Updated: Nov 19, 2020
The music industry has evolved exponentially over the past 30 years with the manner in which music is heard, purchased, and even produced completely transformed.
From the times when people bought an album by a single artist, the music industry has grown, with people accessing millions of records by several artists. People now prefer to listen to music at their fingertips by having the access to dedicated platforms like Soundcloud, Mixcloud, Spotify, Digital Imported, and also not forgetting social media like Facebook, Google+, Twitter, and Youtube to interact with the music industry. (GHEORGHE, 2020)
The delivery of music in an immediate and immaterial manner was made possible by global internet networks. And with the intense digital uptake and impact generated via online music videos, artists nowadays have to invest in sophisticated shooting equipment, locations, actors, direction, marketing, amongst others. Gone are the days when artists recorded their tracks in studios and released them.
One does not have to look back a decade, within just the last 2-3 years the music industry has undergone a dramatic shift in different areas including leveraging AI, online music sales, geographic outreach, and financial impact.
Machine learning (Pastukhov, 2020) is predicted to influence the future of the music sector, enabling thousands of musicians around the world to create high-quality music via mediated composition and voice synthesis.
It will also enable the production and distribution of the required messages (Ads) in real-time to the targeted audience. Further, it enables superior fan engagement, a higher fan following and creates more opportunities for ancillary sales.
Voice-mediated music listening and smart speakers allow listeners to track music that matches their immediate mood without undertaking text interface or searching playlists.
There have been gaps in different media and how artists in music, fashion, and film, have connected with their fans and audience. This is set to change in the future. The music industry is partnering with various mediums, like gaming companies, fashion houses, cooking shows, music platforms like Amazon music and Apple, and streaming partners like Netflix, to replace traditional studios.
Social media has allowed artists to develop a personal identity and connect directly with fans without interference from labels. Eventually, these individual music brands will end up creating a VC-like approach to music management.