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Billy Corgan Says Music Industry Is Run By ‘Feckless Idiots’

Billy Corgan
CNBC

Smashing Pumpkins frontman Billy Corgan has had his share of success in the music industry, but like many others in similar shoes, he has some not-so-nice things to say about it. He said those things during an appearance on the CNBC program Squawk Alley, where he proclaimed that the music industry is run by “feckless idiots who do not subscribe to the normal tenets of capitalism.”

He spoke about his belief that the industry is behind the times technologically, and that it belittles the power of musicians, which in turn causes musicians to undervalue themselves, saying, “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.”

Corgan then expanded on the idea that the music industry needs to topple before it can be rebuilt: “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.”

Corgan might be a bit too into professional wrestling, and he might not care for Kanye West, Pearl Jam or Anderson Cooper, but maybe he has a point here. Check out the rest of his appearance below:

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