Why is TokenTraxx a Big Deal for Music? - Contents
Music income has been collapsing for some time.
The largest labels have a tight grip over the entire music industry, which is reflected in their dominance of the charts. 90% of all top 10 singles in the last 10 years are owned by one of the three major labels. It is estimated that these three music label giants make £19 million a day from streaming alone.
In 2019, 56% of professional musicians earned £20k or less, with 35% needing a second job – just to make ends meet. Since, the COVID-19 pandemic damaged the live scene and reduced royalties generated from on-site plays in restaurants, bars and nightclubs.
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