If you’re curious to learn more about the potential future of the music industry, then you’ve come to the right place.
Of course, while nobody can predict the future for sure – and new technology can always have a significant impact on the way we enjoy music – there’s no denying that many changes have occurred over recent decades, and these are sure to have important follow-on effects that may forever change the course of musical history.
In this guide, we are going to discuss some of the primary factors responsible for the changes in the music industry nowadays, and how these may affect the future, so let’s begin.
First of all, Internet piracy has played a significant role in how artists make money from their music – and while some people believe that piracy isn’t necessarily having a huge impact on the profits within the music industry, many big label producers would certainly disagree. What’s more, smaller, independent artists can often struggle to fund their work due to the impact that Internet piracy has.
But another key factor is modern technology – and more specifically – how it has forever changed the way people listen to and enjoy music. In particular, streaming services such as Spotify and Deezer allow people to enjoy music for free, albeit interlaced with advertising. But for a small fee, it’s possible to sign up for a premium account, which allows you to digest a huge swathe of music for one low monthly price.
Of course, this is fantastic news for any music fan who is looking to indulge in a broad and eclectic taste in music. However, many record labels and artists have complained that the reimbursement they receive from the rental rights of streaming services are minuscule in comparison to the money they would make from people purchasing their music outright.
On the other hand, some artists eagerly support these services, because it allows them to broaden their reach and increase their audience around the world. So for a beginning artist, these services can allow them to reach a whole new audience and ultimately build a career out of thin air – without needing to rely so heavily on the approval of a big-name record label.
Yet another key aspect of the music industry is live performance – and even though the Internet age has resulted in disaster for many artists, there is still a huge percentage of the population who attend live music events, and for many artists, this gives them the potential to build their audience and earn a respectable income from their craft.
Based on the way things are going, it’s clear to see that many artists are focusing more on the live music industry, rather than hoping to earn big bucks from selling records by themselves.
While big-name artists can still succeed through the traditional route, it’s becoming clear that newer, fledgling artists are struggling to receive exposure due to the fact of record labels not being willing to take a risk on anything that isn’t guaranteed to turn a significant profit.
But live music still provides a fantastic avenue for an artist to express themselves to a wider audience and see if they can build a career from their talent and skill.
Ultimately, the future of the music industry can look either promising or scary, depending on the viewpoint you view it from. For listeners, there has never been a more convenient time to appreciate a diverse range of music. But for artists, it can be difficult to gain the much-needed exposure to make a decent living from the craft.
While nobody can tell what will happen for sure, it’s guaranteed that the future of music is going to be very different than times gone by.