Music is enjoying a ‘new dawn’ which can help the industry ‘correct all the flaws of the past model’, multi-million-selling songwriter and producer Crispin Hunt has said.
Addressing delegates at The Great Escape, he added that the industry is still behaving cautiously despite recent signs of healthy growth – and should instead embrace new developments to fix past mistakes.
‘The musical future is suddenly looking a lot brighter and with luck, we should be on the verge of an unprecedented musical revolution both in terms of scale and opportunity,’ he said. ‘But it’s up to us, the creators, our industry and the online platforms, to work together to get that future right.’
Referring to the movement away from physical distribution to curated, ‘sophisticated’ and ‘boutique’ streaming platforms, he urged all stakeholders to redress old imbalances.
Hunt, who is also chairman of the British Academy of Songwriters, Composers and Authors (BASCA) added: ‘I hope to see a new business model that actually reflects the current mechanism, with rights and creator remuneration embodied within it. Why do we chain ourselves to a normative structure which is outdated and doesn’t reflect current consumption patterns?
‘But change is in the pipeline, we’re turning around, we’re in a new dawn for music, we have a fantastic new way of getting our music heard, so lets take this opportunity to draw a line in the sand and correct all the flaws of the past model and work towards building a new one.
‘We have the technology for a new bionic music industry; better, stronger, faster than ever before, one based on trust, transparency, accuracy and partnership, where every tune gets played, wherever it gets played, gets paid.’
Hunt was talking on the Five Years of the Momentum Music Fund session, presented by the fund’s founder PRS Foundation, alongside PRS for Music and PPL.
He went on to praise the work of the Momentum Fund, which is supported by Arts Council England, Creative Scotland, Arts Council Wales, Spotify and others, adding: ‘In setting up the Momentum Fund they plugged a gap in market that was gushing creativity and proved support to an army of talent which might not otherwise have surfaced.’
Also at The Great Escaoe, PRS Foundation announced that the Momentum Fund has generated more than £13m for the British music industry over its five-year life span. Read the full story.