I read an article the other day about how the United Kingdom’s Brexit will impact the music industry which you can read here. According to an article I read online, from Metro in the UK, the Brexit has already affected the value of the pound. Cost for song downloads and equipment in the UK have increased affecting consumers and artist. This obviously would cause a domino effect for the whole industry. When the cost to produce music increases so will the cost of selling the music.
Now in my previous blog post, I discussed the topic of streaming and its relevance to the industry today. With the cost of downloading increasing, it can be assumed many might turn to streaming for a cheaper option. This of course would just reaffirm streaming companies as the new giants of the industry which has its positive and negative factors. Aside from Brexit, the streaming industry has already taken a major portion of profits from digital downloaded music.
Aside from the impact on downloads and streaming, the article covers other parts of the industry are effected by Brexit or will be effected by it at. As I’ve read and could see the reasoning behind, the live side of the industry can also take a hit from Brexit. Equipment cost would increase, and there have also been visa issues for US artist and increased cost involved with that.
Overall I found it to be an interesting topic. Here’s a video that goes over what I’ve mentioned. I ask this question often when discussing topics involving the industry, but how bad will this affect the industry and how will we evolve given the situation? Time will tell.