From all the industries, the music industry feels like a roller coaster when it comes to changes.
Think about the music back in the '70s and the music now in 2019. It's impossible to compare them.
Before we begin, let's look at how music was stored in the past. From the first medium to record and produce sound - the phonograph cylinder in 1877, jumping through the CDs, DVDs and MP3 players to the creation of the Cloud in 2006. It is crazy to think about how much we have evolved both creatively and technically over the past years.
2019 is Reshaping The Music Industry and here are the Top 5 Trends that will lead to this Change
1. Streaming over physical purchases
Nowadays, people are having dozens of options when choosing how to listen to music. However, the trend is favoring the streaming - as more people choosing music streaming platforms rather than obtaining a physical copy of the album.
Currently, music streaming platforms such as Spotify, Apple Music, and Pandora are thriving from new subscribers. According to Statista, the music streaming era is rapidly increasing, with more than 204 million subscribers will be converted to subscription plans by the end of 2019.
How is this impacting the music industry?
From the recently released RIAA 2018 Year-End Music Industry Revenue Report, it can be seen that streaming services impacted the music revenues by 75%. Where revenues from music streaming generated more than $7.4 billion in 2018. That's a sweeping increase of 30% from last years' streaming revenues.
Yet, everything must have a balance, and with the increase of music streaming, the physical distribution and radio are at lost, with rapidly declining users and revenue margins.
2. AI in the music
The role of the AI has been seen in the Tech, Medical, Business, and many other industries. For years the artificial intelligence has been reshaping and transforming the global economy and making life more automated and easy.
It is no surprise that AI is entering the music industry. In fact, AI is already well-implemented in many songs and albums. Recently, Google's music AI project - Magenta has already produced songs - written and performed.
If you are wondering how an AI machine is creating songs - it uses software to analyze a database of songs which follows a particular music style, where from there creating similar pieces.
How is this going to reshape the industry?
With the rise of AI, musicians will become less worthy as computers are being programmed to produce the whole track at lower costs, faster rates, and error free. This will destroy the music industry as we know it, making musicians obsolete and outdated.
However, music is all about expressing certain emotions and AI is still not perfect enough to create the feeling and realness that one artist can put in his art. AI can also help artists who don't know how to play certain instruments or are looking for inspiration. Thus, creating a diverse and empowered music scene.
The future is coming for good or bad but we must understand that people will always be more valuable than machines. The AI won't replace the musician entirely but will enable him to create with one of the most precise tools.
“Everything we love about civilization is a product of intelligence, so amplifying our human intelligence with artificial intelligence has the potential of helping civilization flourish like never before – as long as we manage to keep the technology beneficial.“ - Max Tegmark
3. Global Culture
The global culture is ever-changing and new trends are influencing the listeners. For example, recently the Latin music scene is gaining popularity among music listeners and it's one of the most listened genres in the US. Another example, is the K-Pop that influences the music industry with diverse, catchy tunes. Next to that, it seems that DIY artists are also gaining popularity among listeners - with more self-made artists ranking high on Billboard Hot 100 .
How the global culture is changing the industry?
Culture creates music, and music creates the cultures. Currently, the global culture has an music industry to take a break of the mainstream and focus on something more unusual. This will create diversity and more options for non-mainstream artists.
4. Copyright Directive
As of 15th of April, the EU Council has voted to adopt the Copyright Directive in the Digital Single Market. The member countries from the European Union will now have 2 years to implement the directive.
Included in the Directive is the infamous Article 13 (Article 17), which aim is to target social magnates such as YouTube and Facebook liable to copyright-infringement on user-generated content.
The goal of the Copyright Directive is to improve the welfare of online creators by making online platforms and aggregator sites liable for copyright infringements. This way more revenues will be directed from tech giants towards artists and original content publishers.
It is most certainly that, 2019 is going to be the year of drastic changes in the music industry. If you would like to learn more about your rights, gain control over your music and increase your revenues from music streaming - Request A Free Trial.