The Future of Music Streaming
Since the 2000s, people have had access to digitally consuming music and it has only gotten better over the years. But with recent news about Google Play Music shutting down, it got us seriously thinking about music and the future of streaming it.
We live in a world of options overload and music streaming platforms are no different - there are multiple services to choose from, with the top five being Spotify, Apple Music, Pandora, Tidal and Youtube Music. In fact, Spotify is currently in the lead of the global streaming scene with over 299 million active users.
With consumers leaning towards more visual forms of entertainment, the music industry has had to incorporate different forms of media, such as collaborations and video streaming, in an effort to keep their audiences engaged.
The growth of live streaming through Youtube, Instagram, and Twitch has raised the viewing average from 92,000 viewers to 574,000 viewers, specifically on Twitch in their Music and Performance Arts category.
As far as the future of music, streaming seems as if it will continue to dominate and be the main business model used. Technologies such as machine learning and artificial intelligence (AI), are being incorporated as a way of making it easier to listen, produce, and recommend music.
According to Soundcharts, machine learning is the fuel of the future, that will transform everything — from metadata management and music composition to the way people listen to music. AI is a part of the music industry through virtual assistants such as Alexa and Siri, making it easier to select music through voice queries.
The industry isn’t just technology, though — people seem to still value in-person experiences.
According to Thinkwell’s guest experience trend report, 73 percent of those surveyed would rather have a real-life experience than digital. Spending in the U.S. on experiences has also gone up $5 billion per year in the last decade.
Will AI and machine learning help the music industry grow further into this digital era or will the need for in person experiences have a larger impact? This remains to be seen.
DID YOU KNOW?
Music streaming had a revenue of 80% in 2019.
What music streaming service do you use? Let us know in the comments below