The music industry is a massive one. According to Statista, the industry is expected to generate $61.82 billion in revenue in 2021, which is significantly more than the economies of most countries. If it were its own country, it would have the world’s 81st largest economy, trailing only Lithuania. As a result, everyone wants a piece of that enormous pie. Many have investments in various artists and record labels, which can generate millions of dollars in sales each month. Artists, on the other hand, have a chance to rise to the top of the world if they work hard and smart in the industry.
Despite its outward appearance of glamour and fun, the industry contains a significant degree of intrigue and secrets. Many secrets are kept hidden in order to maintain a genuine and clean appearance. Of course, some of these secrets have leaked to the public over the years as a result of reporting on scandals and disputes involving various industry figures. Here are some of the secrets that the music industry prefers to keep hidden.
Some Celeb ‘Beefs’ May Be Fabricated
We can now simply open Facebook or Twitter to see the latest news about another celebrity feud. After all, we want to know how two celebrities managed to be at odds with each other. While some beefs are quite genuine, such as Kanye West’s with so many people, others are just odd. The most well-known of these is Nicki Minaj, who has instigated numerous beefs for clout.
During the 2015 MTV Video Music Awards, Minaj used an expletive to refer to the ceremony’s host, Miley Cyrus, for comments she made in the press. While the act appeared to be genuine, many believed it was staged to add drama to the show. Furthermore, her previous exchanges with Mariah Carey on American Idol may have been done to some degree to bring in more viewers. In a related vein, some celebrities have been known to pay paparazzi to photograph them in order to gain clout, with some of these photographers describing such acts as investments on the part of the celebrities to have their faces published in various tabloids and news outlets.
Even Talented Stars Can Be Dropped from a Label
While we may believe that talent can take you far in music, this belief can be challenged. Consider the case of Mariah Carey in 2002. Virgin Records dropped her from their four-album deal at the time due to poor sales of her Glitter album. While Glitter sold around 500K albums, Virgin labeled it a flop because it was expected to sell at least a million or more copies. As a result, Mariah received $30 million and experienced increased anxiety, complicating her career. Even Katy Perry and Lady Gaga, who are unquestionably superstars, have felt the pressure of being dropped so early in their recording careers.
One major reason for this phenomenon is that record labels regard their artists as mere investments that must yield quick and massive returns. If said talents fail to do so, they are fired. Nonetheless, many of these artists can find success in another recording studio. However, the prospect of being dropped despite exceptional talent can be detrimental to any artist’s career prospects.
Artists Have No Control Over Their Finances and Wealth
Many people believe that because many musicians live large lifestyles, they have complete control over their finances and wealth. Unfortunately, that does not appear to be the case. Many artists experience a similar phenomenon to how many child actors have their earnings controlled by someone else. The conservatorship of Britney Spears, which came about after a lengthy court battle with her and her lawyers, was perhaps the most notorious. She only recently managed to escape the conservatorship in 2021, and she has shared her less-than-ideal experiences while there.
Little Boots was another well-known example in 2009. Her debut album, Hands, was well-received by both critics and the general public. Despite her debut’s enormous success, she was never given an equitable share of the earnings and royalties. Worse, she discovered that her partners were effectively squandering her earnings on five-star hotels, expensive gifts, and other high-priced expenses. Such squandering of potential investment for the artist had a negative impact on her morale at the time.