74% of songwriters are making under $10,000

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The majority of songwriters, about 74%, earn less than $10,000 annually. Those making a more sustainable income of over $30,000 per year constitute the top 10% of the industry.Songwriters report that their biggest hurdle is the lack of significant streaming revenue, followed by the challenge of standing out amid the vast number of new songs. (Indeed, Luminate has reported that over 100,000 new songs were added to streaming services daily in 2023.)The streaming era has posed difficulties for both songwriters and recording artists, according to Tatiana Cirisano, senior music analyst at Midia, in a discussion with Bloomberg News. Many artists have responded by diversifying their income through touring, merchandise sales, and other avenues. For songwriters, who often prefer to stay behind the scenes, this has been more challenging, though this might be changing.“Even for those who are solely songwriters, there’s growing interest from fans in learning about them,” Cirisano said. “Today’s consumers are more aware of how their favorite products are made and marketed, and they’re not surprised to find out their favorite artists don’t write their own songs.”To adapt to the current industry dynamics, songwriters may need to increase their presence on platforms like TikTok and Instagram, sharing their writing processes with audiences. Alternatively, recording artists might need to tag their songwriters more prominently on social media, bringing them into the spotlight.In response to issues with the streaming model, the National Music Publishers’ Association is advocating for Congress to reform the Copyright Act to allow songwriters to negotiate their royalty rates directly with streaming services, rather than relying on government-set rates.However, this approach could create its own challenges, as platforms would need to handle licensing arrangements with numerous songwriters involved in tracks.Interestingly, Cirisano doesn’t view generative AI as a threat to songwriters. While more people can generate lyrics, she believes only those truly passionate about songwriting will persist. Additionally, for songwriters who may not be strong vocalists, AI-generated voices could actually be beneficial.Ultimately, the flood of content remains a significant concern for both songwriters and recording artists, who now face competition from hobbyists for promotion and listening time.