Corgan Slams Music Industry

15 May 2015

Corgan Blog - Edit

Frontman of band Smashing Pumpkins, Billy Corgan voices his opinions on the state of the music industry. Corgan claims the music industry in run by “Feckless Idiots”. “They do not subscribe to the normal tenets of capitalism. Which when they do, the business tends to work out well: stars rise to the top, everybody benefits. But it’s still a parochial business, run by fiefdoms.” “The tech world is just blowing music out of the water, but music and artists remain incredibly valuable to launching things. Hence tech companies keep cycling back to music artists. Music artists need to figure out their true value in a free market, which they have been slow to do because you have that old model of telling artists they are not worth anything, that they are disposable – similar to the things you’ve seen in the sports leagues, and you are going to see that evolution happen in the music business.” Corgan reckons we’re gonna see a change and shift in the industry again, continuing – “You’re gonna see a complete disintegration of the business model. And a reforming. The problem is because artists are generally manipulated, it’s an old business model, you’re told ‘you have no value, you have no value.’ They’re slow on the uptake on how much value they have in this market place. Because when it comes to athletes and rock stars, those are two people who can sell a level of independence that works with marketers that no one else can sell … But music’s been slow on that because the old music business continues to control its diminishing share of the market.” During the interview with CNBC, Corgan also spoke out about Jay-Z’s streaming company, Tidal, “Although I celebrate the idea of him creating his own model, it leaves a lot of people out”, he then continued, “To try and sell it as an altruistic thing is disingenuous, because it’s not. He is taking his slice of the pie, which he has every right to do – he is a powerful man and he works with powerful people. But by the way, I’m a powerful artist and I don’t recall getting a phone call from him.” Watch the full interview below: