This time, everything really is going to be different. Americans now live in a country where neither felony convictions nor dancing to “YMCA” onstage during a medical break in a political rally are disqualifying factors for the presidency; where a member of Congress who was investigated by the House Ethics Committee for allegations of sexual misconduct is nominated for attorney general; and where proposals for reckless tariffs and magic-bean-money marketed by grifters have made the stock market go up. Oy.
The music business has been humiliated. All those artist endorsements for Kamala Harris didn’t seem to matter, at least in part because most of them spoke to voters the way the Democrats did. (I found Bruce Springsteen’s ad for Harris moving, but I’m not sure it was all that convincing.) Taylor Swift, who endorsed Harris, is the dominant artist of this era. But Joe Rogan, who seems to be an idiot’s idea of an intellectual in the way that writer Fran Lebowitz once said that Trump is a poor person’s idea of a rich person, may have more influence. With just over 50% of the popular vote, Trump is now mainstream, at least statistically. Pop culture has changed.
What about the music business? Amid all of this winning, the industry may stay basically the same, according to a half-dozen conversations with industry policy executives and a dozen more with other music business figures. The basics of Trump’s economic agenda are tariffs, tax cuts and deregulation. Tariffs on imports will play havoc with some businesses, but they would only affect parts of the music industry; the price of merchandise, including CDs and vinyl, could go up, probably modestly. When it comes to taxes, successful artists and executives could end up paying much less, which seems inadvisable for the country but fine for business.
The industry’s biggest regulatory issue is copyright, power over which the Constitution specifically grants to Congress. (Even the U.S. Copyright Office operates as part of the Library of Congress, in the legislative branch of government.) It’s one of the few genuinely bipartisan issues that unites Democrats who champion the arts and Republicans who want to protect property rights, and the sheer complexity of the subject — as well as the fact that it’s always easier to stop legislation than it is to pass it — makes it hard to imagine significant change happening quickly.
The music business faces other issues, of course. Chief among them is the Justice Department’s antitrust case against Live Nation Entertainment, which seeks to break up the concert and ticketing giant. It’s impossible to know what’s going to happen with the case, although speculation suggests that it’s too popular a cause to simply drop. (Many concertgoers feel certain that breaking up the company will bring down ticket prices, which is hard to imagine; there are other important issues at play, but they’re more complicated.) There’s also the fate of TikTok, the Chinese-owned short-form-video platform that Trump tried to ban when he was president, then promised to “save.” (One of the hard things about figuring out what Trump will do is that he himself doesn’t seem entirely clear, either.) Right now, the issue is in the courts. And although TikTok’s Chinese parent company has said it does not intend to sell the platform, one could imagine a compromise that allows everyone to save face, probably without addressing the original problem.
These last two issues show just how much conflicts over media business regulation — and business regulation in general — now take place within parties as opposed to between them. Partly, this is because Republicans have been just as willing to regulate technology companies as President Barack Obama. When it comes to antitrust, for example, both traditional Republicans and corporate-leaning Democrats want to get rid of Federal Trade Commission (FTC) chair Lina Khan, who has taken an aggressive approach to antitrust enforcement, but JD Vance has said positive things about the job she’s doing.
Antitrust isn’t the only issue that works that way. President Biden, and most traditional Democrats, understand the need to protect small investors from cryptocurrency rip-offs. (Trump was against crypto before he was for it.) Until a decade ago, how and how much the government should regulate business was the main divide between the parties. Now a libertarian, business-friendly agenda is pushed by parts of both parties, available in Silicon Valley fleece and Wall Street cashmere.
This, more than Trump, represents the real policy risk for the music business — the libertarian side of Silicon Valley, which stands to gain from Vance’s influence over Trump. (There are other issues that are much more important, of course, including economic policy and the independence of the Federal Reserve.) Imagine that Trump and Vance want to Make Silicon Valley Great Again, which in their minds means having the U.S. take the lead in artificial intelligence. Could that mean allowing technology companies to train their software on copyrighted works without licenses? Or relaxing some of the other protections that rightsholders have? Given all the laws and treaties involved, this is actually hard to imagine. Then again, what about this situation isn’t?