It was the labels job to promote you, manufacture CDs, truck those CDs to stores all over the country, manage their relationships with physical media, and distribute it. Its like he gets human psychology. Ticketmaster, based in Beverly Hills, crashed shortly after 10 a.m. Tuesday after reporting historically unprecedented demand, with "millions of fans" showing up to buy tickets for the TaylorSwiftTix Presale event. (The Associated Press / AP Newsroom), GET FOX BUSINESS ON THE GO BY CLICKING HERE. Ill bring this back to Taylor Swift, because she did live through these eras. There have been countless stories of the ways in which being on the road is immensely unhealthy, and greater awareness of the ways in which its just really bad for ones mental health to be infinitely on the road and completely displaced. So when everybody wants to do that at the exact same time, all of the venues and all the promoters are now in a place where I mean, I would book Harry Styles for 30 years of residency or put Taylor Swift on tour forever if I were Ticketmaster, because there is so much potential revenue to be made off of ticketing fees in those scenarios. The queue for those tickets, initially reserved for both Taylor . There is some concern that people are only listening to music on TikTok, and that they need to listen to the really fast, sped-up version instead of the real one which is a major trend we have reported about on Switched on Pop, because that is their engagement with music. Now theyre saying, You need a following. All of the movie streamers do not give you all the movies. The singer commented on the issue on her Instagram story on Friday, saying that Ticketmaster had assured her team "multiple times" they "could handle this kind of demand. Theyre past their prime. That helped persuade me eventually, but most of us were just trying to listen to everything that we wanted whenever we wanted. Ive always thought that if you can wrap your head around whats happening to the music industry, you can pretty much see the future of TV or movies or the news or whatever because the music industry just moves that fast. (Getty Images / Getty Images), SPOTIFY CROWNS TAYLOR SWIFT'S MIDNIGHTS AS MOST-STREAMED ARTIST, MOST-STREAMED ALBUM. According to Ticketmaster's recent release, West Coast ticket sales scheduled to begin at 10 a.m. PST would be pushed back to 3 p.m. FAQ - New Privacy Policy, Check out what's clicking on FoxBusiness.com. They wont stop being around me, and its TikTok. They want to exit or they actually believe in this system and think that those revenues in the future are going to be very valuable. He and his Consumer Protection team will use every available tool to ensure that no consumer protection laws were violated," his office tweeted Wednesday. Thats amazing. We can talk. It gets proven out in Europe over time. While it's impossible for everyone to get tickets to these shows, we know we can do more to improve the experience and that's what we're focused on," it concluded. I wasnt going to buy the nine-song record because CDs at my local Best Buy were very expensive. Here's Everything to Know. They want to have a relationship with it. This was a religious war inside the tech and media industries. My instinct is that theyre like, Yeah, heres this license to see if your little ticky-tockie works, and now theyre at the end of a period and theyre like, Oh, it worked really well. I mean Charlie Puth was a YouTuber. 1999 was the height and record profits were declining, yet CD sales were still very large at that point. Sign up for free Patch newsletters and alerts. November 18, 2022 / 1:08 PM She was very hesitant to participate in the new digital era, calling out the ways in which it was set up to exploit artists. It used to be that people spent $20 on an album, and if we sold a lot of albums, then we made a lot of money. Music is weird in that it seems utterly ubiquitous, but its actually consumed the most by, and obsessed over the most by, a fairly small group of people. Quotes displayed in real-time or delayed by at least 15 minutes. He, like Taylor, is brilliant at understanding where the culture is at and how to say or do something on the edge of acceptability within certain communities, to then cause uproar, backlash, and embrace. Are there going to be another 20? Copyright 2023 CBS Interactive Inc. All rights reserved. Then when they ran out of countries, their growth stopped. I have to say, Im not following it too closely because its such a complex ecosystem. She withheld her new releases from Spotify, but now her new releases are on Spotify. There was like a 10-year dark era, the Middle Ages, where the industry was searching for the next thing. TikTok isnt like, Hey, heres the link to a page to be able to easily go and check out all this other stuff. Its not going to do that until it has to. Greg Maffei, CEO of Liberty Media, opened up about the ticket fiasco during an appearance on CNBC's "Squawk on the Steet." Its not the nicest ocean to swim in. Two, she is also an incredible capitalist money machine. Taylor Swift has mastered this inversion, creating demand for her actual physical albums, merch, and her tours. In 2014, she removed her entire back catalog of music from Spotify. She certainly wants to own this asset for the amount of money that can be made in streaming. In 2014 to 2017, this was kind of the height of Taylors fight with the streamers. ", "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. 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. I had a boost email from TaylorNation, she wrote. Its not clear who listens to it and how, it devalues fans, there were all kinds of ways that people were very unhappy with how they got paid out. 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. 2023 CBS Broadcasting Inc. All Rights Reserved. That is the big question. The sudden cancellation comes after Ticketmaster said Thursday that more than two million tickets were sold Tuesday for her upcoming tour the most ever sold for an artist in a single day. No, no, no. )," the Grammy winner wrote on social media. The tour is set to kick off in Arizona in March and wrap up in Los Angeles in August. This is why tech companies want to own this asset, even if they cant really monetize it that successfully. She has voiced concern about digital music and streaming for over a decade, and she has taken some very important actions to show herself as an underdog being exploited by big tech companies that just want to take all the money. There was a nice moment where ringtones started to cushion some of the revenues. You use TikTok to get someone to follow your Spotify, then they eventually go to your merch page, then they buy some merch, then they go buy a ticket, and then they eventually show up at your tour, et cetera. If you go back in this episode to when I asked Charlie to explain music licensing, there was a sigh. Thats going to happen. At the request of Swift's team, the ticket seller said on Monday that . It literally is the same. As the lucky fans who were selected for the presale attempted to join the waiting room queue for tickets, Ticketmaster is reportedly crashing on many people's devices. Its both, because she is putting out vinyl. Market data provided byFactset. Given the success of Midnights, Swift's overall popularity and the fact that the singer-songwriter's previous tour had been canceled due to the pandemic, Eras was immediately projected to be the hottest ticket of the year. Her albums Fearless and Speak Now came out in this time of big disruption, with early streaming and people still buying records. Taylor Swift fans were disappointed in the experience with Ticketmaster. It . We have three big labels now, but we had four at the time. Nov. 11, 2022: Taylor Swift announces an additional 17 dates. So much information is not accessible. A report from our colleagues at Vox showed that less than 10 percent of those artists that broke out on TikTok in the 2020 window have gone on to create a successful touring career with people showing up and buying tickets. Its just, Click on this one instead of that one, and her fans are all doing it. We can probably model some churn based on if theyre listening to great music from the 50s or 60s. Is she following the standard playbook or is she evolving? It seems to be a mentality of, How can we get this stuff out there so that people can hear it and we can monetize it later down the stream?. Thats why they want to do podcasts and why they have original videos. Its happening at Netflix. 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. 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. Music listening may be seasonal. So moving outside of the $1 million NFT to the $20 NFT, maybe there is an opportunity for more collectible items in this sense. People are still buying songs for 99 cents on iTunes, and people are still buying CDs in order to rip them onto their computers. I am openly curious and I do not say that with any sort of darker cynicism whether or not the reality of those forecastable revenues from licensing and music catalogs will play out. This is nothing new. The ticket-selling. Its happening at Warner Discovery. To your point, I think peoples expectations are rightly rising because they see something so spectacular, especially when you can go on YouTube and see a clip of the thing which was spectacular. A podcast from The Verge about big ideas and other problems. Ticketmaster cancels general public sale of Taylor Swift tour tickets. Thats usually the best outcome. Taylor Swift is speaking out amid the controversy surrounding Ticketmaster's handling of her upcoming "Eras" tour. All Rights Reserved, By submitting your email, you agree to our. So Spotify launches in Europe, and what they sell you is convenience. Currently, in Ticketmaster, they are showing as transferrable. Many fans sat in the Ticketmaster queue and were told they would need to start the process over. Ticketmaster canceled last months general public sale of Swift tour tickets after seeing historically unprecedented demand at its presale events. Theyre also going to shows and doing their old style stuff as well, but they have more data and tools than ever to figure out what is bubbling up. But the model of getting that $20 from touring isnt working for everyone. The mega ticket marketplace has apologized but its not enough for these diehard Swifties, who are claiming Ticketmaster purposefully misled presale ticketbuyers when it could not satisfy ticket demand.. Its going to be this AI-generated image of the music that you have the NFT to which will be valuable. I mean, talk about convoluted. Like the streaming model, there is going to be a cap on the amount of concerts that people are going to go to. I am curious and skeptical whether or not that simpler model could work. Certainly, the most successful are the K-pop groups. Ticketmaster cancels Taylor Swift public ticket sales due to demand and 'insufficient' supply. 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Taylor Swift, interestingly enough, is a great way of looking at the different eras of the music industry, of when they began and when they ended. You can get your one robot nursery rhyme to go viral on TikTok, but then you dont have any other moves. . Its just that you cant do so in a way where there is the cost of creation and youre properly paying people for their work. 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. 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. Which is NFTs. I think a lot of it has to do with, frankly, mismatches of supply and demand. "Thank you for wanting to be there," she said. Its very possible that someone might need this company because with music, to your point, you cant bet against the internet. Fourteen million people attempted to buy Taylor Swift pre-sale tickets on Tuesday, the CEO of Ticketmaster's largest shareholder has claimed. GettyTaylor Swift is set to release more tickets for her The Eras Tour after thousands of fans missed out on Ticketmaster[/caption] Fans were left . She knows that super fans will buy not only vinyl, but also the super deluxe vinyl version of the collectors thing and blah, blah. There is a sense that, Okay, if I cant go on tour forever, I can still find something to sell digitally for $20 that might be worth money and the secondary sales might return royalties to me. Theres a lot of promise there. Your job was to perhaps show up, perform songs, and work on your image. They keep trying to get somewhere else. Taylor Swift is a beloved performer and getting tickets to her concerts can be a real headache sometimes. Willing to separate in pairs of 2 for $1350 each pair! >Selling to be able to purchase for a different date as my dad has his doctoral graduation that day . In the CD era, you wanted to buy a greatest hits record because it was all killer, no filler, right? We dont need a bunch of 90s alternative band stans coming after us, but you could throw a dart at your average radio smash 90s act and their album would be full of a bunch of filler. What Im getting at is that they made physical things. You need to be posting many times a day, and you need to be figuring out how to create whole moments every single week in order to maintain attention when theres so much other material that people could be focused on. The singer's team has announced that some verified fans who weren't able to buy tickets last month will get a second chance. ", Taylor Swift fans were disappointed in the experience with Ticketmaster. That to me seems like the most opaque part of this entire thing. Since it cannot sell music in that one-to-one transaction, it is forever on the hunt for the $20. Ticketmaster has canceled the public sale of Taylor Swift's "The Eras Tour" after high demand in the pre-sales. Let us know when you do in comments. Its obvious. The master recording represents the largest majority of the revenue in streaming, as it did in the physical goods era as well. If the point of the big streaming inversion was, Were going to move the $20 transaction from you paying for the song to you paying for the experience, that to me is yet more evidence that this thing is on a precipice. I dont think so. Taylor Swift announced the Eras Tour earlier this month her first since her "Reputation" album tour in 2018 and fans are eager to get their hands on tickets. I would pick Lil Nas X as well. It seems like in the past two years especially, it has remodeled the music industry. "We will sometime soonish. But yeah, definitely. If youre the biggest artist in Germany, you should still be rich, even if your share of listening minutes is not. "Due to extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand, tomorrow's public on-sale for Taylor Swift | The Eras Tour has been cancelled," Ticketmaster shared Thursday on Twitter. Search. So, critically, Spotify is just deeply linked to the major labels. When you visit this site, it may store or retrieve information on your browser, mostly in the form of cookies. They are able to get out of there and cash out on the venture capital model. You would get a small proportion, 20 percent or less. She wants to own every piece as much as she can, as long as this thing is still working for the rights-holders. "We apologized for the difficulties you may have experienced, and have been asked by Taylor's team to create this additional opportunity for you to purchase tickets.". A few hours after the sale's planned start time, Ticketmaster tweeted that the issues were due to "historically unprecedented demand" and announced it was pushing back the start times for some West Coast venues. Thats Decoder everybody. There are no founder-friendly music labels out there. The vast majority of Spotifys revenue goes to rights-holders, and yes, rights-holders are a stand-in mostly for labels. They cant control their costs. It might be undervalued financially, but in terms of value as humans, it is so essential to us. It met more needs for a smaller slice of people that were less discerning, and then it just took over everything because it was more convenient. There are just countless ways that people are trying to use these, including ownership of actual music, being able to have an exclusive license to music, or weird pictures of gifs that were made by an AI. We've received your submission. She was like, Im out of here. 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