If you go see an Avengers movie, you might spend $20 on a ticket plus popcorn, or if you watch it on streaming, you might spend an enormous amount of money for those streaming services. Im not being fair to Guns N Roses here, but lets just say its only you and three other people listening to them. You want to own the most amount of that master recording as you possibly can. Ish? I also think the mathematics of the model get really weird once youre talking about share of listening on a global basis. On November 15, 2022, the first day of pre-sale of tickets to verified fans for the US leg of the Eras Tour (2023) by American singer-songwriter Taylor Swift, Ticketmaster's official website crashed following "historically unprecedented demand with millions showing up", halting the pre-sale. ", Swift said that the Eras Tour would kick off on March 18, 2023, in Glendale, Arizona, and conclude on Aug. 5, 2023, in Los Angeles. I mean, its like the bigger internet story, in that you can find more interesting, beautiful, and special little things. Perhaps TikTok is going to launch its own music service, but that would still put them in the world of just being yet another streamer. Tennessee Attorney General Jonathan Skrmettivowed to investigate Ticketmasterafter his office was flooded with messages fromirate concert hopefuls. Well, it was similar yet different in many ways. "You were selected for this opportunity because you have been identified as a fan who received a boost during the Verified Fan presale but did not purchase tickets," it continued. Li Cohen is a social media producer and trending reporter for CBS News, focusing on social justice issues. Do we have a sense of how that works and if the labels are happy with that? They just had to figure out how to monetize it. In the 2010s, with each record release, there seemed to be a major dispute with the streamers., Well in the 2010s, with each record release, there seemed to be a major dispute with the streamers. Its a part of their portfolio to help them sell phones, or to help them sell everything in cardboard boxes or whatever it might be. I have to say, theres something very dystopian in a business context about saying she wants to own the whole fraction of a penny. A fan who had been sent a verified code was told the Ticketmaster account wasn't linked to the Verified Fan sale. I mean, we are putting that in the metaverse right away. So is everyone else. A desperate Taylor Swift fan who forked out over $5.5k to secure tickets to see her idol on tour has admitted to feeling that she no longer wants to go and 'regrets' the purchase She has not yet had to make that turn, but the midline artist is desperate for the next thing they can sell. High demand for Taylor Swift concert tickets led Ticketmaster to delay the West Coast pre-sale. We can probably model some churn based on if theyre listening to great music from the 50s or 60s. I think that in continuing to connect with fandoms, there is always going to be a world of people making music and playing music for people because we love human connection. Thats the baseline expectation I think all of us have of the metaverse. You have to find another planet, for other reasons too, unfortunately. Ticketmaster has claimed that demand for Swift's tour was record-setting: More than 3.5 million people signed up for the Verified Fan presale, 1.5 million were given presale codes, and more. Lets talk about the last $20 that the industry thinks it might be asking for. Thats why Im saying its way more than TikTok. 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. Now theyre an audio company. There are public funds now where you can invest in music publishing. 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. Thats actually maybe the most interesting piece of the TikTok puzzle, the Instagram Reels puzzle, and the YouTube Shorts puzzle. Yes, in the early 2010s, artists like Adele and Coldplay were also saying, Hey, were not down with this. Ticketmaster still has 170,000 Taylor Swift Eras Tour tickets after its canceled general sale for the tour. Dec. 12, 2022, 1:37 PM PST. We know were going to get a proportion of that. "First, we want to apologize to Taylor and all of her fans especially those who had a terrible experience trying to purchase tickets. This is why tech companies want to own this asset, even if they cant really monetize it that successfully. She wants to own every piece as much as she can, as long as this thing is still working for the rights-holders. ", "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. It was hard to get national or global distribution without a label. 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. I think that middle step of, We need to print CDs, we need to promote CDs, we need to sell CDs, and we need to have a relationship with retailers in order to even have the CDs in the stores, always seemed like a big chunk of revenue that should naturally go to the artist. To get the $20 at the end, we have to front too much money. She withheld her back catalog from Spotify and Apple Music, but now theyre on Spotify and Apple Music. If we had a pay-per-stream model, all of a sudden Spotify would have to pay out seven times more than its used to during that winter season. That to me is the thing that might change it in the TikTok context. The iPod is out, but Apple is still saying, Rip. I remember Steve Jobs saying, People dont want to rent their music. Ringtones was one of them. "It's truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them feel like they went through several bear attacks to get them.". On November 15 . 2022 CBS Interactive Inc. All Rights Reserved. Its the only way that you can hear these songs. He noted that Swift's lack of concerts since her "Reputation" tour which ran from May to November 2018 could have contributed to the high demand. The industry crashed out because of piracy. She has certainly raised awareness, but yeah, all of her music is on the streaming platforms. Probably the most effective thing that she has done is wage this ongoing war to raise awareness that this whole thing is not fair, such that maybe when you go to listen while youre streaming, you still have a little bit of that ick feeling you might have had if you were on Napster 20 years ago like, I dont know if I should be doing this. Of course its legal now, but she has helped us question exactly how ethical it is when there is so much exploitation. Right. 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. Obviously, with an NFT, you dont have to front the cost of a tour and you dont have to manufacture clocks. At the current moment, there is a lot of unrest about how much people are getting paid, especially when the average rate per song in streaming is declining for artists, and has been for many years. The Ticketmaster site was not prepared for the volume of Taylor Swift fans logging on for Tuesday's verified fan presale. We've received your submission. While appearing on The Graham Norton Show, the "Bejeweled" singer first teased an upcoming tour tied to the release of her latest album. Its not often that a legacy company is able to navigate between the murky waters of a physical goods business to an intellectual property business. They cant control their costs. Whenever I think about the state of the music industry and its business, I find myself coming to talk to Charlie Harding. "We will sometime soonish. Were talking about crypto. We definitely live in an era where the actual product is so devalued that all the people that make it are in a state of precarity. Its like, Thats what I call music. 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. There are all kinds of new ways to participate. Cookies collect information about your preferences and your device and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Its just, Click on this one instead of that one, and her fans are all doing it. The New York Times reported that the Justice Department was looking into whether Live Nation Entertainment, the parent company for Ticketmaster, has abused its power in the music industry. Instead, what they do is they give out a proportion of their revenues. We no longer have our Virgin Megastores selling all of our CDs to us, or Tower Records. It should be more valued, but there is certainly money to be made. I mean, come on, Blockbuster? They are now the distributors of music. The expectation from the fans now is that youre going to mount a spectacle. 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. Swift reported over Twitter. I dont have insight into her taxes, but obviously she has done movies and she has brand endorsements. Actually the last half hour of this episode is you just doing a solo. There was a nice moment where ringtones started to cushion some of the revenues. So, yeah, its no wonder. Eras will be Swifts first tour since 2018, in honor of her 10th studio album, Midnights, which dropped in October. That is not what Taylor is doing. I mean Charlie Puth was a YouTuber. At the end of the month, Spotify looks at all the stuff I listened to and says, Okay, you listened to $10 of Taylor Swift and $5 of Guns N Roses, and then takes my $15 and gives to those artists in proportion to how much I listened to their music that month. You have to get completely enmeshed in this thing and see all of it to be able to understand the references that are happening in any given moment. They still dont. It gets proven out in Europe over time. It's truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them felt like they had to go through several bear attacks to get them. A podcast from The Verge about big ideas and other problems. There are many versions of this story. It just created a sensation, but it was a huge, expensive stadium tour. Taylor Swift is speaking out amid the controversy surrounding Ticketmaster's handling of her upcoming "Eras" tour. If chosen for the presale, fans were sent. I was a verified fan. Only ticket buyers who were verified were permitted to enter a queue. Those fans arent going to stick around forever. Thats very dark. Its not just which artists you listened to, its how much you listened. She added, "The first leg of the tour will be in stadiums across the US, with international dates to be announced as soon as we can! Well, this is the thing. They are able to get out of there and cash out on the venture capital model. Taylor Swift Makes Surprise AMAs Appearance in Golden Jumpsuit and Shouts Out Blake Lively! It was just three years later that streaming became the predominant revenue source for recordings. It used to be that you sold the music, and all the other stuff was just promotion for the music as this thing you sold. I was like, Napster is the future of the industry! I think underneath that is a recognition from the listener that your relationship is with the artist. "UM. Many fans sat in the Ticketmaster queue and were told they would need to start the process over. I followed their instructions, logged on early, using my laptop (not a mobile device), waiting a LONG time (like everyone else), finally got in and it was a bloodbath., She continued: Grab tickets as fast as I could, go to purchase them only to be told someone else got them first, FINALLY got tickets in my cart, only to have the site crash, got thrown back in the queue, could not get a transaction to go through.. You pay them the fee, and then you have access to an all-you-can-eat buffet of all the music in the world. If youre the biggest artist in Germany, you should still be rich, even if your share of listening minutes is not. It didnt work for everybody, but for the biggest artists, it worked really well. I think thats the thing that leads to lasting impact. Apples basically saying, Listen, in order to launch a streaming service, we need a ton of users. 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. What Spotify is going to figure out is how much money came in from all of those subscriptions every single time period, and then theyre going to take that and divide it by all of the listening of everybody, such that Taylor Swift is going to get paid based on, Does she command the highest amount of listening on Spotify overall? Nilay, I know you love Guns N Roses. Right, because Ticketmaster is owned by Live Nation, which owns all the venues, and that is all part of the same company that owns SiriusXM, which promotes the things on the radio. No, because its the total amount of listening. "Though AOC may not like every element of our business, interestingly, AEG, our competitor, who is the promoter for Taylor Swift, chose to use us because, in reality, we are the largest and most effective ticket seller in the world," he said. Queues for the West Coast tours in Los Angeles, Las Vegas, Santa Clara, and Seattle will open at 2:30 p.m., Ticketmaster reported over Twitter. The economics of this dont make sense for us. I think its important to say that. 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Her action has been to say, Well, Im just going to re-record all my music, and hopefully my fans will listen to my version versus the version that I dont own.. The thing that we are looking for is which breakout viral successes from TikTok will turn into a multi-decade career like Taylor Swifts. I had a boost email from TaylorNation, she wrote. The whole model feels utterly precarious right now. Well, if you want to do a 20 best guitar solos of all time conversation, we can start a whole new podcast on that. What do you think a label is looking for? The extra dates officially made Eras her biggest tour to date. The share of listening minutes is divided by national pools. The big difference is that the whole industry was a physical goods business; as you said, people were buying CDs in stores. Its long gone. Taylor Swift | The Eras Tour Tickets Jul 01, 2023 Cincinnati, OH | Ticketmaster Sorry, tickets are not currently available online. 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?. When things cant keep going up in business cycles, investors take note and disruptors take note, and there will be something else at some other point. 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. Get browser notifications for breaking news, live events, and exclusive reporting. He doesnt just get the TikTok platform. Once they sign up, theres going to be a whole pool of money, and youre going to get it later., That doesnt really make sense when youre like, Yes, but I sold you the thing now and theyre listening to it now, so I should be getting paid now. This goes especially for artists who finally get their royalty payment many quarters later. 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