Music has always been enjoyed worldwide for as long as there has been life on earth. However, at the onset of an entirely new decade, various artists are left wondering how the music industry’s songwriting and production are headed with new and emerging trends of the 21st century. As the trends change, it might well mean the music industry has to adapt to the modern ways people listen to music in 2021, which were foreshadowed in the previous year. Understandably, it is not easy to make accurate predictions of the future. However, it is far simpler to track current events in the music industry that will influence our future decisions. News reports have shown that there are specific trends that are guaranteed to alter the music industry.
Among the main trends to pop up in 2021 is the increased demand for relationship management between fans and artists. This is a significant aspect of now popular streaming services, whereby customers do not own the music they listen to and vice versa. As such, artists have embraced social media to connect with their fans to get a general idea of their fanbase. This is a more favorable approach rather than having this data spread out across various streaming platforms. This is a very common topic that can offer an essay helper a lot of insight into the type of information you need. Also, according to current research, artists need to secure alternative sources of income.
For instance, as a recording artist, you might be offered the choice to sign with a record label or release music independently. You are more likely to choose to sign with a record label primarily because of the tempting advance payments. Regardless of the good work such record labels do, new research has shown that it does not have to be the only income source. Today, news show that fans can directly contribute to future releases for a share of the royalties. This will directly contribute to the fair and democratic music industry we all yearn for.
Predictions for the Music Industry Shortly
The most notable changes to any industry often happen throughout a couple of years rather than in just a few months. Nonetheless, it is often so easy to overestimate short-term effects and underrate their long-lasting impact on an industry such as music. Therefore, as we embrace the new changes to the music industry, this article will highlight some of the predictions that will shape the music industry in the coming decade. They include:
• Increased content creator empowerment
2020 opened a lot of opportunities for independent content creators. For instance, with the increased use of podcasts and other video-sharing platforms, i.e., YouTube, more people have developed their content creation tools to become a feasible career alternative.
• Conflict resolution on the rights to distribute content
Record labels and streaming platforms have been at odds about who has the rights to distribute the artists’ content. Recently there was a court case, Spotify v. Record labels; however, it has since died down into a sort of truce. This shows that soon there will be a lasting resolution to who has the right to distribute music.
• Control by technology powerhouses
Tech giants such as Apple offer digital content (Apple Music) bundled with other products and services. In the long run, music will inevitably be offered as a single component on a subscription basis. For instance, the upcoming iPhone model could offer TV, Gaming, News, Music, and many other subscription services.
• Alignment of streaming services and listeners’ objectives
The objectives of most streaming services and digital content providers are not often aligned with those of their consumers. They are often conservative and only provide considerable volumes of familiar content, i.e., we might enjoy a wide variety of content but are less likely to discover much more than what is offered. Understandably, this problem will only get worse if not put into check. Therefore, with current trends, there will be more personalization and access to so much more content.
Streaming services and digital content creators have successfully monetized the consumption of artistic content such as music. However, there is a steady decline in streaming revenue which has forced companies to reimagine their approach. The solution is to successfully create a lasting relationship between the artists and their target markets, i.e., fans will become the new form of ‘currency’ clearly depicting the popularity of a particular artist’s content across the various platforms.