Technology is changing everything including the music industry, from music creation to discovery to marketing to monetization.
If you’re working in the industry and wonder how to succeed as as artists or music companies, you’ll love this article:
1. Blockchain for Music Industry
The music industry total revenues worth $43 billion dollars as of 2017 count, however, artists are losing. Because artists don’t (really) get paid due to inefficiency of royalties distribution from record labels.
In fact, it takes artists about 6 to 18 months before they can receive a penny of their music work.
But blockchain technology can solve this problem. Blockchain uses a decentralized and immutable record-keeping ledger to store information including contents and transaction.
It recognizes content owners and it can make micro-payments within seconds for every streams or plays. Payments are received in the form of cryptocurrency.
2. Big Data for Growing Artists Fan Base
Big Data is helping the music industry with analytics and prediction on music consumption, fans engagement and audience growth.
Music company like Next Big Sound understands the power of music industry data and sets out to shape the industry.
By using music streaming data and fans growth metrics, artists are able to connect with fans, promote contents, and discover the future of trendsetters in the music industry.
3. Creating Music using Artificial Intelligence (AI)
Using artificial intelligence to write music is nothing new in 2019.
Artificial Intelligence use cases in music include lyrics creation, chord generations, melodies creation, song completion, voice recognition and so on.
What AI technology really means for producers and musicians, is that the technology is expanding humans’ creativity.
Will AI replace musicians? I personally don’t think so because music goods (albums, songs, performance) only become valuable when the music has a brand. And musicians are the “front face” for the brand.
4. Direct-to-Fan Marketing for Independent Artists
With digital technology, musical artists don’t really need record labels, middleman and managers to be successful.
Online platforms have enabled artists to create their own music on the cloud (Splice), upload to YouTube and promote their music through SoundCloud, Bandcamp and Mixcloud.
Independent artists can build relationships with fans through Instagram and Facebook by engaging them with good contents. Fans get to hear album releases, performances and gigs announcement from their favorite artists.
In the long-term, artists can leverage online branding and social currency to build a sustainable music career.