Do you think she, as an artist, understood that this change was coming and was changing her strategy? Mutual Fund and ETF data provided byRefinitiv Lipper. The first leg of the tour will be in stadiums across the US, with international dates to be announced as soon as we can!" You still have the music on streaming, but she also has a tour that everybody is dying to see. 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. Taylor Swift performs onstage during her "Reputation" stadium tour in Arlington, Texas, on Oct. 5, 2018. (Fox News Digital / Fox News), A fan who had been sent a verified code was told the Ticketmaster account wasn't linked to the Verified Fan sale. That is more or less how the streaming model works. We can talk. And then Taylor Swift transcends it all. Its at a height, but its a height that feels like it cant keep going up. "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," Ticketmaster shared Thursday on Twitter. 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 mean, they would all say they are. I think a lot of folks are looking to K-pop. She also shared the names of the performers who will be joining her onstage for her opening acts, including Paramore, Phoebe Bridgers and HAIM, before ending with a message to her fans: "I can't WAIT to see your gorgeous faces out there. To get the $20 at the end, we have to front too much money. We dont need a bunch of 90s alternative band stans coming after us, but you could throw a dart at your average radio smash 90s act and their album would be full of a bunch of filler. "It obviously wasn't meant to be if we didn't get tickets but we're upset. If and when virtual reality becomes a compelling, mainstream product for many, many people, music will certainly be at the centerpiece . 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. Absolutely, there was clarity. Where is Groove? Thanks for contacting us. The master recording represents the largest majority of the revenue in streaming, as it did in the physical goods era as well. Spotify and others pay billions of dollars to rights-holders, and she is making sure that shes a rights-holder. Apple Music is going to be fine because the iPhone is fine, right? 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. We kind of know what they are. 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. The queue for those tickets, initially reserved for both Taylor . ", "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. The iPod is out, but Apple is still saying, Rip. Taylor Swifts dispute over her masters in 2019 and 2020, is another attempt for her to wrestle back control over her music, and get more money for it. Taylor Swift performs on stage during her "Reputation" stadium tour at Wembley Stadium in London on June 23, 2018. They have been pretty obvious and pretty explicit with their own investors that renting music from labels and then selling it for pennies is not a great business model. Shes very savvy, yes. Heres how I think most people think their streaming subscription works. Shes in her contract negotiations with Universal, and made sure that part of Universals ownership with Spotify will eventually distribute out to artists if they were to sell it. The share of listening minutes is divided by national pools. "I love music, and I love live music even more. She was the product of a Nashville system and she did not have a built-in fan base when she released her first record. Go make a record. GettyTaylor Swift is set to release more tickets for her The Eras Tour after thousands of fans missed out on Ticketmaster[/caption] Fans were left . There are all kinds of things that are happening in music to lead into that potential future world in which music will be essential. Its very challenging to be able to make a living without streaming hundreds of thousands of songs. The industry crashed out because of piracy. 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. Thats why they want to do podcasts and why they have original videos. Now, Swift herself has addressed how she feels about the . All presale codes and links sent via text will still work at that time, they said. However, I am worried at at some point the transferrable button will be unavailable. He has transcended the platform. Now every single time that people stream these songs, she gets more of the share of that stream if they listen to Taylors version. 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. Notified fans will receive their individual invite to submit their purchase request prior to Friday, December 23. "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. 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. "Thank you for wanting to be there," she said. You are having to convert people from place to place to place to place, and those platforms dont want you leaving. Many would say that one of the things that streaming has done is it has created a situation where there are forecastable, projectable revenues that say, Hey, this is how many people are listening to this music. Whatever club banger metaverse that you think you might be in, theyre going to have you in it. 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. The big difference is that the whole industry was a physical goods business; as you said, people were buying CDs in stores. You can get your one robot nursery rhyme to go viral on TikTok, but then you dont have any other moves. 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. The way you make more money is often either by getting your stuff to more people or by being some middleman who gets a better, stronger contract. There was like a 10-year dark era where the industry was searching for the next thing. A podcast from The Verge about big ideas and other problems. They would have to figure out how to succeed on the streaming side. It seems the only option is to go find radical alternatives and get into the world of crypto in order to survive in music. Ticketmaster has canceled the public sale of Taylor Swift's "The Eras Tour" after high demand in the pre-sales. It was probably very difficult for an indie artist, because distribution was more challenging then. Get browser notifications for breaking news, live events, and exclusive reporting. I have just not been happy to see how the mad rush of everybody into printing funny little pictures happened. The Capital One presale was also rescheduled for the following day. Now we live in a world where people can blow up on TikTok overnight and negotiate very favorable terms with a label because they have already built an audience. There are so many robot nursery rhymes that go viral on TikTok and then they kind of go nowhere. Thank you so much. Everyone is mad at Ticketmaster, and like, Dua Lipa needs to go home. Amazon Music is going to be fine because Amazon is fine. 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. I would pick Lil Nas X as well. Thank you for wanting to be there. What Im getting at is that they made physical things. The price of fuel is an increasing cost. A lot of her actions have helped on the margins. 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. 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. Getty Images The vast majority of Spotifys revenue goes to rights-holders, and yes, rights-holders are a stand-in mostly for labels. 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. I dont want to deny that it could come from that ecosystem. There is opportunity for someone to do something very creative and disruptive.. Taylor Swift's Eras Tour is on track to sell $591 . What do you think of it? Instead, what they do is they give out a proportion of their revenues. As we go through this chronology from the CD era until now, that is the inversion that Taylor Swift and every other artist has had to either navigate through or get destroyed by. The company did not say whether more tickets would be sold for the tour at a later date. Here's how it plans to handle selling them. Do they know that their business is out the window? Spotify has to make it on its own. Per the release, ticket prices ranged from $49 to $449, with VIP packages going for $199 up to $899. The queue for those tickets, initially reserved for both Taylor Swifts verified fan base and Capitol One membersboth with pre-registration codescrashed Ticketmaster shortly before the on-sale time. The series of concerts is . Especially smaller artists that cant front the money for a huge spectacular stage show. Copyright 2023 CBS Interactive Inc. All rights reserved. Even before ticket sales kicked off, the demand for Swift's upcoming tour was high so much so that the Midnights singer added an . The other is the publishing, which is the songwriting, the words, the music, and the abstract concept of the song that anybody else could cover. Vinyl is a small but meaningfully growing share of the music revenue pie. She certainly wants to own this asset for the amount of money that can be made in streaming. 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. Touring is certainly doing really well for her. Its like he gets human psychology. Ringtones was one of them.. 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. ", Taylor Swift fans were disappointed in the experience with Ticketmaster. "It obviously wasn't meant to be if we didn't get tickets but we're upset. People dont get that it is this weird pooling model. Now its listens over time. I dont mean to say that theres zero money. "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.". Its very possible that someone might need this company because with music, to your point, you cant bet against the internet. Now, here in 2023, the music is marketing for you selling everything else your concert tickets, your merch, your NFTs, whatever it is. The Pennsylvania Attorney General's Office is even getting involved, telling residents experiencing problems with the site tosubmit a complaint. Swift reported over Twitter. Listen to Decoder, a show hosted by The Verges Nilay Patel about big ideas and other problems. We have three big labels now, but we had four at the time. Talk to us about the CD era. No, because its the total amount of listening. They still dont. Spotify is the only major streamer that is not subsidized by a larger tech company. I think that the worlds in which fandoms are emphasized have definitely done well in this model. So not all the music, but effectively. Independent artists can fare well in this ecosystem if they get hundreds of millions of people to go listen to a song which they own the majority of, because then theyre getting the full fraction of a penny, rather than a tiny fraction of the fraction of a penny. 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. Like the streaming model, there is going to be a cap on the amount of concerts that people are going to go to. So, yeah, its no wonder. They already have leverage. 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. She is trying to reclaim the rights to all of her master recordings, which were sold without her permission by her former label. On Nov. 18, Swift spoke out about the fiasco in a message to her fans via her Instagram Story. / CBS News, Taylor Swift is speaking out amid the controversy surrounding Ticketmaster's handling of her upcoming "Eras" tour. You understand the value exchange there, even if the label is taking too much money. I think its important to say that. The tour, which will be a "journey through the musical eras" of Swift's career, is set to kick off next March in Arizona. Very much so. We have to talk about music licensing. We know were going to get a proportion of that. To get music, you had to go to the store and buy a physical copy of a CD, and that made everybody rich. She said she's "trying to figure out how the situation can be improved moving forward. Swift hastwo shows scheduled in Pittsburghfor June 16 and June 17. Like everybody else, she has all those things, but she leans the hardest into music. TAYLOR Swift is set to release more tickets for her The Eras Tour after thousands of fans missed out on Ticketmaster. Part of what youre saying, Nilay, is that music is more valuable than it has ever been. There were some smaller versions of this business that launched in the United States RIP Rdio, which was a Verge favorite. Many fans sat in the Ticketmaster queue for hours waiting to get Swift tickets. You have to make it on your own. It literally is the same. How much of that money went to her as the artist, in general? But you are the artist. "The site was supposed to be opened up for 1.5 million verified Taylor Swift fans," he said. Ticketmaster cancels general public sale of Taylor Swift tour tickets. Charlie, this was great. The site was supposed to open up for 1.5 million verified Taylor Swift fans," Maffei said. What happens after you submit a ticket request? People use these platforms to hopefully up-level off of those platforms into places where they can secure more acclaim, revenue, et cetera. Taylor Swift released her first album in 2006. . Its not clear who listens to it and how, it devalues fans, there were all kinds of ways that people were very unhappy with how they got paid out. While it's impossible for everyone to get tickets to these shows, we know we can do more to improve the experience and that's what we're focused on," it concluded. You just need a safe space of Guns N Roses fans making only Guns N Roses content. 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. 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. Two, she is also an incredible capitalist money machine. I dont mean to be a firebrand here and bet against it. 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. However, the sale quickly descended into chaos as fans began reporting site crashes, extremely long waits and other technical glitches. Taylor Swift fans sue . There is some concern that people are only listening to music on TikTok, and that they need to listen to the really fast, sped-up version instead of the real one which is a major trend we have reported about on Switched on Pop, because that is their engagement with music. Tickets for the Era tour were first available to purchase on Nov. 15 at 10 a.m. local venue time for the lucky 1.5 million fans who received Verified Fan codes. Ticketmaster cancels Taylor Swift public ticket sales due to demand, 'insufficient' supply. This whole episode actually started because our team was talking about Taylor and her masters. There are not as many folks in the middle class of streaming as the streamers would like to say there are. 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! I dont have insight into her taxes, but obviously she has done movies and she has brand endorsements. 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.. 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. As much as this streaming model may not be a good business, music is a really essential part of our culture. 2023 Vox Media, LLC. It seems like every tech company has tried to do that in the last three years, and it doesnt seem like people are pouring in to do lots and lots of live audio. She didnt want to participate in that model. I just need guitar solos. I love talking about the business of music with you, even though I just want it to be guitar solos. The company later said that over 3.5 million users pre-registered for the sale, making it the largest registration in Ticketmaster history. The economics of this dont make sense for us. 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. Oftentimes you can buy greatest hits records, and its not actually the greatest hits, its re-recordings of the greatest hits. 2023 FOX News Network, LLC. The company noted that although they only gave out 1.5 million presale codes, the site was overwhelmed on the day of the sale due to fans who showed up without a code and a "staggering number of bot attacks.". Its the same one. With music, the expectation is that it is effectively free. I wasnt going to buy the nine-song record because CDs at my local Best Buy were very expensive. I mean, it puts us a bit more into the world and conversation of content creators. 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. Youre not going to get the US consumer everywhere you go around the world. <p>Taylor Swift | Era's Tour | 1st Floor Ticket | With It's Been A Long Time Coming VIP Package| Los Angeles 8/8. Theres certainly the value of the music in advertising sync and getting it synced in video and so on. It might be undervalued financially, but in terms of value as humans, it is so essential to us. Each of you listening is not going to give them that nice $5. Then thats why she ends up crashing Ticketmaster, because she understands exactly how to leverage those fans into tickets. You cant put that genie back in the bottle. Are there going to be another 20? The whole model feels utterly precarious right now. "You have no idea how much that means.". What do you think a label is looking for? Taylor Swift released her first album in 2006. ", Swift said Friday that the controversy occurred because of a "multitude of reasons," and suggested that the blame for the situation falls on Ticketmaster. Swift had been set to perform the "Lover Fest" tour in 2020, but it was canceled due to the coronavirus pandemic. The talent scouts whose job it is to go and find new talent are surfing TikTok. Yeah. All 2 million tickets for the Verified Fan onsale were sold to Verified Fans. 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