Greg Maffei CEO of Liberty Media, which owns a majority stake of Live Nation told CNBCthat 14 million people and bots ended up flocking to the site. Certainly, the most successful are the K-pop groups. Do we have a sense of how that works and if the labels are happy with that? TikTok is profound, and it has very meaningfully shifted what is happening in music.. I dont have insight into her taxes, but obviously she has done movies and she has brand endorsements. So the person who took that bad record deal in the past, who does have the right to the songwriting, can re-record it and make more money off that record. Its a little late in this episode. It's really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse.". Theyre like, Great, we know that revenues are growing. Just by Googling the name of the song, you can probably find a way to listen to it. Subscribehere! "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," read a tweet posted to the official Ticketmaster account. You went on tour to promote your CD sales and you let radio stations in this country play the music, effectively for free, because that would lead to CD sales. Its both, because she is putting out vinyl. A bunch of Tower Records managers got to go to parties, so they would put your CDs at the front of the store instead of the back. Taylor Swift has mastered this inversion, creating demand for her actual physical albums, merch, and her tours. According to Billboard, Ticketmaster still has 170,000 remaining tickets for the Eras tour and the company is gearing up to sell them to the lucky fans who previously received emails in the next four weeks. Do they know theyre navigating it? She was like, Im not doing that. What Im getting at is that they made physical things. Everyone is mad at Ticketmaster, and like, Dua Lipa needs to go home. Taylor Swift performs on stage during her "Reputation" stadium tour at Wembley Stadium in London on June 23, 2018. The expectation from the fans now is that youre going to mount a spectacle. It has become the centerpiece of our social media. In their suit, Swifties claim Ticketmaster tacitly encourages scalpers because the company gets paid fees every time tickets are resold. Thank you for your patience as we continue managing this huge demand.. But that share of the 100,000 songs a day that are being uploaded to Spotify from artists that are just getting going, I think a lot of those might actually never even come close to collecting $20. Thats actually maybe the most interesting piece of the TikTok puzzle, the Instagram Reels puzzle, and the YouTube Shorts puzzle. 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. That revenue was going to the labels, not the artists. Update 11/16/22 Taylor Swift Eras Tour Capital One Cardholder Presale Wednesday, November 16 | 2 p.m. local venue time To best access the Taylor Swift Eras Tour Capital One Cardholder Presale ticket queues, fans should log into their Ticketmaster account and click on the link for your preferred dates below. I was a collector. What was the structure of the industry in the 2000s? ", "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. 1999 was the height and record profits were declining, yet CD sales were still very large at that point. They are able to get out of there and cash out on the venture capital model. 2022 CBS Interactive Inc. All Rights Reserved. (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.". I think we have laid out a case now for the change that has happened in the industry and how Taylor Swift and her record releases fit into it and her disputes. Well, thats what she appears to have mastered, especially with Midnights and this new tour. Hes another nuclear, bright talent. They are certainly desperate and in need of something at this point. Even before ticket sales kicked off, the demand for Swift's upcoming tour was high so much so that the Midnights singer added an . She was very hesitant to participate in the new digital era, calling out the ways in which it was set up to exploit artists. All About Anna Olson, performers who will be joining her onstage. 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." We have to add some stipulations before we begin a conversation on Taylor Swift. "I Waited 5+ Hours In The Ticketmaster Queue": Teen Is Accused Of Ruining Wedding After She Refused To Give Her Ticket To Taylor Swift's Concert To The Bride . everything else your concert tickets, your merch, your NFTs, whatever it is. The company did not say whether more tickets would be sold for the tour at a later date. "You have no idea how much that means.". Is she following the standard playbook or is she evolving? She is unusual in that the length of her career spans from the end of the CD era into the streaming era. Over time, as more music ended up on Spotify and people diversified their listening, there was more competition. The music that we are able to listen to is music that can be monetized. Many fans took to the internet to criticize Ticketmaster's handling of the pre-sales, including Rep. Alexandria Ocasio-Cortez, D-N.Y. Ticketmaster merged with Live Nation in 2010, a move which has been criticized as creating a monopoly. Swift said she hopes that she can provide more opportunities in the future for all of her fans who weren't able to get tickets to the tour. The series of concerts is . Right? We have settled the most important debate: Is David Hasselhoff rich in Germany? Taylor Swift fans were disappointed in the experience with Ticketmaster. Part of doing so would require getting permission from all of the labels to be able to play all songs, all the time, all the way through on demand, and whenever you want. Eras will be Swifts first tour since 2018, in honor of her 10th studio album, Midnights, which dropped in October. In. 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. In 2020, you could have one breakout song that had hundreds of millions of streams on it on TikTok. Artists and performers didnt get paid off with radio streams unless they were a songwriter. Along with the tour announcement came information about how fans could score tickets. We have to see how big your TikTok is before we ever sign the deal.. You dont have a streaming service unless you have all the music. All 2 million tickets for the Verified Fan onsale were sold to Verified Fans. There are public funds now where you can invest in music publishing. And yet, not all the people are as rich as they should be. She got into a fight about Apple Music, but now shes one of the faces of Apple Music. David Hasselhoff is still doing well in Germany. 2022 CBS Interactive Inc. All Rights Reserved. They want to have a relationship with it. This was a religious war inside the tech and media industries. 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. Taylor Swift performs onstage during her "Reputation" stadium tour in Arlington, Texas, on Oct. 5, 2018. Please keep in mind: Capital [] Ticketmaster said it saw a "historic demand for tickets" during Taylor Swift's presale Tuesday. If youre a music label, youre almost like a venture capitalist. The era of the unknown, unsigned person who has not been on social media being discovered by a major label is over, unless youre a famous person or nepo baby. Looks like I'll get to see more of your beautiful faces than previously expected we're adding 8 shows to the tour," the singer wrote on Twitter. Amazon Music is going to be fine because Amazon is fine. (Gareth Cattermole/TAS18/Getty Images for TAS / Getty Images). That is more or less how the streaming model works. People want higher payouts per stream, and they want streams that are fair to artists and actually connected to their subscription. I dont think so. They would have to figure out how to succeed on the streaming side. 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. It was just three years later that streaming became the predominant revenue source for recordings. You can get your one robot nursery rhyme to go viral on TikTok, but then you dont have any other moves. Im not being fair to Guns N Roses here, but lets just say its only you and three other people listening to them. You still have the music on streaming, but she also has a tour that everybody is dying to see. The price of fuel is an increasing cost. Its like, Ugh. People often want to be mad at Spotify, and there are very reasonable objections to be had, but Spotify is right to say that they pay out billions of dollars per year to rights-holders. Many fans sat in the Ticketmaster queue for hours waiting to get Swift tickets. I think betting against streaming is perhaps unwise, but given that every supplier and musician is extremely unhappy at the moment, it seems like prices need to go up and it seems like this whole thing is a little bit on the edge. A lot of her actions have helped on the margins. Its very possible that someone might need this company because with music, to your point, you cant bet against the internet. You pay them the fee, and then you have access to an all-you-can-eat buffet of all the music in the world. Well, I think that tour is actually finally over, but she was effectively permanently on tour, and it was generating tons of media for her on social. I think that the listening might shift towards the people who are less interested in music, but, Hey, Im going to put on a chill playlist, and the chill playlist is background to help me study. I think a meaningful amount of revenue could be lost there. 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. Youre not going to get the US consumer everywhere you go around the world. 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. Im not betting against streaming and Im not betting against music, but the business model itself feels like it is one that is certainly not sustainable in the extremely long term without either raising prices a lot, creating magic user growth by finding another planet of humans that havent subscribed to a service yet, or some other miracle that I dont understand. People do not want it to be taken away from them and big tech companies know that. 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. I want to start all the way back then, with Taylor Swift in the CD era. I was a verified fan. Look, I recognize that it is beautifully made music. So yeah. Getty Images You go to the store, you spend $20 to buy the CD. I want it to look grander. So ticket prices are going up, and so more people want to get out on the road and capture more of those ticket prices. So moving outside of the $1 million NFT to the $20 NFT, maybe there is an opportunity for more collectible items in this sense. Then theres the next stuff, like the actual threats. Shes a great musician, shes also just very good at making money. Were talking about crypto. It seems like in the past two years especially, it has remodeled the music industry. Several pre-sales events are planned ahead of Madonna's holiday tour before the public sale begins, which Becker considers a bad sign. While they estimated that only 15% of users experienced issues, Ticketmaster recognized "that's 15% too many, including passcode validation errors that caused fans to lose tickets they had carted." There are all kinds of things that are happening in music to lead into that potential future world in which music will be essential. That whole thing doesnt make sense. 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