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Why do bands generate their "Greatest Hits" when they are young?

When it comes to different genres of popular music whether the music is "popular" metal, funk, jazz, blues, "50s, 60s, 70s, 80s, 90s Hits" or whatever, I'm sort of taken back when I look up a song, then look up the band, and then see pictures of the band members back when the song I'm interested in learning became a "Hit." As someone in my 70s I'm like, "Who are these young kids!" This has to do with my sudden interest in going back and learning the bass lines to songs I listened to in the 60s and 70s when I was a teen or in my twenties myself.

And that got me thinking about how much of the music that I've come to enjoy over a whole lot of years were composed and played by kids in their teens and twenties. Why is that do you think? Why do young folk have these sudden surges of intense creativity, and then that creativity sort of wanes over time and those bands are suck playing the music they wrote when they were young and are now playing as grey haired and slightly balding old farts like myself who might even need a cane to walk out on to the stage <laughs> Thought?
 
Why do young folk have these sudden surges of intense creativity, and then that creativity sort of wanes over time
I think that's true in most arts, not just music. Young artists have more energy, they're working from gut impulses rather than knowledge of what works, they pay less respect to the rules of how previous popular (novels, movies, paintings, songs) were constructed when they make their own, and so on.

Most of your favorite bands were far more prolific when members were in their 20s than when they reached their 40s.

Added to this, the entertainment industry is intensely youth-focused, so they're going to spend more budget and bandwidth hyping new things by new people rather than new things by old people. Kids don't have their tastes set in stone yet -- it's a lot harder to convince boomers in their seventies to stop listening to The Beatles and try something new, so record companies aren't going to bother.
 
When it comes to different genres of popular music whether the music is "popular" metal, funk, jazz, blues, "50s, 60s, 70s, 80s, 90s Hits" or whatever, I'm sort of taken back when I look up a song, then look up the band, and then see pictures of the band members back when the song I'm interested in learning became a "Hit." As someone in my 70s I'm like, "Who are these young kids!" This has to do with my sudden interest in going back and learning the bass lines to songs I listened to in the 60s and 70s when I was a teen or in my twenties myself.

And that got me thinking about how much of the music that I've come to enjoy over a whole lot of years were composed and played by kids in their teens and twenties. Why is that do you think? Why do young folk have these sudden surges of intense creativity, and then that creativity sort of wanes over time and those bands are suck playing the music they wrote when they were young and are now playing as grey haired and slightly balding old farts like myself who might even need a cane to walk out on to the stage <laughs> Thought?

I think it has to do with the market and how artists are marketed.

Popular culture has been youth culture since the 50s. People tend to "set" their taste when they're in their teens. There has actually been a fascinating survey asking people what decade was best or worst for various things - anything from family cohesion to the economy, and including when were the best movies, best music, etc. Turns out people's responses track very closely to their own life cycle - families were strongest when you were eight, music was best when you were fourteen, the economy was best when you were old enough to get a job but too young to pay your own bills, etc.

Most teenagers aren't terribly interested in music by old farts, no matter how good it is. Popular music has ALWAYS been about image and fashion, and identifying with the artist, as much as it's about music. So new acts of young artists get heavily marketed to a young market segment. That's when their songs track as hits on the charts.

That market cohort gets older, and so do the artists. But the listeners have already heard the output of the artist and picked their favorites. Those songs set the bar in their mind, so there's really no room for a new song to break out and become more popular than the identity-defining hits; the best they can do is be considered "as good as" the early work.

In the old days, the industry might invest in a promising new artist for three or four albums to start producing hits. That gave them a little time to develop (Billy Joel, Prince). These days, you have to be an instant sensation, with hit songs immediately at your debut. Long or short, after a window, if you haven't produced hits, they drop you. Either way, even for the majority of legacy artists, their biggest hits are typically off their first three or four albums (yes, there are exceptions, but generally).

A bit of an exception to what I just said, but you can see the dynamic, look at Prince's discography:

Year - Album (# of US top 40 singles: how many of those were top 10)
1978 - For You (0)
1979 - Prince (1:0)
1980 - Dirty Mind (0)
1981/2 - Controversy (0)
1983 - 1999 (3:2)
1984 - Purple Rain (5:4)
1985 - Around the World in a Day (2:2)
1986 - Parade (2:1)
1987 - Sign o the Times (3:3)
1988 - Lovesexy (1:1)
1989 - Batman Soundtrack (3:1)
1990 - Graffiti Bridge (1:1)
1991 - Diamonds and Pearls (4:2)
1992 - Love Symbol (2:1)
1994 - Come (1:0)
1996 - Chaos and Disorder (0)
1996 - Emancipation (0)
1997 - The Truth (0)
1999 - Rave Un2 the Joy Fantastic (0)
2000 - The Chocolate Invasion (0)
2001 - The Rainbow Children (0)
2004 - Musicology (0)
2005 - 3121 (0)
2006 - Planet Earth (0)
(After that, Prince's songs aren't listed on an overall US top 40, though a few still made it onto RnB charts).

From an industry perspective, that one hit from his second album kept his career alive until he really broke out with 1999 and then especially Purple Rain. And those were only 5-6 years after he started releasing albums - he was 26 when Purple Rain came out. He was still a hitmaker for seven or eight years more. His top ten hits all fall in the decade from 1983 to 1992. After that, he had so much money he could do what he wanted (and I imagine the songs were still really good), but from a market perspective he ceased to be relevant. At any rate, if you're playing in a cover band, you've got a much better bet playing "1999" or "Purple Rain" than "Diamonds and Pearls."
 
As much as I do like Tom Wait's earlier stuff, I mean how can you NOT like Small Change, I don't think he hit his real stride until Swordfishtrombones which was his 8th album. From then on it just got better and better really. The theatrical nature his music took on really made it more "artistic" than any "normal" (whatever that is) song about his own life might have imbued in some weird way. Stepping outside yourself can really change the slant of your art for the better. This change I believe was brought on especially by his wife Kathleen Brennan who is his songwriting partner and also creates plays for avant-garde European theatre that features his music. I tell ya, he really got lucky when he found her.

The host starts talking to her around 7:00 and she is just as interesting as Tom honestly. The version of "The Piano has Been Drinking" isn't all that fantastic here though. Waits isn't exactly "popular" in general but he is popular amongst musicians.
 
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When it comes to different genres of popular music whether the music is "popular" metal, funk, jazz, blues, "50s, 60s, 70s, 80s, 90s Hits" or whatever, I'm sort of taken back when I look up a song, then look up the band, and then see pictures of the band members back when the song I'm interested in learning became a "Hit." As someone in my 70s I'm like, "Who are these young kids!" This has to do with my sudden interest in going back and learning the bass lines to songs I listened to in the 60s and 70s when I was a teen or in my twenties myself.

And that got me thinking about how much of the music that I've come to enjoy over a whole lot of years were composed and played by kids in their teens and twenties. Why is that do you think? Why do young folk have these sudden surges of intense creativity, and then that creativity sort of wanes over time and those bands are suck playing the music they wrote when they were young and are now playing as grey haired and slightly balding old farts like myself who might even need a cane to walk out on to the stage <laughs> Thought?
I think a lot of it has to do with time and freedom. When you're young, you can take risks. You can afford to devote 5 to 10 years of your life devoted to pursuing music, so naturally that's the most creative time. Also, I think a lot of bands are tied down to what they've done before and what their fans will accept.

On the other hand, there are outliers like David Bowie and Johnny Cash who kept pushing their boundaries until the very end.

That being said, I was in Marfa last year, and a couple of old coots were playing really weird music through effects-thingies which I can't even describe. Really ethereal music played by Texas codgers at some art show in a gravel parking lot. So there's no age limit to creation.
 
Of course, the obvious example here is the Rolling Stones. Young men when they started, still playing in their '80's. Satisfaction, Jumpin' Jack Flash, etc., still sounds pretty good when they play it today as " old farts", as it did back in the '60's as young guys. Are they still cranking out the hits like Satisfaction? No, but, I think they are at the point in their careers where they really don't have to, anymore. Their LP, Blue and Lonesome, won a Grammy as recently as 2018, when they were all in their '70's.
 
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IMO it's not just that the musicians are young, but the fans are as well. When you are 20, hearing a specific album will probably hit quite a bit harder and feel more significant to you than hearing it for the first time at 50. Also, people don't want to hear the same thing from a band for decades on end, so the musicians have to evolve. But evolving to please an older crowd, while walking the narrow path of not abandoning your roots while finding new things isn't easy.
 
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I think the basic issue is that the vast majority of bands or musicians generally cannot sustain "greatness" by simply repeating and iterating on the same general formula or style, because at some point freshness and inspiration run out. This means that once an artist has "said everything they have so say" with a specific sound or style, they have a choice of either chasing new inspiration or sticking with the "safe" route of releasing similar music to appease fans and likely have a more secure future based upon legacy.

For those musicians who do choose to make a change, only a portion of them can actually make it work. Some simply don't find a new inspiration. Others might give up due to fan backlash if they don't get quick success.

I think Tom Waits, who has already been mentioned, is a great example of someone who (IMO) clearly reached a point where he had done everything he could do with the style of material from his early career, but he then found something completely different that inspired him to arguably greater heights, with the result that he has at least two completely separate arcs that were very successful and where fans can debate to the end of time which was actually greater.
 
You start of as a gang, us against the world, you're youngsters suddenly flush with fame and cash and mass adoration.

Twenty years later, you're a business, married kids, divorce, rehab, maybe fired a member or two, and it's a Job.

And at 50 or 60 (or even older), you're still having to go wail songs you wrote as a kid, but now you're a been around plenty grown up. . . with a large staff you have to support or nobody eats. And now you can't turn the machine off

This s is not what you signed up for.