Digital technologies and the Internet have significantly changed the face of the music industry. Moreover, it did not happen quickly, but it eventually turned the entire sector of music performers and listeners upside down.
Twenty years ago, it wasn’t easy to imagine that our mobile device could easily absorb the entire world’s music culture.
Statista reports that in 2020, the total revenue of the recording industry was US $ 23.1 billion. Streaming accounted for 56 percent of that number, generating $ 11.9 billion worldwide.
A breakthrough in the digitalization of the music industry occurred when Apple came up with its services for musicians – the iTunes system, which had no analogs before. Now music is protected, legal and available everywhere.
In the long term, the development of the music market looks even better. Streaming has become popular, and the audience for streaming services is growing at a tremendous pace. It is also because streaming attracts investors – they have the opportunity to receive constant passive income here.
The fantastic success of Spotify and other streaming giants like Tidal and Apple can be attributed mainly to the fact that the user has experienced a significant improvement – according to many people – when buying or downloading music. A subscription gives consumers access to a vast library of on-demand content of over 30 million songs at a low inclusive entry point.
The development of social media is another moment that has positively influenced changes in the music industry. Forbes notes that for some time now, Rich Music, one of Billboard’s top music labels, has used Facebook data to its advantage to promote its global artist roster.
Plus, the musicians got the opportunity to:
Distribute your content, increasing traffic to your creativity.
Interact with fans, chat, or upload snippets of your tracks to whet your interest.
Make live broadcasts and online concerts.
All this would have been impossible to achieve if not for the ubiquity of smartphones and mobile devices. For example, many do not even remember that the iPod marked the beginning of the era of music traffic consumption.
After the rise of iTunes, tech giants Amazon, Google, have been fighting for their place in the sun.
And even not only such giants but also more modest businesses order software development services from a company like https://mlsdev.com/services/custom-software-development to create their application for listening to music or consuming music content.
Later, we got streaming services that changed the way we listen to music. Spotify’s success is still a concern for analog companies, and application makers worldwide are replicating their success.
Experts say the subscriber base in these emerging markets is estimated to grow 850 percent over the next decade, with industry streaming revenue likely to grow from $ 3.5 billion to about $ 28 billion in 2030.
Even 10-15 years ago, digital technologies seemed to be a massive threat to musicians – no one knew how to retain authorship and earn income if all your work was leaked to the Internet and distributed for free. Now digital technology is the engine of the music industry.
This business has become attractive not only for the artists themselves but also for the creators of digital platforms. It is why more and more businesses are hiring software development companies like MLSDev and taking their place in the music services industry.
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