Its too hard and theres no guarantee of return. That seems like that conversion funnel works for the artists it works for, but then for everyone else its too expensive to even make the thing that is worth asking for the money for. I dont know if we prepped you for that. I was a collector. I dont think we actually know, but if you were an artist at that time, how much of that money was coming to you? To your point, I think peoples expectations are rightly rising because they see something so spectacular, especially when you can go on YouTube and see a clip of the thing which was spectacular. Thats amazing. "I'm enchanted to announce my next tour: Taylor Swift | The Eras Tour, a journey through the musical eras of my career (past and present! Not just because of this holdup, but because they realize that this is the place where they are going to monetize. This is just part of a much larger trend of the financialization of music catalogs. That to me is the thing that might change it in the TikTok context. She has mastered the album release cycle. A podcast from The Verge about big ideas and other problems. Actually the last half hour of this episode is you just doing a solo. Its like he gets human psychology. The services are built on music, like audio trends, dances, and memes. Despite the disruptions, the statement explained, the Nov. 15 sale broke the Ticketmaster record for most tickets sold for an artist in a single day, selling over 2 million tickets. Taylor Swift is speaking out amid the controversy surrounding Ticketmaster's handling of her upcoming "Eras" tour. That is a monopoly. Make no mistake: Ticketmaster deserves the scorn that it is currently receiving from Taylor Swift's listenership, a population of such size and power that it probably merits a spot in the. Lets just be more explicit about that to make it really clear for people. The music industry has certainly bet a lot of its time there. They give you the movies that they have licensed, then things just disappear and you no longer have them. A group of 25 incensed Taylor Swift fans from across the country are suing Ticketmaster for fraud and intentional misrepresentation after last months Eras tour debacle, The Post can confirm. There are still some bonus songs where you have to go buy a thing at a retailer. Everyone is mad at Ticketmaster, and like, Dua Lipa needs to go home. Its an unusual part of the licensing arrangement in the United States, and its not common elsewhere. Okay. Thats where we should come to now. 1999 was the height and record profits were declining, yet CD sales were still very large at that point. All Rights Reserved, By submitting your email, you agree to our. High demand for Taylor Swift concert tickets led Ticketmaster to delay the West Coast pre-sale. I was talking about this with my friend Charlie Harding, the co-host of Switched on Pop, and he said that he thinks the upcoming Taylor Swift The Eras Tour is itself the end of an era in music that the age of cheap streaming services is coming to an inevitable conclusion and that something has to change in order for the industry to sustain itself in the future. 2022 CBS Interactive Inc. All Rights Reserved. It literally is the same. She was acting as a voice for a number of quite unhappy folks at that time. Then theres the next stuff, like the actual threats. At some point, she should go see her family. I was a verified fan. Now theres much more. TAYLOR Swift is set to release more tickets for her The Eras Tour after thousands of fans missed out on Ticketmaster. </p> Only ticket buyers who were verified were permitted to enter a queue. Barfuss said she also tried the following day for the Capital One presale event, only to have my card declined because SeatGeek had charged over 40 transactions totaling $14,286.70 the day before. What we can sell them is convenience, as opposed to the chaos of piracy. That turned into a weird interstitial revenue moment for the industry. What was the structure of the industry in the 2000s? You have to make it on your own. Will Austin Madonna tickets mirror Taylor Swift Ticketmaster . "The Eras Tour, a journey through the musical eras of my career (past & present!) I would pick Lil Nas X as well. On the day the canceled general ticket sale was supposed to occur, Ticketmaster issued an apology to Swift fans along with a lengthy explanation about what went wrong during the presale. 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.. Eras will be Swifts first tour since 2018, in honor of her 10th studio album, Midnights, which dropped in October. The thing that we are looking for is which breakout viral successes from TikTok will turn into a multi-decade career like Taylor Swifts. Thats a whole other show that we can get to some other time. Thats Decoder everybody. I mean, it is important to note that the entire music catalog is not available. Ticketmasters parent company is Live Nation. There were some smaller versions of this business that launched in the United States RIP Rdio, which was a Verge favorite. Are there any other artists that have done it differently or better than she has? It . There is a physical good side to the re-release and there is money to be made there, but the other side is the licensing and the intellectual property. Those fans arent going to stick around forever. Thats very dark. Do we have a sense of how that works and if the labels are happy with that? If and when virtual reality becomes a compelling, mainstream product for many, many people, music will certainly be at the centerpiece . Its all out there. Oftentimes you can buy greatest hits records, and its not actually the greatest hits, its re-recordings of the greatest hits. Its NFTs, its blockchain tokens, its whatever universe the DJs want to put together. A lot of the best people in this business are able to secure the most advantageous contracts, though often very exploitative ones, and there has been no shortage of those throughout the entire history of recorded music. I love talking about the business of music with you, even though I just want it to be guitar solos. I love having you on the show. Absolutely, there was clarity. 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. Call it what you want, but it seems safe to say at this point that the rush to buy Taylor Swift concert tickets was a complete fiasco. "You have no idea how much that means.". Where is Xbox Music? There are some very meaningful, projectable revenues that can be made if you own all of your recordings, so she is taking those actions. And the U.S. Senate subcommittee that handles antitrust and consumer rights matters revealed it plans to hold a hearing to discuss concerns about Ticketmaster in the wake of the Eras errors. Welcome to the business show, Charlie. The Midnights singer's loyal listeners have taken the company to task after the ticket-buying process for her upcoming Eras Tour resulted in chaos. She has not yet had to make that turn, but the midline artist is desperate for the next thing they can sell. She was very hesitant to participate in the new digital era, calling out the ways in which it was set up to exploit artists. If were at this moment in a 20-year cycle where everyone is unhappy with how this model is working, outside of probably the labels, then there is opportunity for someone to do something very creative and disruptive. It is not easy. 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. There has been a realization that many of these streaming platforms, which had been valued as tech companies, are actually just digital media companies, and theyre trying to figure out how to pull in revenue after a decade of growth that has been funded by low interest rates and the natural business cycle of streaming. Taylors attempts to remake the music industry in the middle streaming period, as you might call it, all basically came to nothing, besides maybe a little more money or clout with the industry. The labels go along with this because functionally, they have no choice. Thats to get you all the way down to, Okay, now Im just handing you $20 again. Or in the case of Taylor Swift, $6,000 for a ticket for a floor seat or whatever. Is she following the standard playbook or is she evolving? Taylor Swift fans who are registered as "verified" may have a second shot at tickets to her "Eras Tour" as Ticketmaster tries to make things right after its website crashed last month amid an onslaught of orders. Subscribehere! People are still buying songs for 99 cents on iTunes, and people are still buying CDs in order to rip them onto their computers. It seems as though Ticketmaster should've known that arguably the . Those verified fans were informed by email Monday that they would be individually invited to put dibs on a purchase request by Dec. 23, with a two-ticket limit. 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 I actually want to instruct the listener. Theyre able to get their. You have to find another planet, for other reasons too, unfortunately. I have just not been happy to see how the mad rush of everybody into printing funny little pictures happened. Charlie was like, Well, there are two parts of the song. I dont know. Pennsylvanians experiencing problems using the site should submit a complaint to my office: https://t.co/ZMqsSY0N2I. Fans who weren't able to secure tickets during the Verified Fan or Capital One presales were shocked when Ticketmaster announced that the general sale planned for Friday, Nov. 18 was officially canceled. The greatest hits record is a really interesting example. Quotes displayed in real-time or delayed by at least 15 minutes. Thats why Im saying its way more than TikTok. I want it in bigger places. If youre Dua Lipa, a lot of people will show up, but there were lots of artists this past summer who had to cancel their tours because they couldnt make the math work. How much of that money went to her as the artist, in general? That means I should be able to sell them no problem here. Its like, Thats what I call music. "Thank you for wanting to be there," she said. You understand the value exchange there, even if the label is taking too much money. You have to enter the content creator world and build your identity off that. Certainly, the most successful are the K-pop groups. Vinyl is a small but meaningfully growing share of the music revenue pie. Well, I want my money to go to the artist as directly as possible. Now its listens over time. They cant control their costs. We were looking at the number of legacy artists that are selling off their catalogs for huge amounts of money to private equity companies, who all think theyre going to make massive returns on owning those catalogs of music. Taylor Swift performs onstage during her "Reputation" stadium tour in Arlington, Texas, on Oct. 5, 2018. She was upset about the low streaming rates that youre talking about. What I would not bet against is the internet and the expectation, which an entire generation has now been raised with, that all the music is on YouTube. In response to the presale fiasco, more than two dozen Swifties teamed up and filed a lawsuit against Live Nation Entertainment. One is the sound recording, called the master, which Taylor wants to own. I think that piece of it is the thing that makes her the most unusual. Its not the nicest ocean to swim in. It thinks the Switched on Pop TikTok account is an in-recovery smoker who is really into a bunch of very dated movie references. According to a Ticketmaster release, fans who received the email will receive a separate invitation where they can submit a purchase request to Ticketmaster by Dec. 23. A group of 25 incensed Taylor Swift fans from across the country are suing Ticketmaster for fraud and intentional misrepresentation after last month's Eras tour debacle. Taylor Swift is a beloved performer and getting tickets to her concerts can be a real headache sometimes. Charlie, this was great. Its something that you already briefly mentioned, which is that people are developing their own audiences before they ever go to a label and sign a deal. But because of the structure of the industry, that relationship has all but disintegrated. The Post reached out to Ticketmaster for comment on the lawsuit. Update: On Thursday, Nov. 17, Ticketmaster tweeted, "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.". ", "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. I mean Charlie Puth was a YouTuber. I mean, we are putting that in the metaverse right away. The marketplace of music is strange, in that the consumers are pretty happy, the distributors are doing great, and the suppliers are extremely unhappy in general. 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. You said at the beginning here that streaming feels like its on the rocks. 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. Ticketmaster later chalked the disaster up to "historically unprecedented demand," though Swift had some choice words for the company in her response, noting that she and her team had "asked them, multiple times, if they could handle this kind of demand and we were assured they could." While appearing on The Graham Norton Show, the "Bejeweled" singer first teased an upcoming tour tied to the release of her latest album. I think a lot of it has to do with, frankly, mismatches of supply and demand. For Spotify and all the other streamers, its not great, because it means you cant control your costs. 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. Taylor Swift on Friday responded to fan frustration over the botched presale for her upcoming "The Eras" tour which led to Ticketmaster's decision to cancel the public sale of tickets. How did that war play out in the beginning? ", Swift said Friday that the controversy occurred because of a "multitude of reasons," and suggested that the blame for the situation falls on Ticketmaster. We've received your submission. On Thursday, Ticketmaster canceled its general sale of the tour tickets that was supposed to debut on Friday after hours of complaints about pre-sale site complications and glitches. ", 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 dont think so. You pay them the fee, and then you have access to an all-you-can-eat buffet of all the music in the world. On Instagram Friday, she posted news of the lawsuit filing with the caption: Look What You Made Me Do. In a message to The Post, Barfuss explained her participation in the suit. Its very challenging to be able to make a living without streaming hundreds of thousands of songs. Please keep in mind: Capital [] She just wont stop. There was some amount of value there that you could see as an artist. She is trying to reclaim the rights to all of her master recordings, which were sold without her permission by her former label. The Grammy winner also wrote that the situation "really pisses me off" and that she was actively working on a solution for her fans. In total, the company explained, 2.4 million tickets were sold across the Verified Fan and Capital One sales on both Ticketmaster and SeatGeek. Streaming is currently very much still a part of that. Those with Capitol One on-sale codes were rescheduled to buy tickets Wednesday at 2 p.m. local venue time. The company said the cancelation was triggered by unprecedented demand, with more than 3.5 million people pre-registered to get an access code for purchasing tickets. I interviewed the artist Tai Verdes a year into the pandemic and he broke out his entire career on TikTok. Swifties reported website outages and hours-long waits only to log off empty-handed. The talent scouts whose job it is to go and find new talent are surfing TikTok. Lisa Marie Presley's net worth: Losses, lawsuits and Graceland, Marie Osmond says her kids won't get an inheritance, Former "American Idol" contestant C.J. Taylor Swift released her first album in 2006. . You and some of your listeners can dispute this, but music is not a technology business. Selling Taylor Swift ERA tickets on Stubhub - Questions! 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. We have to see how big your TikTok is before we ever sign the deal.. 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. The suit also alleged that Ticketmaster provided more codes than ticket allotment and scheduled the general ticket sale "knowing they would not have the quantity necessary" to fulfill the demand. Following widespread issues with the sale of tickets to her upcoming Eras Tour, the singer wrote that she hopes "to provide more opportunities for us to all get together and sing these songs." On. 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. It was probably on her terms, but even Taylor Swift could not get people to pay higher fees or subscribe to a music streaming service while also paying for CDs. Its like, How long is this fandom going to last? There has been a financialization of music catalogs, and many people are selling their catalogs for multiples of over 10. The price of fuel is an increasing cost. LOS ANGELES, CA Trying to buy Taylor Swift tickets for the Eras Tour? Market data provided byFactset. Taylor Swift Swift fans already know that this ticketing for the Eras Tour has been a nightmare and Ticketmaster has already given up on trying to fix it. She withheld her back catalog from Spotify and Apple Music, but now theyre on Spotify and Apple Music. A fan who had been sent a verified code was told the Ticketmaster account wasn't linked to the Verified Fan sale. All rights reserved. There are still cracks in the model, right? Unfortunately, a lot of them dont then translate into fan bases that will come out and buy tickets to shows. Yeah. It met more needs for a smaller slice of people that were less discerning, and then it just took over everything because it was more convenient. Over 2 million tickets were sold on Ticketmaster for Taylor Swift | The Eras Tour on Nov. 15 - the most tickets ever sold for an artist in a single day. Were talking about crypto. 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. I pay Spotify $15 a month. They get early options in Spotify and they get guaranteed payments per year early on, so theyre certain that many millions of dollars are going to come into their coffers, even if no one listens to the service. 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. 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. If you got 15 songs, well, thats a lot more than the nine-song record. It should be more valued, but there is certainly money to be made. Even before ticket sales kicked off, the demand for Swift's upcoming tour was high so much so that the Midnights singer added an . Taylor Swift, interestingly enough, is a great way of looking at the different eras of the music industry, of when they began and when they ended. I cover pop, but I also love to shred on the guitar. Peoples behavior was going in one direction, and that was, I want all the stuff, just give it to me. Now, obviously, there are always going to be collectors. When you start getting into the number of people who are actually getting wealthy off of the streaming model, its a very, very small, elite group of people that get to have a successful music career. Touring is certainly doing really well for her. Ticketmaster said it saw a "historic demand for tickets" during Taylor Swift's presale Tuesday. And that is true; I am on guitar solo TikTok. In terms of it being a threat, though, I think its more a new pathway to potentially create stars. Spotify is the only major streamer that is not subsidized by a larger tech company. 2023 CBS Broadcasting Inc. All Rights Reserved. Its tenuous. So Spotify launches in Europe, and what they sell you is convenience. She said she's "trying to figure out how the situation can be improved moving forward. However, I am worried at at some point the transferrable button will be unavailable. Hopeful concert attendees could register in advance through Ticketmaster's Verified Fan Program for a Nov. 15 presale, while Capital One cardholders could participate in another presale happening that same day. Ringtones was one of them. Even though theres more music than ever, there is so much historical music that is not available. 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. These companies have been replaced by technology distributors Spotify and all of our favorite tech overlords, like Apple, Google, and Amazon. They want to buy their music. Its this massive spectacle, the Future Nostalgia Tour looks amazing, but shes like permanently on tour. According to documents obtained by Deadline, Live Nation Entertainment is being accused of violating the state's Cartwright Act and Unfair Competition Law, fraud, misrepresentation and fraudulent inducement. If the structure of this episode is, How are they going to ask you for $20? First it was CDs, now its tours and merch. 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