Will the Popularity of Music Streaming Platforms Grow Even Further in the Next Couple of Years?
Music streaming is becoming more and more popular. Click here to find out if they will grow even further in the next couple of years.
By definition, a music streaming platform is an online source that provides music to its users by demand. This allows them to access items based on a selection of topics, singer names, chronological order, awards and so on. Similar to other data that is sent online, the audio files are packed into small pieces and delivered to the users. The most used streaming platforms at the moment are Spotify and Apple Music. The services of the streaming platforms are available for a fee.
Today, the music streaming industry accounts for 85% of the music industry activity, making it a huge contribution to the global music consumption. It has grown fast and immensely and completely changed the way we consume music. There are estimations that the growth will continue for a while.
Since its introduction, the services of music streaming have allowed people to have access and listen to more music than ever before. Although in digital format, users can play their all-time songs or artists and have faster access to the newest trends in the industry.
Shortcomings And Limitations
There are, however, a few drawbacks for this digitised music industry. Music has become a mass production industry. The traditional ways of running to the shop to buy an album in a hard copy are not completely extinct, but have more the air of a collection. The artistic performance is a more valuable rarity and the personal touch non-existent with all the digital recordings. All these classic aspects generate high potential for improvements and change in the future, and for new opportunities to perform.
Music streaming has made us more connected to devices. We are listening to music on smartphones, headphones, smart TVs, laptops, tablets, desktop, or anything that supports an online connection. Despite the technological developments incorporated into the modern devices, we are losing the momentum and the human touch of a live performance. In opposition to this, we have the example of the developments recorded in the gaming industry of the online casinos. As they are more focused on video applications, the digital casinos take full benefit from the modern technologies without sacrificing the full experience offered to the clients. Users can play, for instance, casino UK slots online just like in a real casino, without any compromise.
Getting back to the shortcomings of the music streaming market, a less known effect is related to the pay for the artists. It seems that the division of the fee does not favour the artists, no matter how frequently their songs are played. The streaming channels, the major labels and the most famous artists are getting a higher percentage of the fee. Smaller and medium size artists, even though popular, come last. This is because the fans don’t have a say in the way fees get allocated.
Trends In Music Streaming Services
Live-streaming of music is a new trend in the music industry which offers endless opportunities for exclusive broadcasting of live concerts, debuts and performances from up and coming artists, as well as from those who have already made their name in the industry. When it comes down to hardware technology designed for this service, VR headsets are already on the market to provide the experience of a live music event.
Due to the subscription fee paid by users, the general advertising is less visible. The service providers are collecting the money from the users instead of the big brands advertising for their target groups. This results in a smoother and more qualitative experience.
Another trend is the Metaverse, still under observation but with unlimited potential for development. Followers are anxious to see if the streaming of music will try to jump on this train or come up with a totally new concept in itself.
Potential For The Future
Despite the estimations for growth, given by the current volumes, music streaming in its present format does not have chances to last too long. But the way things are going right now, there is a lot of space for changes.
Streaming service providers are already considering ways to make the payments more fair in relation to the traffic generators. Each user would contribute to his or her own favorite musician, instead of a pool of artists most played. This will be highly beneficial for thriving new artists looking to make a name for themselves on the global stage.
Also, there is a trend for upcoming artists to upload their music personally on some music platforms or directly to social media channels. They will have direct contact with their audiences and fans. Interaction is an element that has to be introduced in the world of digitalized music. There is also the need for a more balanced diversity of the music broadcasted, especially with genres like jazz or classical music.
As a general conclusion, for the music streaming industry to continue to grow, the artists and followers will need to have a much closer and mutual interaction. They will be able to influence each other for the benefit of good quality music.
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Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.
