When it comes to music, every generation has the point where they say “Well, this is the end of everything I know and love”. Many baby boomers will tell you that the 70’s was the last time there was creative music. Generation X/Y may say it was the 80’s. Millennials may say the 90s. The music industry has undergone many changes over the centuries. Over the years, music artists have had to change their music styles because as music consumers grow so do their tastes in music.
In those days getting your music played on a major broadcaster was more of a big deal than it is now. The reason for that was because technology wasn’t as advanced as it is now and only big labels had the resources to provide that kind of coverage. Thus, only a select few musicians enjoyed the luxury of having their music widely known.
If you only listen to popular music stations, then it is easy to think that original, passionate music is already dead. Fortunately, though, we have the internet. It provides access to music like never before. People living today currently have more access to more original and new genres of music than any generation before.
When it comes to the financial aspect of it, the times where musicians were wholly discovered and developed by a label are over. This is because technology has made it possible for everyone to showcase their talent and it makes financial sense for record labels to represent those who already have a following.
That leaves the question, what will the future of music and the music industry look like? Back in 1999, Napster, the first popular music streaming service was founded. It changed the way consumers obtained music and drastically reduced the cost associated with owning a single or an album. Most consumers preferred to stream music because of its convenience and low price. Now, there are several streaming services such as iTunes, Spotify and Google Music.
The growing popularity of digital music has allowed streaming services to gain millions of listeners, but not necessarily much income. This is because most streaming services give away free music to most of their listeners through advertising. Because of that, they rely heavily on advertisers to fund most of their costs. The growing popularity of streaming services may have led to the decline in sales of CD’s and albums in the last decade. This means that a lot of talented artists do not get enough revenue from selling records. Even the most successful mainstream pop artists now measure their success based on ticket sales in concerts.
In 2017, Spotify is expected to launch its initial public offering. According to sources, Spotify wants to pay less than 50% of its revenue to labels. Currently, it pays 55%. Spotify also is seeking to keep its free tier.
To further emphasize the growing popularity of music streaming, Universal’s streaming music revenue grew 60% in August. Warner and Sony also grew, both at 42%.
In addition to this, the genre matters. Together R&B and hip-hop make up 30% of the streaming market. This is closely followed by genres like pop and house music. Artists like Madonna and Beyonce have had to constantly reinvent themselves and change the genre and styles of their music to fit the changes in culture. As for the future, the music will change to fit appeal to the consumer and popular culture and not the other way around.
The popularity of streaming platforms means that at the end of the day, the public are no longer buying the music, they are buying into the brand. They are buying more into the personal connection they feel to the musician.
There are people that argue that album sales are dead and the music industry is slowly dying because of the growing popularity of streaming services. However, I argue that these streaming services are the future. With Spotify’s Discover tool, listeners can come across new musicians who might not had had their voices heard. Discovering the music, first, is what gives the artist the coverage that leads to ticket sales, track downloads and merchandise sales. Today, because of the increased popularity of streaming and social media platforms like Soundcloud, Vine and Twitter, it is possible for a larger number of people to showcase their work and pursue a career. The days of heavily relying on major labels are coming to an end. Even the most popular musicians are able to maintain direct contact with their fan base and can be aware of their preferences. Musicians can use their social media accounts to connect with their audiences on a more personal level.
The future of music and musicians is more favorable than ever before. The fact is that the advantages offered by these technological advances far outweigh the disadvantages. There are those that argue that the music industry is dying simply because it hasn’t remained the way it was decades ago. But I argue that the future of music should continue to constantly evolve. Because without change, what chance is there for improvement?
SophisticateQueen 