The Problems in the Music Industry
In the current media climate, artists are faced with a difficult challenge when wanting exposure for their music without having an abundance of financial resources on-hand. This has historically limited artists that are talented who would have otherwise succeeded if it were not for their financial situation.
The music industry has become cyclical in the realm of the modern age of streaming. Streaming comprises a large part of how people now listen to music. Additionally, 67% of the streaming industry is controlled by 3 companies (Amazon, Spotify and Apple) . The market cap for streaming is expected to grow by 4 billion over the next 4 years to 20 billion usd .
Limelight recognizes that music has lost touch with its primary consumer, the fans. New artists are constantly showing up on front pages of popular streaming platforms and are being pushed in by consumers for their consumption, for clicks, ad revenue and the like.
Record labels no longer seek artists who make good music, they want marketable artists to generate recognition for their product.