The music industry is changing, leading to changes in the overall outlook as well – the best music magazine has gone online and digital platforms are now more preferred.
The start of the new decade hasn’t been great for obvious reasons. Every industry has brought in changes in their ways of working to strive in this competitive market – the music industry is not an exception here. With restrictions in any kind of concert or gathering, music artists have turned their heads towards digital platforms like Spotify, SoundCloud, YouTube, etc. and even the best music magazine has gone online.
Well, we are sitting on our couches and
scrolling through various sites – this is just the right time for us to think
about the music trends that are going to redefine the music industry in the
next few years.
Indie labels will have more power
Indie labels have been at the center of
attraction for quite a long time now. Indies have attracted the attention of
many big names of the industry. And, according to the industry experts, the
major labels will soon lose their grip over the music industry, and indie
labels will take them over and there may even occur a time when major labels
will look up to indie labels for tactics.
Online streaming platforms will gain
more
Online music streaming platforms like
Spotify and SoundCloud have already captured a huge portion of the market. And,
due to the pandemic, even the big shots of the industry are left with no other
option but to release their musical works on these platforms. This has led to
an increase in the use of these platforms and seeing the benefits, artists will
now be giving more importance to these platforms as will the audiences.
Virtual reality and music will unite
Virtual reality has set its foot into so
many things; with each passing year, virtual reality has gained huge
recognition across the globe. And, it also has the potential of bringing
revolutionary changes to the music industry and gain major traction. There are
some music artists that have already used their hands in VR music.
Tech bundling will be more relevant
Tech bundling is the term referred to as
the process of tech companies bundling various in-demand options and offering
it as one. Experts suggest that music will soon become a single fragment of the
pie offered by tech major companies.
It is expected that Apple will follow the
path of Amazon to set the ball rolling with its tech bundle. And, music
companies are also not far behind.
The focus will shift towards alternative
income
Previously, music was enough to make money
for the creators. But it has changed over the past few decades and creators
have found alternative revenue-generating options. And, it is expected that
more and more artists will start embracing this shift.
Music artists and labels are well-aware of
the fact that they simply cannot continue to rely on the age-old revenue
streams. Thus, they have started focusing on other components of music –
merchandise sales, touring, licensing, and many other options.
There is no doubt in the fact that the music
industry has changed drastically. And, with this, trends around the music
industry have also changed. While none of us can actually say what’s going to
happen in the future, it would certainly be exciting to see how the music
industry adapts to the changes in this new decade.
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