Why Old Music is Killing New Music: A Reflection on the Decline of the New Music Market

80s Music

In an era where old songs account for 70% of the US music market, the decline of new music is a cause for concern. Rick Beato’s recent Youtube Video sheds light on the issue, highlighting the shrinking new music market and the growing dominance of old music. This phenomenon not only affects the music industry but also poses challenges for emerging artists trying to make a name for themselves. In this article, we delve into the reasons behind this trend and its impact on the cultural landscape.

The Decline of the New Music Market

The Dominance of Old Songs

According to the latest data from MRC Data Music Analysis Room, old songs now represent a staggering 70% of the US music market. This market share is a significant blow to the working musicians, who rely on new music for their livelihood. Even more disheartening, the new music market is shrinking, with recent numbers showing that it represents a mere 10% of the total market. These statistics raise concerns about the future of new music and its ability to resonate with audiences.

The Fading Cultural Impact

In the past, new songs had a cultural impact that resonated with the masses. However, the landscape has drastically changed. The 200 most popular new tracks now account for less than 5% of total streams, a stark contrast to just three years ago when this rate was twice as high. This decline in cultural impact is evident even in everyday experiences, such as encountering young individuals singing along to songs from decades ago. The lack of cultural engagement with new music is evident, and it poses a challenge for musicians and the industry as a whole.

Challenges Faced by Emerging Artists

The Industry’s Inability to Discover and Nurture New Talent

One of the primary factors contributing to the decline of new music is the music industry’s failure to discover and nurture new talent. The days of experienced A&R professionals scouting for promising artists and curating talent seem to be fading. With record labels losing interest in new music, emerging performers are left searching for alternative avenues to gain exposure. Platforms like TikTok have become a go-to for new trends, but the focus has shifted from discovering authentic talent to following analytics and instant gratification.

The Need for Music Trends and Exploration

The loss of music trends is another consequence of the dominance of old music. While trends like hair metal, grunge, and trap music defined different eras, they are harder to come by in the current landscape. The music industry’s heavy reliance on research-driven strategies and instant popularity on platforms like TikTok diminishes the ability to create lasting trends. Discovering and nurturing new artists with unique sounds and perspectives becomes a secondary priority, limiting the exploration of new musical territories.

Key Takeaways

The dominance of old music poses significant challenges to the new music market and emerging artists. The decline in cultural impact and market share highlights the need for a paradigm shift in the music industry. Record labels should prioritize discovering and nurturing new talents, focusing on long-term artist development rather than chasing instant trends. For music lovers, there is still hope in the exceptional young musicians striving to make a difference. By supporting and encouraging these talents, we can breathe new life into the music industry and bridge the gap between old and new music.