Over the past few articles, we have discussed the current situation within the global music industry. Using reports we have developed a global perspective on the current impact of technology and streaming. Since the introduction of the internet, music has undergone a massive transformation, but what is next? Recently Soundcharts shared predictions from global music experts which are useful for CMOs to consider.
Artificial technology is automating processes across industries to improve efficiencies. Similarly, in the music industry, roles will transform as automation optimizes many processes that were time-consuming in the past. There will be less labour involved in the processing of music information. Combined with cloud technology, machine learning can support CMOs to identify music ownership at a large scale.
AI technology will make it easier and faster to create music. Businesses are developing music technologies that create original music through AI, allowing artists to push the boundaries of creativity and produce innovative music. This is already being seen in the highly dynamic generative music genre, where algorithms are used to create music, providing new experiences for listeners.
These technologies will only get more affordable and accessible, giving more people the ability to produce music from anywhere. No longer will music artists have to be located in cities with a bustling music scene. Instead, they can create high quality music from anywhere in the world and share it, without limitations. Technology will also provide access to new audiences. AI and automation allow artists to reach new and relevant audiences through intelligent marketing campaigns based on consumer behaviour.
With IFPI sharing that 15% of consumers globally are likely to buy a smart speaker in the next 12 months, these devices will transform how music is played in the home. Using these speakers people are listening to individual songs. Rather than choose music based on an album or an artist, consumers will choose music based on the mood or feeling being experienced at that moment. This will impact music metadata as streaming will continue to increase. Voice technology could also create complex data for CMOs to process.
Streaming is set to become more popular across the world, particularly in emerging markets. These streaming platforms must adapt their offerings to match the needs, affordability and values of many different markets. This could result in changes to global product offerings and the launch of new local streaming platforms.
Streaming is also creating new audiences for local music from different countries. Removing barriers to music is providing more choice for consumers and more revenue for artists. This should be considered by CMOs as music data in different languages and characters will have to be processed.
Partnerships between music and other media will continue. Instead of separating music copyright from other media, the music industry and artists are choosing to create partnerships. For example, popular music artists are working with fashion brands and gaming companies. This is creating lucrative revenue streams for artists and building their profile with audiences.
Social media also is allowing co-creation between the artist and the fan. This can be seen in the rise of music memes across platforms such as TikTok. Created and driven by social media users, these videos can put firepower behind a song and bring it great success. This was seen with number one hit Old Town Road. This will create music metadata complexities as media and social media continue to converge with artists.
In the past, without label support artists could not create or promote music. However now with technology, artists can create their own paths – producing music, releasing it and promoting it all by themselves. No longer is all the power in the hands of the label. In the future labels will focus more on ‘investing’ in artists, rather than directing their careers. The financing will lie with the label, while the direction and creativity will be the focus of the artists and music managers.
These are predictions, however, as we have seen in previous years the music industry can be highly transformative and dynamic. These trends can be used as considerations for CMOs who are reviewing their current systems and processes. Talk to Spanish Point Technologies about our music Matching Engine helps prepare your systems for the future.