Streaming partners have transcended the music world - 40,000 tracks are added daily by Spotify alone
Updated: Nov 19, 2020
Streaming partners have taken over the physical music selling, 75% of the music sales in 2018 were via streaming platforms (Aziz, 2020) and this trend has been continuing, leaving a small quota behind for physical music sales which are expected to be only 5% or less in 10 years. Sales in physical music have become just a memory from their peak years in the 1980s and 1990s.
A very good example (Pastukhov, 2020) of this in recent times is how Spotify added more than 40,000 tracks daily in 2019 and this number is projected to increase.
In upcoming years, 5G (fifth generation of mobile networks) will take the industry to new heights as technology transforms the way mobile devices are used.
According to Paul (GHEORGHE, 2020), this intelligent technology will link all systems internationally, limitlessly, particularly those designed for world wide web applications. 5G standards exceed all standards set by 4G networks, with 1Gbps being the ITU-R accepted threshold(International Telecommunication Union, the United Nations agency specialized in Information Technology and Telecommunications). 5G isn't officially standardized yet, however, it is anticipated it won't take more than a year now for all network providers to launch it.
With the advancement in technology, music, and augmented reality are going to be one. For instance, Facebook's 360 pictures is a step towards the future. And big artists such as Gorillaz have already made videos leveraging VR music (Mastrogiacomo, 2020). With the help of tech, a lot of in-demand options are merging. Bundling is going to become commonplace where, like cable providers, music will be sold as a combined package. Amazon had initiated the concept of Amazon bundles, it is only a matter of time when music will quickly become a slice of the pie.
It is critically important to consider these innovative phenomena and how they will affect the way music is created, marketed, and consumed. With this revised backdrop the music industry will evolve rapidly in the coming years — and understanding these tectonic transformations is instrumental in gauging how you can create opportunities to reap profits with the industry's growth.