Background
As a student of economics and a lifelong musician, the financial side of music has always interested me. Music is both a highly commercialised art form and one of the most prominent and popular entertainment sectors. The music industry itself has always been a tricky balancing act of who gets paid and how. With modern streaming services, actual revenue from the publication of music has been lower than ever on a per unit basis. The change in the consumption of music away from a physical object to a digital product has also changed the dynamics of music distribution and the role of music label. This evolution has altered both the industry itself and the market for musical derivatives, (things which generate revenue based on underlying music, like concerts) reworking the entire entertainment sector. I aim to study this changing musical economy and try to see what going forward the new roles of the artist, label, and distribution platforms will or could look like.
Iteration 1: A New Government Model For A More Artistic Society
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The model shown above is a first draft of what a hypothetical new government organization could do to reorganize society in a way that better promotes the arts. This promotion I believe would lead to a happier and more creative society and would at least partially pay for itself though the boost in GDP that we can associate with a more innovative society. This model separates the issue of boosting a countries creativity into a distribution and creation problem separately. On the creation side the government would build new community centres with the purpose of supplying its citizens with the materials they need to create more art, for free. On the distribution side the Government would create new artistic platforms to help meet the demand that comes with this increase in the supply of art. This is still a working draft but also a potential solution to the market domination we see over art today.
