Re: Joe Walsh - The truth about music
The economy and business of making music have changed, and will change further, in ways that are hard - if not impossible - to predict.
My 0.05 is that there is less likelihood of an artist/band getting rich from recorded music.
But there are new opportunities as well as threats. A few months back I watched the Counting Crows playing live at the Sydney Opera House. I didn't physically attend the concert, but it was broadcast (narrowcast? singlecast?) on Youtube. I don't know the details, but I'da thunk the Crows earned some money from that.
Maybe, just maybe, this will mean that successful acts will have to stay touring to stay making money, because there isn't the money in recorded music that there once was. And that means that artists will need to remain functioning as live acts to make big money.
Musicians making small-country-GDP money is a new phenomenon. And maybe it's one that is passing.