For the first time, older music released from the ‘50s all the way up to a few years ago topped new in terms of popularity in the streaming realm.
At this year’s Grammy Awards, set for Sunday at 8 p.m. EST, such artists as rappers Lil Nas X and Doja Cat and singer-songwriters Billie Eilish and Olivia Rodrigo will be vying for top honors, particularly in the coveted album and record of the year categories.Not that the Fab Four, which disbanded a half-century ago, are up for any awards, though Paul McCartney, the 79-year-old former Beatle, is vying in two categories as a solo artist.
This no doubt helps explains why older artists have become a favorite of investors. Such legends as Bob Dylan, Bruce Springsteen Neil Young and Stevie Nicks have sold their catalogs to various firms and companies for sums of $100 million-plus. The Springsteen deal — to Sony Music SONY, +0.20% — was reportedly valued at a whopping $500 million.
Equally of note is the fact that so many new tunes are being released, Jonas says, citing the fact that Spotify adds some 60,000 songs to its playlist each day. While that might seemingly boost the profile of contemporary music, Jonas said it can have the opposite effect: New artists face an uphill fight to be heard in such a competitive marketplace.Which is not to say that younger listeners are strictly fans of younger artists.
There may be another element as to why older music has such sway in today’s market. Namely, it’s the question of whether artists from previous eras are actually “better” than today’s crop as a whole.
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