Blog 6: Future of the Music Industry

The entertainment giant, known as the music Industry, has gone through significant changes throughout the years and is just finding its footing again in the demanding market. In recent years, streaming, especially the paid subscription audio streaming, have accounted for more than half of the music market. While streaming is not the only type of service to purchase music, streaming itself has only gone up 41.1% up from 2012 to 2018. “By the end of 2017, there were 176 million users of paid subscription accounts globally, with 64 million having been added during the year.” (IFPI) Despite growth in the music industry, copyright infringement remains a current and evolving problem. The term “stream Ripping” is the latest issue facing the music industry and community. While growth and problems arise, the direction of where the music industry is a mystery for many, and the future has endless possibilities to be discovered. One of the directions the music industry is headed is the aspect of streaming services. While streaming services give listeners the ability to play any song, any album, and even the ability to create personalized playlist is available, the way we interact with streaming services is where the future of the music industry is headed. From shazam, to voice command, and even devices like Alexa, playing music has never been easier and convenience is the focus in the future of the music industry.

The consumer is one half of the music industry while the artist and musicians play the other half. With services like CDbaby, DistroKid, Soundcloud, these services give artist the ability to distribute their music onto music platforms without the need of record labels and agents. The future of the music industry eliminates the need for record labels because each artist will be their own management team, publicist, and distribution. Online streaming has taken over the music industry and with the access to distribution of personal music, local acts can become worldwide superstars with one popular hit. Unlike mega stars like Katy Perry, One Direction, or Drake, local and small acts have a shot at the fame or making it big because of the fair playing ground every artist stands on. This is the future of the music industry and its moving faster than ever.