The global live music industry is worth some $30 billion every year. Or, rather, was. In a matter of weeks, Covid-19 shut down everything from pub gigs to festivals. And in doing so, it also made apparent the lopsided shape of the modern music industry, in which artists are paid to perform, but often barely anything for the music they record. One of the truisms of the streaming era has been that while Spotify might have gutted the income you make from records, it makes it easier for people to find your music. That grows your live audiences, which is where you make your money. Now, with live audiences at zero, that deal is looking increasingly unworkable. – Esquire