Over the years, there have been some important changes made to traditional music industry that have been occurring for quite some times. As more people involved in the music industry try to make a sense of it all, it is very important that industry stakeholders keep abreast of this new trends. So in this article, we will be looking at these important trends and how they have impacted the music industry.
A Change in business model
As music industry continue to evolves, one of the most significant trend that have emerged, is the way and manner music business is now conducted. Publishers, artists and songwriters are walking away from the traditional business model and reinventing a new way to rake in more revenue.
Let’s take a look at these emerging new trends in the music world and how they may affect everyone involved in the industry.
Digital Music Store
Music retailers are selling music online away from the traditional brick-and-mortal stores. Customers are okay with purchasing digital music download rather than receiving a physical music CD. Additionally, it is no longer required for customers to buy the entire music album, you can easily selects those songs you want using outlets like Apple’s ITunes store. What this means is that, the success of an artist or band group is not tied to the success of the album released.
The music industry have embraced social media and they are using it to their advantage. Social media offers musician different kind of opportunities by providing them with a platform to connect to a large fan base with relatively little effort.
Artist now use social media to increase the popularity of new release, announce new concert, boost ticket sales, increase digital downloads and sell merchandise.
Streaming has become the biggest trend to have hit the music industry. Online streaming platforms like Pandora and Spotify have been reported to have accounted for over 33% of total revenue recorded in the first half of 2015.
Through the use of paid subscription, that allowed people to listen to their favorite songs and artists, or a free services that raked in revenue through paid advertisements and monetization, streaming technology has become a powerful trend in the music industry as more fans want to have total control over what they listen- they want music on demand – and unfortunately the music industry must listen.