If there is something that I have come to discover presently in our society, it is the fact that the music industry is dominating. Virtually everyone is interacting with music on a daily basis. In Nigeria my country for example, we constantly face a lot of challenges and recently, one of the industry that is facing challenges right now is the music industry.
Of course there are a whole lot of industries that are facing challenges. We have the example of financial industry in Nigeria suffering from corruption, there is also the aspect of the health industry suffering from incompetent professionals to deal with and many other industries also. When it comes to the aspect of the music industry, it also has its own challenges most especially when it has been crowded much more than before.
The first and popular challenge that is always faced in the music industry is in the aspect of Piracy and Copyright Infringement. A lot of people are facing the issue of piracy when it comes to their music. On countless occasions, a lot of musicians have find their music experiencing illegal downloads which has result to massive loss of revenue for them. Not only that, the aspect of the copyright is also an issue.
Another challenge that the music industry is facing is low revenue return for musicians. Well I will not want to see this as challenges but instead, I will see it because the music industry is so crowded. There are a lot of musicians who are also finding their feet in the music industry and so it increases the competition so much that it begins to lead to low streaming revenue for lots of artiste and this has discouraged a lot of people to even want to continue their music journey.
Daily, we continue to see more of the competition increases and because of that, it is leading to high cost of music production. On some occasion, I have seen artiste who should have actually released a video for their music and should have even go viral. But because of high cost of music production, they actually give up. Most or most upcoming artists suffer from a lot of financial backing when they are just starting as compared to the trending stars in the music industry.
Also another common challenges that is affecting a lot of musicians in the music industry is that there is not a lot of platforms for the upcoming musicians to even perform. A lot of performance opportunities seems to be limited to only the established stars which is not supposed to be so. In fact, it is limiting the development of it and this is making a lot of upcoming text to be frustrated and in fact have made them to give up on music industry.
There are still a whole lot of challenges also that is been faced. Examples like the exploitations of record labels and much more. I personally believe the music industry will excel and overcome those challenges as it progresses. Of course every day we keep witnessing the development and growth of the tech space and I am so sure in due time, the tech space will help overcome those challenges.
The music industry is very big, if we go through a lot of problems
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