Influential Apple Exec Explains Why He's Worried For Music's Future
Jimmy Iovine of Apple isn't pleased with the developments he's seeing in the music industry. During a talk at the Vanity Fair New Establishment Summit, Iovine criticized "freemium" models like Spotify, stating "Free is a real issue. This whole thing about 'freemium' — maybe at one time you needed it, but right now it's a shell game." But he's also worried about the rate at which new music is being created.
Iovine cited one of the biggest problems artists are facing today is that touring has had to pick up the slack left in the wake of declining record sales. Fear of poor album sales coupled with diminishing returns from streaming services has resulted in artists seeing touring as their primary mode of income, leaving them less time to create new music.
"The records are taking a back-seat to all the touring. They should at least be equal, but they're not right now. And that makes me really T'd off."
Lastly, he reflected on how music isn't as cherished as it used to be.
"Music used to be No. 1 or No. 2 in most people's hearts. But if you said to a teen today, 'Okay, you can only have two apps on your phone,' neither one of them would be music. And that makes me scared. I have no research for that, but I can feel that from living everyday."