We all remember it. I don’t, but I’m told it was great.

Record labels, Top Of The Pops, Chris Evans, Chris Moyles, everyone called Chris was doing great.

For me, it's just a story. One that traverses truth and fiction and one, surely better to be told than to be lived. For those who were there, prosperous or not, see it as a benchmark for the music industry in the years that have followed.

Perhaps it's because of this doomed comparison that so much energy has been invested into keeping the industry alive. The spirit of the noughties however, is no longer here. Gig numbers are down. Vinyls may be moving, yes, but the number of new artists is in a worrying decline.

With news that the BBC plans to downsize their introducing platform and the industry as a whole divided on whether or not TikTok is worth a punt for new artists - the warning signs are everywhere. The building is crumbling. Let’s not wait until there’s nothing left. The foundations are still there… In order to save the music industry, we must first kill it. 

Ham & High: Oliver Shasha is worried about the future of the music industryOliver Shasha is worried about the future of the music industry (Image: Chantelle Billson)

The BBC’s plans are not unique.

Downsizing and restructuring is happening all over the industry. As for the labels, managers, agents etc… the people who were once considered essential allies, now find themselves at the centre of twitch stream dart boards.

But perhaps it's not too late for those in the know, to have a role in preventing music from becoming a cashless operation for artists on the up. Studies have shown that more than 70% of viral artists on TikTok have had their music featured in Spotify editorial playlists. A success pass-rate that any label-exec would pride itself on having.

The difference? Instead of the 1% of aspiring musicians who eventually sign to major labels, online virality is accessible to anyone. It's not just a more democratic route to the top, but one whereby the successful are entitled 100% of their music’s earnings.

The problem at large then is no longer having your voice heard, but identifying how listens and virtual popularity translate into career-eligible profits.

While there’s still a platform for industry professionals to be heard, legislation is urgently needed to protect artists from the dwindling margins of streaming platforms, which are set up so that the little guy is the last in line for a paycheck.

Music as an industry must adjust like everything with new tech. It's time to let go of the past.

Oliver Shasha is bass guitarist with the band FEET.