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Social, Streaming & On-Demand: Key Trends In The Music Industry Today

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Social, Streaming & On-Demand: Key Trends In The Music Industry Today

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Today's music industry looks quite different than it did just a few years ago. To combat piracy, artists have already warmed to released songs digitally for easier purchase. While album purchases were the norm in the latter part of the 20 th century, we can now cherry-pick which tracks we want and buy just those. Whereas vinyl, cassette, and CD once dominated the market, artists now derive value from their online video channels. Purely digital distribution dominates the market.

The scene is changing once again, as users who used to purchase music by the track are now opting to subscribe to streaming music services, such as Spotify, Deezer, and Rdio. Even Amazon Prime users get the benefit of streaming music as part of their annual subscription fee. With a variety of options to choose from, could paying to own music soon become a thing of the past?
Music is Now Social
Many streaming services, like Spotify and iHeartRadio allow you to connect your account to Facebook, to share what you're listening to with friends. With sharing and discovery apps like Last.fm, you know what your friends are listening to, and they know what you're listening to. If you're looking for a new artist to enjoy, it's easier to find now more than ever before. With these services, you can listen to their music without committing to buy it. No matter which genres you are most interested in, you are guaranteed to find music you'll love.
Streaming Goes Mainstream
While the iPod popularized digital music, and iTunes popularized one-dollar downloads, streaming is now the norm. The streaming option puts users in control of what they listen to and when, because streaming service libraries are nearly limitless, and music can be streamed anywhere there is an Internet connection. The demand-pull from this industry necessitates an infrastructure with high availability to ensure users get their music delivered without downtimes or delays. Content distribution networks, cloud-based load balancing infrastructures and low-latency connections have all helped in making such services easily accessible (and affordable) even for mobile users.
Fans Want Their Music On-Demand
Since the music stream is on demand, service providers must have a wide collection of artists, albums, and tracks. Due to creative differences or disputes in revenue share, however, some services may not have access to all the music. For example, country artist-turned-pop star Taylor Swift pulled her music from Spotify claiming that she's not being paid enough to share her work there, having received less than $500,000 during the 12 month period prior to her decision to remove her music in November 2014. In her opinion, music is a valuable work of art, which should be paid for accordingly. By allowing users to listen to her music as part of a subscription, streaming services cannibalize into her album sales, thus significantly reducing the amount she believes is appropriate. Fans are begging for her return to the platform.

Spotify maintains that its business model provides the best share and benefits to the artists. In an effort to explain the business model, the company launched SpotifyArttists.com which explains how the firm pays out nearly 70% of the revenue from advertising and subscriptions to artists and shareholders. Artists are paid relative to their popularity on the service, so those who get listened to more often are paid more.
Is Streaming a Viable Business Model?
The Recording Industry Association of America (RIAA) has monitored industry sales since 1973. Recent data shows that while streaming revenues are increasing compared to past years, it still only accounts for 27% of total revenue, and is not generating enough to compensate for the loss in physical and permanent sales.

In a world where the majority has access to the internet and we see artists become famous from being YouTube celebrities, it would not be surprising to see a complete shift to digital delivery methods, either via streaming or one-off download. It's also possible the music industry will have to begin selling audiences to advertisers. Only time will tell how the recording industry will change in the next few years. For now, industry experts and executives must leverage these trends to continue delivering value to consumers.

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Social, Streaming & On-Demand: Key Trends In The Music Industry Today

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Today's music industry looks quite different than it did just a few years ago. To combat piracy, artists have already warmed to released songs digitally for easier purchase. While album purchases were the norm in the latter part of the 20 th century, we can now cherry-pick which tracks we want and buy just those.

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Introduction: History of the Internet   

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Introduction: History of the Internet   

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"History of the internet" is an animated documentary explaining the inventions from time-sharing to file sharing, from Arpanet to Internet

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Video 01: Social and Digital Media Revolution Statistics 2013

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Video 01: Social and Digital Media Revolution Statistics 2013

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Video highlighting some of the recent trends in Social Media and Digital Media consumption around the world.

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How Social Networks Have Changed The World

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Make Social Media Marketing Less Overwhelming

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The Effects of Social Media on Society and Marketing

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Online Marketing vs Traditional Marketing

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Social and Digital Media Revolution Statistics 2013

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Video highlighting some of the recent trends in Social Media and Digital Media consumption around the world. We look at Twitter, Facebook, Youtube, Online Video, E-Commerce and Mobile usage statistics. For more information go to http://mistmedia.com