The traditional music industry structure is straightforward, with record labels effortlessly delivering music from artists to consumers. However, in recent years, significant technological transformations have diminished the roles of record labels and distributors. The advent of new media has allowed listeners to access music directly from musicians on social media, revolutionizing music promotion.
The music industry has been one of the industries most significantly affected by the revolution of technology and social media over the past few years. Amongst all, the most significant innovation in the music industry has undoubtedly been the digitization of the music scene and the emergence of music streaming websites.
According to industry experts, streaming technologies and social media have had a revolutionary impact on the way music artists share their work and interact with listeners. Thanks to social media platforms, musicians can get real-time feedback from their followers to create a true brand partnership connection. Of course, a discussion about music technology wouldn’t be complete without discussing the power of streaming platforms like Apple Music and Spotify. Music streaming services and audio streaming software have changed the way we discover and listen to music.
The Evolution of the Music Industry
The music industry has undergone significant changes over the past decade, driven by the rise of social media platforms and the internet. Traditional media outlets, such as radio stations and music magazines, are no longer the primary means of discovering new music. Instead, social media platforms have democratized the music discovery process, allowing emerging artists to connect directly with fans and gain exposure without needing record labels. Seeking label attention remains a goal for many artists. Still, social media has given them the power to create and distribute their music, build a community of dedicated fans, and promote their work independently.
Music Consumption Habits of Fans in the Music Industry have Changed
Where once there were peer-to-peer music-sharing websites like Napster, now we have paid subscription-based music streaming apps on our smartphones, giving us access to an unlimited choice of songs. Statistics show that physical sales of music CDs in the U.K. have declined rapidly to 32 million from 132 million due to the emergence of music streaming services.
This shift didn’t happen all of a sudden, instead, it has expedited in the past years. For instance, the paid global subscribers of Spotify in 2016 was 30 million, but in 3 years, it tripled to over 100 million. Apple also has a similar story of growth in terms of popularity and the number of subscribers. Social media is crucial in helping artists find dedicated fans passionate about their music. Another significant impact of technology in the music streaming industry is that it creates new genres that wouldn’t be possible with traditional instruments. Let’s look into some of the significant impacts of technology and social media in the music industry.
Ease of Music Access
Gone are the days when you had to visit a music shop to look for the latest songs. It has never been easier for music lovers to access music, and creating content for different platforms has become essential for artists to engage with their audience. Music streaming platforms make it easy for consumers to access their favourite songs conveniently. Users can download the latest songs in less than a minute, provided they have a stable Internet connection using audio streaming software.
The feature of sharing songs on social media platforms has opened up opportunities for people to share what they are listening to with peers. This study shows that over 90% of social media users engage in music-related activities on social networks.
Better Distribution
Back in the earlier days, it was a difficult task to create quality music, and it was even tougher to bring it to the audience. The logistical problems associated with music distribution took years, if not decades, to get worldwide recognition for creators. However, these days, it is a very different story. Thanks to evolving technologies, social media and music-sharing scripts, artists can get their music globally without transferring hard copies of their creations to different parts of the world.
Creating Music in the Digital Age
Creating music in the digital age requires artists to proficiently use social media platforms to promote their work and connect with fans. Artists utilize platforms like Instagram, YouTube, and TikTok to create and distribute content, such as music videos, behind-the-scenes footage, and live performances. Social media remains a crucial place in the music industry, with content creation being a key aspect of an artist’s online presence. Artists need to understand what kind of content viewers gravitate to on each platform and create content that resonates with their audience. By doing so, artists can build a loyal following and create a sustainable career in the music industry.
Artificial Intelligence Transforming Music Streaming
It is fascinating to see how technology has fueled the growth of the music industry at each milestone. Today, most music streaming platforms dominate the market by leveraging advanced technology to offer consumers an immeasurable collection of songs from around the globe. Most streaming services leverage machine learning and artificial intelligence, which analyze artists, albums, songs, and playlists accessed by users to offer personalized recommendations to improve the listening experience and enhance the customer experience. Additionally, social media platforms empower artists to connect with a wider audience, enhancing their visibility and engagement in the music industry.
Live audio streaming software like iTunes has helped musicians sell digital copies of their creations to a global audience with a button click. Creating actual music using AI would be the next big thing, although it’s not very new. Several artists have, over the years, designed AI programs to mix and create compositions. Music streaming websites are currently leading the market for AI adoption by constantly experimenting with different applications for this futuristic technology.
However, most music streaming services are still in their infancy when it comes to using technology to improve their offerings. Extensive research is being carried out on using AI in music streaming to analyze music and gain a deep understanding of the medium. This opens up boundless prospects for its applications in music streaming and the industry because AI and bots could have a real future in the music industry.
Live Performances are Becoming More Immersive
Finding the intersection between content, social media, and technological advancements in the industry has influenced not only the way people consume music but also live performances and festivals. Artists and music brands have been keen to experiment with music-related technical innovations.
One major example of technical innovation in live music shows is virtual reality concerts. The advancements of sophisticated VR headsets, combined with their wider acceptance, have opened new doors for businesses to launch products that give fans an immersive experience of concerts. For example, Live Nation partnered with NextVR to broadcast music concerts in VR.
Ensuring Revenue Generation for Artists
Music streaming websites are designed to ensure fair revenue generation for music artists and creators. Most musicians invest a lot of money into developing their skills but are rarely recompensed. Despite the rise of social media, traditional practices like seeking label attention remain important for many musicians.
Most music streaming services and social media platforms pay creators based on their total share of each streaming view. However, creators advocate for a fairer and more user-centric business model that pays them based on the number of users. As small music streaming services like Deezer shift towards this model, other established platforms are pressured to follow suit.
Social Media Platforms have Broken Down Walls Between Music Artists and Fans
Boosting social media engagement has completely changed how people connect, and companies use social media strategies in marketing. Possibly, the biggest shift within the music industry has come through social media, which facilitates an increased level of interaction between music artists and their followers. Now, musicians can present their music to fans through Facebook, Instagram, Twitter, and other social networks.
The above image exemplifies positive interactions between music artists and fans.
Social media’s role in music is also incredibly significant in bringing merchandise into the hands of music lovers. Before the Internet, the only way for musicians to sell their albums or other merchandise was through personal interactions at music stores or shows. With the rising popularity of social media, musicians now have access to a wide range of tools to sell and distribute various merchandise, opening up a new revenue stream as well.
Navigating the Challenges of the Digital Music Industry
Navigating the challenges of the digital music industry requires artists to be strategic in their use of social media. With the constant need to create content and maintain an online presence, artists can easily become overwhelmed. Additionally, the rise of social media has led to privacy issues, copyright infringement, and the devaluation of music as a commodity. Artists must navigate these challenges and find a balance between utilizing social media and maintaining the integrity of their art. By being authentic, engaging with fans, and creating high-quality content, artists can build a loyal following and succeed in the digital music industry.
The Future of New Music Streaming
Music streaming has changed the industry in the way Google changed the web. Over the next decade, the music streaming industry will continue to transform with new technological advancements, bringing in significant opportunities and challenges for both streaming services and consumers alike. The accessibility of music on the go will become even easier and more engaging. Smart speakers and connected devices will allow consumer engagement beyond the screen, and modern technology will allow further social functionalities within streaming platforms like Spotify or Apple Music. Technology will continue to bring more music to people, with convenience at the forefront.