Billy Corgan Says Music Industry Run By “Feckless Idiots”

The business model of the music industry will go through a disintegration before reforming, predicted Billy Corgan, the lead singer of The Smashing Pumpkins. He added that the music industry is currently run by people who have no clue, including tech companies, because artists do not realize their true value.

“Tech companies keep cycling back to music artists and music artists need to figure out their true value in a free-market society, which they’ve been slow to do because you have that old model of telling artists that they are not worth anything. They are disposable,” said Corgan in an interview with CNBC’s “Squawk Alley.

“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.

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.

I have to say, Billy looks great as a news commentator.