Music Industry Talk: 3 game changing advancements poised to take music to the next level
Let’s face it, the music industry has completely changed and the way we consume music has significantly changed too. Digital music sits at the forefront in the culture and creative economic environments and with that being said, new metrics and standards of measuring success have been invented. We live in a data-driven world and music is not exempt from the impact and changes brought forth by big data. However, in some parts of the industry, these changes have not been welcomed by some big industry players.
Despite all the forces against the digital disruption, the music industry has lightened up and adapted to the digital environment — this was necessary for its survival. The fact that the music industry execs have adopted an approach that doesn’t include stubbornness, a lovely turn of events has occurred — revenue increases. After 20 years of consecutive losses in revenue, towards the end of 2015 and well into 2016, the music industry started seeing revenue increases. The increases are a result of the industry’s willingness, some may choose to use the word ‘pressure-influenced’ instead of willingness, to accept digital innovation. We now have situations where labels and artists have access to listener data that can prove useful in the development of better marketing strategies and campaigns.
The last few years have brought about innovation that completely flipped the music industry on its head. We have compiled a list of three game-changing advancements in music that are soon going to change how we are going music is made and consumed:
- Streaming platform exclusive album releases are not going to be common as more streaming platforms are moving away from the approach. Exclusive album releases leave consumers with only a few options and somewhat promote file-sharing and illegal downloading.
- AI is increasingly getting better at making music and in a few years, AI will in some ways beat out humans in making music. This could particularly be useful in the areas of the industry such as synching, creating elevator music, video game soundtracks and background music for stores. The rise in the use of AI does not in any way assert that machines will takeover the creation process, but will serve as a worthy alternative for certain sectors of the industry.
- The use of virtual reality and other forms of immersive content for better concert experiences is currently in the developmental stages and being tested in some parts of the world. The use of virtual reality can help curb file-sharing by allowing artists to draw revenue from creating VR-experiences. On the note of creating experiences which are beyond physical spaces, Boiler room has innovated in this regard with the live-streaming of their events which put underground music in front of many eyes and ears on the internet.
With major industry players lightening up and how digital adoption is being prioritised in the music industry, we can expect to see more innovation in how we consume music, how music is delivered to us and how artists and labels are going to make money.