The last two years have been incredible regarding innovation in the music industry, mainly because of streaming. In 2015, music streaming officially became the industry’s largest source of revenue, while both physical and digital sales continued to plummet. Since 2015, Tidal, Apple Music, YouTube Red, Amazon, and more have launched their own streaming services, challenging the hold that Spotify has enjoyed as a first-mover in the “streamscape.” Additionally, the “value gap” created by ad-supported models like Pandora, SoundCloud, and YouTube are coming under fire from music executives, as even vinyl sales turn a larger profit.
Based on recent events and trends, Fast Company has compiled a list of predictions for the music industry in 2017, and they all seem pretty spot on.
- Music subscriptions will continue to boom, making the idea of a monthly music bill nothing more than an added utility like gas or electricity.
- One or more services will disappear, whether it be the struggling Tidal, Deezer, or SoundCloud, the pie simply isn’t big enough for all the new streaming players to have a slice.
- As long as platform exclusives continue to drive subscriptions, these deals aren’t going anywhere, despite the salty residue from Frank Ocean’s swindle.
- With the launch of Music Unlimited, Amazon is poised to become a major player in the music industry, especially considering its innovative Echo smart speaker products.
- Lastly, virtual reality and augmented reality are going to become integral parts of the music experience, whether by way of live performances, Snapchats, or even at-home viewing.
For more predictions and detailed explanations on each of these points, be sure to read through Fast Company’s article, here.
Source: Fast Company
