Whether it’s Donald Trump or Kamala Harris, the music business has something to fear from the US election

Worst-case scenario for music industry

Trump’s most concerning policies for the music industry include a roll-back of net neutrality and the Affordable Care Act, as well as his tax cuts for the wealthy, which would disproportionately benefit music industry executives while leaving less for artists.

While Trump’s proposed elimination of the National Endowment for the Arts would have a direct impact only on classical music ensembles and other organizations that receive direct federal funding, the move would have a chilling effect on the entire industry.

Record stores such as Amoeba Music in Hollywood, California - still struggling to adapt to the digital streaming era, saw sales rise by around 60% between April and September 2020, as people stuck at home sought comfort in physical media.

Reversal of Trump policies

Should Joe Biden be elected, he is expected to reverse many of Trump’s most damaging policies. He has pledged to restore net neutrality, protect the Affordable Care Act, and increase funding for the National Endowment for the Arts.

Biden has also proposed tax reforms that would raise taxes on corporations and wealthy individuals.

While these changes would be welcome news for many in the music industry, it is important to note that Biden is a moderate Democrat and is unlikely to support some of the more progressive policies that some in the industry have called for, such as a guaranteed minimum income for artists.