Music fans of a certain vintage might occasionally find themselves thinking back to the good old days when they would queue outside of a record store in order to get their hands on the coveted new release from one of their favourite bands. However, it is fair to say that those times are well and truly behind us now.
Streaming has been at the fore in a big way for some time now and there are plenty of signs that it is going to be a dominant force in music going forward.
Future growth anticipated
The Global Music Streaming Market 2020-2024 report, which has been added to ResearchAndMarkets.com’s offering, has put a clear spotlight on the key role that streaming technology now plays.
According to Yahoo Finance, the study has predicted that the total music streaming market will grow by more than $7.4 billion between now and 2024. It states that this would equate to a compound annual growth rate of 19 per cent across the period.
The report has gone on to hint at some of the key factors which might play a role in such growth, with it detailing how the market is being driven by increasing interest in mobile ad spending, as well as a rise in the use of mobile apps. In addition, it also suggests that the growing use of wearable technology will also have a major role to play.
Mobile’s major influence
Such findings are undoubtedly a reminder of how mobile technology now has a big bearing not only on music, but a host of other areas too. Smartphones and tablets have become key tools within our daily lives and there is plenty of research to highlight that. For example, last year RescueTime revealed in a blog that it had analysed the data of its app users and found that people spend on average around three hours and 15 minutes a day on such devices.
It is a simple truth that many of us use them for a number of activities. As well as listening to music on them, we have also grown used to watching films and TV through services like Netflix. In addition, the quality of mobile gaming has gone to another level in recent years, while the online casino industry has even embraced handheld devices. Many brands offer access to slots and other games either through a specialised app for iOS and Android or an optimised site that can be easily navigated on a range of devices.
With music, it is fair to say that many bands are aware of the similar opportunities that mobile technology and streaming can offer them. Groups are able to drop new music quickly in a way that was simply not possible with physical releases, with Bring Me the Horizon doing just that at the end of last year with a surprise EP. In more recent months, it has also become common for acts to stream performances on social media apps, with Frank Turner doing shows on Facebook and former Gaslight Anthem frontman Brian Fallon hosting chats with the likes of Laura Jane Grace on Instagram.
This Thursday on Facebook, #independentvenuelove volume 5, 8.30pm UK time – England Keep My Bones in full! Benefit for @getintheshed94 Leicester. Support set from @JessGuise as well. Tune in! pic.twitter.com/YmALC2OGxf
— Frank Turner (@frankturner) April 20, 2020
Changing the game
With all of that in mind, it is clear that both streaming and mobile technology have really changed the game in the world of music in recent years. Furthermore, research suggests that their influence may only grow further in the near future.
The way that we listen to and engage with our favourite bands is transforming and it will be fascinating to see how this impacts not only on the punk and hardcore scene but also other genres in the years ahead.
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