This essay sheds light on the future of the music industry and explicates how emerging technologies will revolutionize the music industry. Moreover, the benefits of leveraging robots in the music industry are demystified in this essay. Furthermore, how to earn substantial money online so that you can afford to procure your own concert tickets is expounded upon in this essay.
The future of the music industry will not only be characterized by dynamism as it continues to metaphorically evolve, but will also be eminently auspicious for customers and musicians. Technological advancements are profoundly changing the music industry and are rendering it all the more technology driven. The behemoth dating industry shows no signs of decelerating anytime in the imminent future.
“In 2019, the total revenue of the recorded music industry amounted to $21,500,000,000. Streaming made up 56 percent percent of total revenue of the recorded music industry, bringing in $11,900,000,000 globally. Between 2016 and 2021, music streaming is expected to grow by 20.7 percent on an annual basis. However, digital music downloading is expected to fall by 19.2 percent in the same period. Moreover, physical recorded music is expected to suffer and fall by 11.6 percent annually” (Watson, 2020).
In the digital era, a market for physical music albums still exists, even though more and more customers are preferring to utilize music streaming services over buying physical music albums. “In 2015, the sales of vinyl records for instance reached a healthy $416,00,000 worldwide, an amount which had been steadily rising since 2007 which indicates a spectacular revival for the phonograph record” (Watson, 2020). The music industry is preordained to have a robust and lucrative future, especially since music is something that the global population as an aggregate relishes listening to in their spare time.
While sales of physical music albums may have reached their peak amid 2000, music will not be disappearing from the customer’s household anytime soon. “In 2000, more than 942,000,000 CDs were shipped in the United States” (Watson, 2020). Much to the dismay of music industry retailers, music album CDs have experienced (Watson, 2020) “a large decline in popularity in each year since” (Watson, 2020) 2000. Physical music album sales have reached their pinnacle decades ago. It is unlikely that even a resurgence of rekindled interest in physical media will culminate in physical music album sales ever again coming close to reaching $13,360,000,000 in sales revenue in the coming years. In the digital era, more customers will transition to embracing digital media over physical media.
As this industry trend unfolds, the future of the music industry will still be prosperous for musicians. Much to the benefit of musicians, in the digital era, musicians do not need to rely upon earning physical music album sales in order to draw forth sales revenue. Customers are profusely embracing digital media over physical media, and the vast majority of customers are unlikely to revert back to consuming physical media over digital media. This ultimately means that it is easier than anytime in history for upcoming musicians to generate revenue since they do not need to sell physical music album CDs, cassette tapes, or physical vinyl records to generate revenue from their songs. In the digital era, musicians are able to earn royalties from having their songs distributed onto e-commerce music stores and music streaming services.
In the coming years, more musicians will leverage music streaming service platforms to host their songs onto, and more musicians will also have their songs distributed onto e-commerce music stores. Successful musicians will profoundly benefit from having their songs hosted on music streaming service platforms. Musicians are able to earn royalties from having their songs played on music streaming service platforms, such as Spotify and Pandora.
