TRENDS THAT WILL RESHAPE THE MUSIC INDUSTRY
The music industry is evolving continuously, what with new music platforms and trends shooting to prominence and reshaping the way audiences watch and connect with music artists all around the world, musicians near me and musicians for corporate events.
THE DEMOCRATIZATION OF MUSIC
The global music industry, according to the International Federation of the Phonographic Industry (IFPI), generates more than 50 billion U.S. dollars annually (2018) – a staggering figure that is expected to skyrocket to 65 billion U.S. dollars in 2023. Predicting the future of the music industry in this rapidly-transforming landscape is difficult at best, if not downright tricky, especially in the wake of new trends including music artist social media marketing, musicians for corporate events and the democratization of music creation.
LIVE STREAMING AND CREATOR EMPOWERMENT
A vital feature of the shift towards live streaming, musician finders and musicians for corporate events translate to pay-for-play music artist social media marketing with respect to the rise of emerging technologies such as Spotify and independent musicians near me. How to find local musician is the reason why even established musicians near me are now sharing their views, contact details and even personal information on social media marketing, asking fans to comment and share content.
While live streaming gets all the headlines these days, it is far from being the only trend that is reshaping the music industry. Factors such as value chain disruption, album creativity, post-album economics, musicians for corporate events and music artist social media marketing will transform the global music industry, and their effects will be felt for years to come.
LABELS AS A SERVICE (LAAS)
Experiencing rapid resurgence in the last few years with respect to musicians near me, musician finder and how to find local musicians, music is now more international than ever. A decade ago, while it would have been unimaginable for a Spanish music artist to perform at Coachella, with the democratization of the music industry, musicians near me are creating their own virtual labels and releasing a steady stream of tracks that goes beyond national and regional borders.
HIGHER CATALOGUE PRESSURE
The shift towards indie music labels is by far the greatest surprise in the contemporary music industry, with indie musicians near me attracting more attention than even the larger name artists and big music celebrities. While experts predict that major labels will continue to lose their influence in the music industry, investments in deep catalogue will prove to be a foremost trend witnessed in the global music scene for years. The catalogue values are being turned upside down in the new streaming era, one of the reasons why Spice Girls and Boomplay are now more popular than Beatles. The music catalogues are focused more on local indie musicians near me and musician finder services to find local talent.
GOING BEYOND STREAMING
While live streaming is one of the most powerful trends reshaping the face of contemporary music scene, there are other factors such as virtual reality, Artificial Intelligence, musician finder, tech bundling and music artist social media marketing that will increasingly take the centre stage in the form of Live streams as witnessed during the pandemic.