Musicians Can’t Rely on Financial Institutions to Fund Them

Musicians Can’t Rely on Financial Institutions to Fund Them

Musicians face significant financial hurdles, often finding traditional institutions like banks unreliable for funding their creative pursuits.  Eugene Bempong Nyantakyi, an economist, highlights the systemic challenges musicians encounter in securing financial support.  Unlike conventional businesses, artistic endeavors lack predictable revenue streams, making banks hesitant to offer loans or grants.  This reluctance stems from the high-risk nature of music careers, where success is uncertain and income fluctuates. The music industry’s evolving landscape exacerbates these issues.  Streaming platforms, while lucrative for top-tier artists, offer minimal royalties for most, with only 28% of musicians earning from streams, averaging just $100 annually.  Live performances, a primary income source, often yield meager earnings, with median gig income at $5,427 in 2017.  Additionally, piracy and weak intellectual property protections, particularly in regions like Kenya, further erode potential rev…