grow exponentially on the account of the extent that digital platforms have increased audiences for musicians. However, the benefits that come from the power of digital platforms have also created loopholes that could see music artists losing considerable amounts of money based on the sophisticated intricacies of tracking musicians’ royalties in today’s music industry. Arguably, music has grown from a field that was guided by the sheer passion for music to a field that is managed by professionals (Owsinski; Pavlik and Shawn 98; Wang). Initially, musicians used to rely on the sale of cassettes, CDs, and live performances to earn their living. However, dramatic advancements in digital technologies have expanded the revenue streams for musicians based on the millions of subscribers who actively subscribe to platforms which allow their subscribers to stream music at their convenience. Pandora, SoundCloud, Rhapsody, Spot